How to Attract and Retain Sydney’s Tech Talent in 2024

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

Sydney, the glittering Harbour City with its golden beaches, vibrant party vibe and endless career opportunities (and HQ host to our fab Talenza crew). Of our three major cities, Sydney has experienced the greatest change in candidate motivators in the last 12 months.

As the cost of living rises in Australia’s most expensive city, the desire for new opportunities, higher salaries and career progress rises with it, while wellbeing falls.

Let’s explore what’s driving Sydney’s tech talent according to our 2024 Tech Talent Outlook.

Sydney tech talent in numbers

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

Generational splits

Gen Z: 5.64%
Gen Y: 42.21%
Gen Z: 44.02%
Boomers: 59+: 8.13%

Identified gender split

Male: 60.05%
Female: 37.02%

Seniority

Manager: 23.32%
Senior: 27.77%

Career movements

Sydney candidates are the most on the move.

42.21% changed jobs in the last 12 months (went to another organisation)
26.64% pivoted careers in the last 12 months
65.91% plan to change jobs in the next 12 months (with another organisation) 😱

Most concerned about

In addition to the rising cost of housing that makes most of Sydney unaffordable to anyone who isn’t already a millionaire, regarding careers, Sydney candidates are most concerned about:

Finding a new job – 18.75%
Boosting my Salary – 14.18%
Maintaining work life balance – 12.26%
Keeping my job – 11.06%
Upskilling – 9.86%

[See how Brisbane and Melbourne compare.]

Top 5 motivators for Sydney tech talent

We asked our Sydney tech candidates to pick the five elements their ideal employer will definitely have. Our 2024 Tech Talent Outlook feels a bit like musical chairs this year, with a total switcheroo of the top motivators and their desirability. Here’s what candidates say matters most:

#1 Pays good money. Gives good benefits.

After a brief dip into third place last year, attractive salary and benefits (51.92%) has again returned to top spot for Sydneysiders making a name for themselves in Australia’s most expensive (but fun!) city. Because what good is a million-dollar mortgage and insta-worthy events without the pay cheque to enjoy them?

We’ve also seen an 11% spike in the number of candidates planning to change jobs in the next 12 months (presumably to increase salary).

Paying your people well is obviously a must, but the overall package has to include great benefits suitable for individual needs and life stages, because if it feels like they’re missing out? They might protest with their feet and leave. Like the 47% of tech candidates who changed their job or plan to do so to receive better benefits. Over 77% of candidates agree that non-monetary benefits are important when weighing up employers.

#2 & #3 The ability to enjoy life while making bank

Work-life balance (49.52%) and flexible working arrangements (48.32%) are closely linked, so we bundled them together. These two drivers took out the top spots last year, again emphasising the importance for employers to offer support and benefits that provide real value to their everyday lives. For Boomers especially, maintaining work-life balance is their primary concern for career and life this year.

Flexible working looks a lot different in each organisation, and what will separate you from competitors is being specific about what flexible work and balance looks like in *your* workplace.

Our tech candidates have accessed remote work (72.58%), additional leave (26.63%) and discretionary leave (17.49%) in the past 12 months.

#4 Sideways and up: career progression

With the market again starting to strengthen, the opportunities for career progression will only grow from here. Just over 45% of Sydney candidates say they value career progression opportunities. Let’s not forget that almost 66% of candidates say they plan to change jobs in the next 12 months (much more than Brisbane and Melbourne).

Only a small number of candidates intend to change jobs with the same employer (just over 5%), and only 3.16% actually got a new job with their same employer in the last year. Recruiter math = 66% intend to change jobs externally, 3% intend to stay.

Is your company encouraging internal mobility as a retention strategy for these candidates who are hungry for growth?

#5 The reassurance of a financially healthy business

Maybe it’s because they got their hefty salary increases in mind, or they’ve been burned by the tumultuous tech industry over the past few years and need job security – almost 41% of Sydney’s tech talent say a financially healthy employer is hot 🔥

We generally see the organisation’s financial health as a top motivator for executives and older workers, so this one has exploded into Sydney’s Top 5 (for Brisbane’s talent, too) with a notable sizzle and pop!

The 2024 takeaway for Sydney? The only way is up.

Of the three major Australian cities, Sydney’s tech candidates report the highest indication to change jobs in the next 12 months. A competitive salary and benefits are critical to attracting and retaining local talent, so consider this your invitation to run a remuneration and promotion review to ensure your offer leads the market. People want to feel supported in their career development and given the chance to flourish, whether that is enhancing skills and responsibilities or salary specifically.

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