Are you ready for the Great Talent Reshuffle?

In the wake of global economic uncertainty, many employees have opted for stability. But plenty are scared of stagnating – and a wave of job transitions is about to crash around us.

In fact, the Talenza 2024 Salary Guide, together with the soon to be released Tech Talent Outlook Report, revealed: 

✔️ 70% of technology and transformation talent will look for new jobs in the next 12 months

✔️ 20% of people who switched jobs last year took a pay cut. 

Perhaps it’s not all that surprising. Because let’s face it: the labour market has seen it all lately. In just the last few years, we’ve lived through: 

• The Covid-19 pandemic – prompting an abrupt shift to remote working
• Fallout from the pandemic, most notably The Great Resignation
• A slowing global economy, causing hiring freezes and downsizing

And now we’re staring down the barrel of the Great Talent Reshuffle. It’s hard to keep up! 

So what’s driving these changes?

How exactly will they change the technology market dynamics?

And how can you stay ahead of the curve when it comes to your talent pipelining? 

Read on 👇 

The technology trends shaping the market 

The World Economic Forum Future of Jobs Report 2023 found these trends are changing the employment market (not to mention our lives): 

• The adoption of new technologies (such as AI and Machine Learning) 
• Increased digitisation
• A broader application of ESG standards
• Rising living costs. 

Yes, we’re all dealing with skyrocketing prices all around us ($18 olive oil – really?). But the big one in tech right now is obviously AI. Which means there’s huge demand for tech talent to develop, implement and optimise it.

But…30% of employers say those technical skills simply AIn’t easy to come by right now. And they reckon these ones are the most challenging to hunt down: 

🌐 AI/machine learning 

🌐 Software development 

🌐 Data engineering and analysis. 

Hiring tech talent just got (even more) exciting 😊 

Preparing to ride the wave of job transitions 

Let’s just say, we need to take this seriously. The pundits reckon Australia needs to:

• Invest $135 billion annually in critical emerging tech by 2030 
• Bolster the local workforce with 1.3 million additional skills to adapt to 10 critical technologies 
• Reskill 11.2 million workers…or risk a $16 billion tech labour shortage. 

(Source) 

With these stats to hand, the Australian Computer Society (ACS) wants to:

✅ Create a national digital skills strategy to address and track the skills challenge 

✅ Upskill Australia’s workforce through a skills-first framework

✅ Drive diversity by ensuring 500,000 women are in tech by 2030, as well as better using migrants’ skills 

✅ Guide 46,000 upskilled workers through a Career Transition Scheme and a tech career mentoring program in schools 

✅ Build a skills program to create a ‘No Wrong Door’ marketplace for 60,000 professionals. 

That’s some serious wave making in the tech industry! 

How can you integrate these ideas into your own workforce planning? 

It’s one thing to know what industry groups think. But how can you incorporate those ideas into your own strategy?

Try these suggestions: 

Build your talent pipeline 

A robust talent pipeline takes constant, consistent work. Even when the hiring landscape is more flat than frenzied, you should always nurture relationships with potential candidates. Engage regularly with them, so they stay interested in and informed about your organisation.

Then, when demand rebounds, you can quickly ramp up – and get the talent you need.

Upskill and reskill your team 

When you upskill existing employees, you unlock untapped talent and boost productivity. Sure, it might seem like a hefty investment in the moment. But this internal training and development actually helps organisations achieve more with less time and fewer resources.

Top tip: turn to technology! Platforms like Howtoo are a great tool to support skill building.

Helena Turpin, CEO and Co-founder of GoFigr, also suggested upskilling teams by: 

⬆️ Identifying current employee skills

⬆️ Aligning those skills with business needs 

⬆️ Unlocking your team’s full potential

⬆️ Upskilling from within to reduce recruitment costs. 

Develop an internal mobility strategy 

Want to elevate efficiency inside your organisation? Start fostering internal mobility. 

When you promote internal mobility, you use and develop existing talent. In turn, you reduce the need for: 

• External hiring 
• Onboarding 
• Training.

When you do it well – and in conjunction with a workforce planning strategy – you’ll support your business with its talent needs well into the future. 

Say yes to a skills-first framework 

Recruiting (or ruling out) people based on qualifications or job history could be a thing of the past.

Instead, some companies are moving towards a skills-first approach. That is, one that looks at a person’s skills and competencies, no matter how they were acquired. And it could be a big part of the skills gap solution.

In fact, it’s estimated that more than 100 million people could enter the global talent pool if we started taking this tack! 

(Source) 

Take diversity seriously 

If we truly want to attract more girls, women and migrants to tech, we need to ensure we’re using inclusive hiring practices.

Not sure what that looks like in action? Try these: 

✅ Use bias-free job descriptions. That means focusing on skills, rather than traditional qualifications. Oh, and leave the gender-biased language in the ‘50s. 

✅ Stick to blind recruitment processes – you’ll be less likely to make hiring decisions based on unconscious bias.

✅ Normalise diverse hiring panels so you get a healthy mix of perspectives. 

✅ Be open to the ‘No Wrong Door’ marketplace’ The ACS is planning to develop this skills-based platform to connect tech professionals with businesses.

Where should you expect a skills shortage? 

Sure, you know the technology market dynamics are changing. But what roles are organisations crying out for? 

This list might help:

• Cybersecurity specialists 
• AI and machine learning experts 
• Data scientists and engineers 
• Software developers and engineers 
• Cloud computing specialists 
• DevOps engineers 
• Blockchain developers 
• Networks and systems administrators 
• Internet of Things (IoT) specialists 
• Tech project managers 

The good news: People with those skills are in serious demand. 

The…trickier news: Organisations needing those skills will need to build strong talent pipelines to meet those demands.

And that calls for a concerted effort in:

• Education 
• Training 
• Professional development. 

Are you ready for it? 

Gearing up for the Great Talent Reshuffle 

You can’t change the technology market dynamics. Let alone salary expectations of tech talent.

But when you understand how the market is playing out, you’re far better prepared to attract the talent you need.

After all, hiring the right talent is a big part of driving your business objectives.

Stay ahead by downloading the 2024 Talenza Salary Guide today.