How to Attract And Retain Melbourne’s Tech Talent in 2024

How to attract and retain Melbourne’s tech talent in 2024 – What you need to know

Trendy, caffeine addicted Melbourne – arguably Australia’s arts culture capital (with the least desirable weather). A lot can happen in a year. A lot did happen in a year marked by a worsening housing and cost-of-living crisis. So, how has this affected what Melbourne’s tech talent want from their employer?

Spoiler: Last year’s top motivator dropped down the ranks into fourth spot this year. What was it and what replaced it? Read on to find out what’s motivating Melbourne’s tech candidates in 2024!

Melbourne tech talent in numbers

Let’s start with a whip around of the numbers you need to know:

Generational splits

Gen Z: 8.66%
Gen Y: 37.80%
Gen Z: 47.24%
Boomers: 59+: 6.3%

Identified gender split

Male: 61.42%
Female: 37.01%

Seniority

Manager: 24.40%
Senior: 16.54%

Career movements

Melbourne candidates are on the move (aligning with a workforce-wide trend in 2024).

39.39% changed jobs in the last 12 months (went to another organisation)
64.57% plan to change jobs in the next 12 months (with another organisation) 😱

Most concerned about

In addition to the lack of housing and the stratosphere-piercing price of barista-brewed coffee (take anything but our coffee!), regarding careers, Melbourne candidates are most concerned about:

Finding a new job - 20.54%
Boosting my salary - 14.29%
Getting a promotion - 14.29%
Upskilling - 10.71%
Maintaining work life balance - 8.93%

[See how Brisbane and Sydney compare.]

Top 5 motivators for Melbourne tech talent

We asked our Melbourne tech candidates to pick the five elements their ideal employer will definitely have. Our 2024 Tech Talent Outlook shows a clear preference for work-life balance and the career and financial growth required to make it happen.

#1 Work-life balance or combust

Work-life balance is so important to Melbourne’s tech candidates that it comes in with a significantly high score of 57%, trumping second place by 7%, making it the largest gap of all the cities. Work-life balance has consistently ranked at #4 for the past two years, so this is a pretty significant change of heart for Melbourne, and something employers should be factoring into their perks, benefits, and management style.

We’re seeing a clear sign that people are looking for more opportunities to put the laptop down, switch off, and enjoy more balance in a workplace that is supportive of, and committed to their wellbeing.

#2 Sideways and up: career progression

With the market again starting to strengthen, the opportunities for career progression will only grow from here. This year, 50% of Melbourne candidates are valuing career progression opportunities (14% saying they are most focused on getting a promotion in 2024). To demonstrate their eagerness for career growth, a third of candidates say they used their learning and development budget in the previous 12 months.

So, if you’re not actively encouraging training and L&D opportunities, mentoring or internal mobility, you could find yourself with an exodus of tech talent in the next 12 months, given that nearly 65% of our candidates say they’re planning to change jobs (refer back to ‘Most concerned about’ for why).

#3 Pays good money. Gives good benefits.

Tying for second place with career progression is an attractive salary and benefits. This is hardly surprising as a higher salary is generally complementary to career growth! We suspect this probably has a lot to do with the current cost of living pressures and unfriendly housing market that show no signs of easing anytime soon. Tellingly, nearly 50% of our respondents say they changed their job, or plan to do so, because of a below market salary.

You might be thinking, ‘yeah, but everyone wants a higher salary.’ Well consider yourself bowled over, because salary didn’t rate a mention in the top 5 motivators for our Melbourne tech candidates in 2023. So… yeah, big deal.

But there’s more to this one than just a bump in pay. We also talk about the benefits package. And so it’s worth noting that 80.5% of our candidates say that non-monetary benefits like childcare support, flexible work options, and a company car/phone are important when considering opportunities.

Does your remuneration and benefits package need an overhaul?

#4 Offers flexible working arrangements (FWA)

We refer to FWA as things like flexitime, hybrid and remote working, and candidates expect to be able to access them (without a fight) when they’ve been promised it during recruitment. Does your offer match their reality?

Worth mentioning – flexible work made the list for all three cities, which is not surprising given the nature of tech work means much can be done remotely. So, if flexible working arrangements are something you offer, you could give yourself a competitive advantage by explaining more about what this looks like for your workplace and who can access it (i.e., everyone, only some, specifically none from certain teams).

#5 A wellbeing focused workplace

Despite all these advances in technology and a decade (and more!) of millennials demanding work-life balance, as a society, we’re more stressed and anxious than ever before. Melbourne’s tech talent want an employer who cares about their wellbeing in a way that’s more than just lunchtime yoga sessions and meditation apps!

A wellbeing focused workplace comes from the top down. It requires thoughtful, respectful leadership and workplace policies that offer generous leave entitlements, flexible hours and job design, mental health awareness, training and resources, and a supportive workplace culture where people feel safe and comfortable talking about their challenges.

The 2024 takeaway for Melbourne? People-focused policies

The common trend across these Top 5 Motivators is the need for people-focused policies and opportunities. Create a workplace that sets its employees up for career and life success and show them how their life and career will improve with you throughout the recruitment process to create your competitive edge.

If you’re curious to see how the other major capitals fared, you’ll want to download our 2024 Tech Talent Outlook.