Insights

Curious about the latest trends shaping the Product Management landscape in Australia? I speak to hundreds of PMs and companies every year about trends in hiring, types of positions, their challenges, and barriers to securing top talent. Over the past few months, the below 9 trends are the most common that I hear from candidates and companies alike in the Australian market. Interview processes are becoming too lengthy. PMs and CPOs face a long line of 4-7 interview stages, often with 1 or multiple case studies. reflecting hiring managers' pressure to secure ideal candidates. Companies with lengthy interview processes are missing out on top talent. Product leaders and hiring teams struggle to allocate sufficient time for interviews. For some roles, only 30 minutes are allocated, especially for a Leadership position. This is not enough time to demonstrate their skills, often meaning that 1st rounds interview feedback is incomplete or assumptive based as there wasn’t enough time to drill into certain areas, this then elongating recruitment cycles and negatively impacting candidate experiences. Candidates have 2-3+ roles on the go at the moment. The competition for securing the right person is high, often with competing interviews and job offers. However, I am not seeing much buyback or counteroffering to secure the role to the highest bidder, The focus from the company is more about the “opportunity” or the “flexibility on offer” but increased $$ is still being considered. Application numbers are soaring, but the quality versus expectations is out of balance. The PM market is inundated with people from diverse backgrounds applying for PM roles, inflating the number of actual PMs applying for positions. I am still receiving 100+-200+ for some roles and the same is said for internal hiring teams. More often than not, they are struggling to keep up with the volume of applications for product roles, particularly due to the inability to manage the flow of inbound traffic and the lack of headhunting recruitment efforts. Kickstarting a career in Product Management is challenging right now. Lean team structures demand highly skilled Senior and Principal PMs with high expectations of what they will deliver and achieve. This makes entry into PM roles more challenging and early leadership opportunities scarcer. There are 2-4 Key Role types trending currently. PMs focusing on growth, GTM strategies, and data are the highest in-demand skill sets for 2024 and beyond. An increase in positions for personalisation, CDP and data management PMs is also high; I have recruited 4 X CDP SPMs this year alone… Salaries have stabilised , with base pay remaining the same or even 5-15% lower than 18 months ago. This discrepancy is more pronounced between Sydney and Melbourne, with some scale-up brands in Melbourne paying 20% less due to capital investment limitations or misunderstandings about the PM talent pool's salary bands. P Ms who are well compensated are less likely to move unless there's a compelling reason, but they may seek lateral moves for better future opportunities as they aim to be the highest paid in their market. Role types are still confusing , and the number of candidates who secure a new position only for the business to change the role or scope of their skills is increasing. This leads to unhappy teams and increased churn, costing businesses more in the short term and causing frustration for both the candidate and the organisation. Want to chat about how you can overcome some of these barriers? Send me a message on LIN or drop me a note to unpack this more at jacquie@sustaindigital.com .

At SustainRecruit, we are delighted to unveil an exciting new chapter in our journey – the opening of our Melbourne office! This milestone marks a significant step forward in our commitment to better serve our clients and candidates across Australia. This strategic move strengthens our ability to connect exceptional talent with top-tier organisations across Australia. Melbourne's vibrant market presents exciting opportunities, and SustainRecruit is now positioned to provide local businesses and job seekers with even more tailored support. Leading our Melbourne team is Melanie Munro, a senior recruitment leader with over 20 years of experience at global firms. Her deep understanding of the local market and proven talent acquisition expertise will ensure unparalleled service for our Melbourne clients and candidates. Ready to unlock new possibilities? Whether you're a business seeking top talent or a candidate searching for your next career move, SustainRecruit Melbourne and Sydney are here to guide you. Contact Melanie Munro at melanie@sustainrecruit.com to discuss your Melbourne recruitment needs or ben@sustainrecruit .com for Sydney. At SustainRecruit, we connect exceptional talent with leading organisations. Join us as we shape the future of recruitment in Australia.

The realm of accounting in Australia stands as a dynamic and evolving field, illuminated by intriguing statistics that shed light on its current landscape and future prospects.

The year 2023 saw an unprecedented wave of layoffs, affecting a staggering 239,603 employees across 1,043 technology companies. This tumultuous phase was triggered by the aftermath of the COVID-19 pandemic, prompting technology firms to recalibrate amidst business slowdowns. The adjustment came in response to investor pressure to rectify previous periods of exuberant hiring, resulting in a substantial reduction in labor costs.

In today's competitive job market, attracting top-tier talent to your organization is akin to a high-stakes chase. The best candidates are in demand, and companies must employ strategic approaches to stand out. Here, we'll explore six key strategies to not only attract the best talent but also retain them in the long run. 1. Opportunities for Growth Top talents are often driven by a desire to learn, grow, and advance in their careers. Offering clear paths for professional development and advancement within your organization is a powerful way to lure them in. Highlight your commitment to ongoing training, mentorship programs, and opportunities for career progression in your job postings and during interviews. 2. Streamline the Interview Process A lengthy, convoluted interview process can deter top candidates who may have multiple offers on the table. Streamline your hiring process to ensure it's efficient and respectful of candidates' time. This not only improves their experience but also showcases your organization as organized and considerate. 3. Build a Strong Employer Brand Your employer brand is your organization's reputation in the job market. A positive image can significantly enhance your ability to attract the best talent. Cultivate a strong online presence, share employee success stories, and emphasize your company culture and values. Engaging with current employees to be brand ambassadors can also bolster your reputation as an employer of choice. 4. Offer Competitive Compensation While compensation isn't the sole factor in a candidate's decision, it plays a significant role. Research industry standards and ensure your compensation packages are competitive. Highlight these offerings clearly in your job descriptions to pique the interest of top candidates. 5. Be a Great Place to Work Creating a positive work environment is crucial for attracting and retaining talent. Foster a culture of inclusivity, support, and recognition. Encourage a healthy work-life balance, and provide benefits that enhance employees' well-being. A satisfied workforce becomes a compelling advertisement for your organization. 6. Craft Compelling Job Descriptions Your job descriptions serve as the first point of contact with potential candidates. Craft them carefully to highlight the unique aspects of your organization. Clearly outline responsibilities, expectations, and the opportunities for growth within the role. Use inclusive language, and avoid jargon that might alienate potential candidates. In conclusion, attracting the best talent to your organization requires a multifaceted approach. Highlighting opportunities for growth, streamlining the interview process, building a strong employer brand, offering competitive compensation, creating a great place to work, and crafting compelling job descriptions are key strategies to succeed in this talent chase. By focusing on these areas, your organization can not only attract top talent but also retain and nurture them for long-term success.

Australia's tech start-up ecosystem has been on an impressive trajectory over the past few years. The Land Down Under, known for its stunning landscapes and wildlife, is also making a name for itself in the global technology arena. In this blog post, we'll delve into the latest updates and trends in the Australian tech start-up market, highlighting its resilience, growth, and potential in a post-pandemic world. Pandemic Resilience The COVID-19 pandemic presented unprecedented challenges for businesses worldwide. However, Australia's tech start-ups demonstrated remarkable resilience during this period. As businesses rapidly shifted to remote work, e-commerce, and digital communication, Australian tech companies played a crucial role in supporting this transition. Notably, health tech start-ups in Australia experienced a surge in demand, with companies focusing on telemedicine, health monitoring devices, and vaccine distribution solutions. Additionally, the EdTech sector witnessed a significant boost as remote learning became the new norm. Government Support The Australian government recognized the importance of the tech sector in driving economic growth and innovation. Various initiatives and support programs were introduced to nurture and bolster the start-up ecosystem. Some notable programs include: The Research and Development (R&D) Tax Incentive: Offering tax offsets for eligible R&D activities, encouraging innovation across industries. The Entrepreneurs' Program: Providing funding, mentoring, and networking opportunities to help start-ups scale. The Export Market Development Grants (EMDG) scheme: Assisting businesses in expanding their international presence. These initiatives, along with others, have helped create a conducive environment for tech start-ups to thrive. Fintech Dominance Fintech remains a dominant force in the Australian start-up landscape. The nation's financial technology companies have continued to grow, with innovations in payment solutions, digital banking, and blockchain technology. The adoption of open banking regulations has also paved the way for increased competition and innovation in the financial sector. Notable fintech companies like Afterpay and Zip Co have gained global recognition, showcasing Australia's capacity to produce world-class tech innovations. AgTech and Sustainability Australia's agricultural technology sector, often referred to as AgTech, has been gaining momentum. Given the country's vast agricultural landscape and the global demand for sustainable farming practices, Australian AgTech start-ups have been developing cutting-edge solutions. These include precision agriculture technologies, data analytics for farm management, and sustainable food production methods. Investment and Funding Australia's tech start-up ecosystem has witnessed a steady influx of investment from both domestic and international sources. Venture capital firms, angel investors, and government-backed funds have been actively supporting promising start-ups. While Sydney and Melbourne continue to be the primary hubs for tech innovation, other cities like Brisbane, Adelaide, and Perth are also making significant strides in building vibrant tech ecosystems. The Australian tech start-up market has displayed remarkable resilience and growth in the face of global challenges. With strong government support, a focus on innovation, and thriving sectors like fintech and AgTech, the future looks promising for Australian start-ups. As the world gradually recovers from the pandemic, the Australian tech ecosystem is well-positioned to contribute to global innovation and economic growth, making it an exciting space to watch in the coming years.

In the midst of challenging times, the tech industry in Australia is showing resilience and promise. The Tech Council of Australia's latest report has unveiled an inspiring trend: tech jobs are on the rise, even in the face of recent layoffs within the sector. This revelation paints a hopeful picture for both tech professionals and businesses looking to hire. A Glimpse into the Numbers The report delivers an impressive statistic - 78% of the 1.2 million tech job target for 2030 has already been achieved. This means that, despite setbacks and uncertainties, the tech industry in Australia is firmly on track to surpass its goals. This speaks volumes about the enduring strength of the tech sector. For every tech job that has been lost, an astonishing 20 new positions have emerged. This statistic underscores the growing significance of tech skills across diverse sectors of Australian businesses. The demand for tech expertise is soaring, as organizations recognize the pivotal role technology plays in the modern world. Embracing the Future This news is a call to action for both tech professionals and businesses in Australia. It's an invitation to embrace the future of the tech sector, knowing that opportunities are abundant. As the digital landscape continues to evolve, the need for tech talent will only intensify. This presents a golden opportunity for job seekers and companies alike to thrive in this dynamic environment. Unlocking Mutual Success The path forward is clear: we must work together to unlock the full potential of Australia's tech sector. For candidates seeking new horizons and businesses seeking to expand their tech teams, the road ahead is promising. There's a world of possibilities waiting to be explored, and the Tech Council of Australia is committed to facilitating connections between candidates and businesses for mutual success. In Conclusion Despite the challenges faced by the tech industry in recent times, Australia's tech jobs are on the rise, signaling a bright future ahead. The impressive numbers in the Tech Council of Australia's report are a testament to the resilience and importance of the tech sector in our evolving world. Let's seize these opportunities, embrace the future, and together, pave the way for a thriving tech ecosystem in Australia.

Navigating the shifting terrain of the job market, a career as a contractor is emerging as an increasingly attractive option. This blog will delve into the world of contracting, shedding light on what it means to be a contractor, the soaring demand for their services, key industries seeking contractors in Australia, the myriad benefits of this career choice, and the qualities that distinguish star contractors. What is a Contractor? A contractor, also known as a freelancer or independent worker, is an individual who provides their services to businesses or clients on a project-specific basis. Unlike traditional employees, contractors work for themselves and have the liberty to select the projects they take on. Why Are Contractors in High Demand? Contractors are witnessing surging demand for several compelling reasons: Flexibility: Companies can engage contractors to fulfill particular project needs without committing to long-term employment. Specialized Skills: Contractors often possess niche skills and expertise vital for specific projects. Cost-Efficiency: Employers can reduce overhead costs, including benefits and office space, when hiring contractors. Scalability: Businesses can effortlessly adjust their workforce in response to fluctuating project requirements. Top Industries Looking for Contractors in Australia Contractors are sought after in various industries across Australia: Information Technology (IT): Tech contractors play a pivotal role in software development, cybersecurity, and data analytics projects. Creative and Marketing: Graphic designers, content creators, and marketing specialists frequently operate on a contract basis. Construction: Construction and infrastructure projects rely on contract labor, including architects, engineers, and skilled tradespeople. Consulting: Management consultants and industry experts are in high demand to provide specialized guidance. Benefits of Being a Contractor Opting for a career as a contractor brings forth numerous advantages: Flexibility: Contractors have control over their schedules, enabling them to choose projects aligned with their interests. Variety: Diverse projects expose contractors to a range of industries and experiences. Higher Earnings: Many contractors command competitive rates and can engage in multiple projects concurrently. Independence: Contractors enjoy greater autonomy in their work, making independent decisions. What Does it Take to Be a Star Contractor? To excel as a contractor, consider these valuable insights: Build a Strong Network: Cultivate professional relationships within your industry to access a steady flow of opportunities. Skill Development: Continually upgrade and diversify your skill set to remain competitive. Financial Management: Master effective financial management, including budgeting and tax considerations. Self-Discipline: Develop strong time management skills and meet project deadlines consistently. Effective Communication: Clear, timely communication with clients fosters trust and satisfaction. Embarking on a career as a contractor offers a world of possibilities. With the rising demand for independent workers, now is an opportune time to explore this path. Embrace the freedom, autonomy, and diverse opportunities that contracting offers, and with dedication and skill, you can truly shine as a star contractor in Australia's dynamic job market.

Reflecting on 2022, it was a fast-paced and exhilarating time in IT recruitment circles. Everyone wanted people. We’d emerged from the COVID torpor with a newfound appetite for investing in IT. It was a big winner out of the pandemic – businesses were so reliant on their IT systems during the wave of lockdowns, and post-lockdowns, everyone continued to largely WFH and transact online. The upshot in demand for quality IT people was stratospheric, with the demand resulting in stronger candidate expectations, wage demands, ability to work remotely, scope of role, quality of tech stack, and speed of decision-making. Come 2023, some upward pressure on interest rates, less economic certainty, and a few high-profile layoffs, it seemed like 2023 might prove a great deal calmer than 2022. Five months into 2023 though, it’s fair to say those initial ripples felt in the global IT market haven’t turned into a tidal wave locally. The brunt of layoffs in the Australian tech companies was primarily felt by research, design & talent acquisition teams. Very few IT people were let go. There were a few local businesses that did fold or have major restructures. In total though there were only a few hundred IT people that were let go. A number that was quickly soaked up by a local market that has been starved of talent for 18 months+. This is underlined by the unemployment rate: 3.7%. It appears the market has gotten less fluid. Candidates have also felt the shift in the economy as a whole; there’s less appetite to move than there was in 2022. So, What Does the Outlook Suggest? The recently released Tech Outlook from The Tech Council of Australia (the peak industry body for Australia’s tech sector) makes for interesting reading. Here are a few key findings: Rapid Growth: Over the last 27 years, growth in the number of IT jobs has been 4 times faster than the growth of non-IT jobs (in spite of the GFC and dot.com crash). Expanding Workforce: There are some 935,000 people working in the Tech Sector. That is expected to grow to 1.2 million by 2030. Software Engineers on the Rise: There are now more software engineers in Australia than plumbers, hairdressers, or baristas. National Tech Growth: Tech growth is national, not just in Sydney and Melbourne. However, there's a glaring challenge on the horizon: Australia needs 600,000 more people to join the tech sector by 2030. This is a significant shortfall considering that the current market comprises only 935,000 tech professionals. According to Universities Australia, Australia produces around 330,000 university graduates every year, and approximately 7% of them study IT, amounting to roughly 23,000 IT graduates per year, or around 160,000 over the rest of the decade. This still leaves us short of 600,000 IT candidates. Skilled migration needs to be part of the puzzle as well, but at a time when housing is in chronically short supply, that’s a significant challenge. There are also risks associated with cultural challenges that may pose difficulties. In conclusion, while 2022 was a booming year for IT recruitment, 2023 is showing signs of moderation. However, the long-term outlook for the IT recruitment market remains robust, with the tech sector poised for continued growth. To meet the increasing demand for IT talent, innovative strategies, including upskilling and attracting candidates from diverse sources, will be essential in the years to come.