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Money

Employers becoming more cautious after ‘frenzied’ hiring period

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Talent’s latest report, the ‘More Than Money Salary Guide 2024,’ has unveiled a landscape oscillating between a frenzied pursuit of candidates and a more cautious stance from employers.

Released today, the report delves into the Australian job market, shedding light on pivotal salaries, sought-after roles, and burgeoning skills.

Tech and digital sectors, the cornerstone of contemporary industry, witness a steady stabilisation in salaries.

However, the allure remains potent for specialised skill sets, notably in cybersecurity and artificial intelligence.

The jobs paying six figure salaries

With a detailed breakdown of salaries and contract rates for key tech positions in 2024, the report serves as a compass for both employers and job seekers navigating the tumultuous currents of the hiring sphere.

Hiring trends

Drawing upon insights from Talent’s Managing Director team and seasoned recruiters, the report dissects hiring trends and forecasts spanning across ANZ and the US.

Revelations extend beyond mere numbers, encompassing profound observations on the evolving tech talent pool, emerging skill trends, and the nuanced preferences of diverse generations in the workforce.

Key highlights from the report illuminate the transformative shifts underway:

– Salaries across Cybersecurity, Sales & Account Services, Data Analytics, and Development roles have surged by up to 35% since 2023.
– Contract rates exhibit a robust growth trajectory, escalating between 10-30% for roles in Cybersecurity, Data Analytics, Cloud Solutions, and Infrastructure.
– A stark downturn is noted in federal and state government contract hiring, plummeting by 16% due to layoffs and hiring freezes.
– The trend of offshoring among large corporations witnesses a significant uptick, soaring by an estimated 10-40%.
– Demand for Project Services talent witnesses a decline as companies opt to halt large-scale projects to mitigate costs.

Work flexibility

In a paradigm-shifting revelation, Talent’s poll underscores the paramount importance of work flexibility in the eyes of job seekers.

Surpassing the allure of competitive salaries, 35% of respondents prioritize flexibility, followed closely by 29% emphasizing salary.

Remote work emerges as the cornerstone of flexible work arrangements, resonating with 78% of respondents. Flexible hours, compressed work weeks, and job-sharing arrangements also garner recognition but to a lesser extent.

The report underscores the persistent demand for key skills including Artificial Intelligence, Cybersecurity, Data Analysis, Cloud Computing, and Software Development, reflecting the enduring relevance of these domains in the digital landscape.

As the hiring market continues to navigate through unprecedented shifts, Talent’s ‘More Than Money Salary Guide 2024’ stands as a beacon, offering invaluable insights to stakeholders braving the winds of change in pursuit of talent and opportunity.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Money

Federal Reserve lowers rates amid eased job market

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The Federal Reserve has cut interest rates by a quarter-point, bringing the benchmark rate to a range of 4.5% to 4.75%, as economic growth continues but job gains slow.

The Fed noted that labour market conditions have “generally eased,” even with low unemployment, signalling a more cautious approach amid a stable economic expansion.

The statement marks a shift in Fed language, now saying inflation has “made progress” toward the 2% goal instead of the prior “further progress.”

With inflation holding steady around 2.6%, policymakers aim to keep economic risks balanced, despite pressures from slower job growth.

This rate cut reflects a strategic move to sustain economic momentum while cautiously watching inflation’s gradual trend toward the Fed’s target.

The decision was unanimous, aligning Fed priorities with a balanced approach to support both employment and price stability.

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Money

Trump victory sparks market surge as Wall Street soars

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Donald Trump’s election victory has sparked a massive rally in the stock market.

Banks and industrial companies led the surge as investors bet that Trump’s plans for deregulation and tax cuts will boost economic growth.

Shares of big banks, like JPMorgan and Goldman Sachs, soared as investors predicted fewer regulatory restrictions.

Meanwhile, industrial giants such as Caterpillar and steelmakers like Nucor also hit record highs, reflecting optimism about U.S. manufacturing.

In contrast, clean-energy stocks took a hit, as Trump’s policies are expected to favour traditional energy sectors.

This surge comes amid rising Treasury yields and falling gold prices as investors gain confidence in the transition to a Trump administration.

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Money

Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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