Posted on December 2023 By iO Associates
Welcome to the 2024 Salary Guide summary.
As well as a thorough investigation into each career sector, this 2024 edition involves insights encompassing the skilled talent shortages, staff retention, and difficulties attracting employees in 2023.
This week we cover the Finance & IT and Technology sector.
A 2024 overview
As we move towards new goals and leave behind the entrepreneurial turbulence of the previous annum, a significant shift in sentiment is evident, with nearly half of employers (50%) expressing heightened confidence in their company's growth prospects compared to the previous year. However, 44% of workers maintain a somewhat less optimistic outlook, signalling a delicate balance in the workforce that will require attention this coming year. Consequently, employers will have to pay closer attention to maintaining positive company morale.
Despite heightened confidence, some pressing concerns of business leaders are predicted to stay in the spotlight throughout 2024, where a resounding 75% struggle with the dual challenge of attracting skilled talent and retaining valued employees. Please have a look at our blog on staff retention here. The retention battleground is especially pronounced, with 53% of employers expressing worry about holding onto their key assets.
A complex web of challenges adds to the retention struggle including but not limited to; heavy workloads, the persistent threat of competitors poaching talent, and competitive pay both in industry and job/role comparisons. The threats of burnout and lack of career progression opportunities further add to the intricacies of employee retention.
Inflation will heavily impact salaries into the new year, and how businesses choose to address these concerns is a multifaceted decision. With 41% opting for a flat-rate percentage increase, 27% aligning with inflation, and 16% favouring performance-based increases, the strategies employed to navigate the employment landscape are as diverse as the challenges themselves.
Please continue reading for a detailed sector analysis.
The success of the finance and accounting sector will be bona fide through the projected persistent growth and new hiring patterns in 2024 partnered with intense pressure to find new talent.
However, there will be a push for the development of a new approach regarding fresh regulatory and ESG standards, such as a rapid uptake in mandatory disclosures, stronger limits on greenwashing, and Emissions and Supply Chain Transparency. This alone could be a determining factor for the future success of finance and accounting organisations, separating the virtuous from the guileful.
Sectors that are currently hiring the most include Tech, Consultancy, FMGC, Real Estate/Property, and Energy. Whilst Financial Analyst, Finance Business Partner, Financial Controller, System Implementation Specialist, Financial Modelling Specialist, and Accounts Payable/Receivable Specialist jobs are among some of the most in-demand.
IT and Technology
An overall positive outlook is visible for members of the IT and Tech community with 75% of the hiring leaders maintaining confidence in their company's growth prospects. Following this confidence, exactly half of these IT companies plan to hire new positions filling both permanent and full-time employee roles. Leaving a strong 35% bringing more temporary talent on board to aid with the growth plans of 2024.
In the new annum, some of the most in demand technical skills will include experience in Cloud (AWS, Azure, GCP), Dynamics (NetSuite, SAP), .Net, React JS, Node JS, and Angular JS. Soft skills that are most desirable in these specialised fields are stakeholder management, leadership/people management, time management, and strong communication skills.
Information and statistics sourced from Robert Half.
To finish, companies should stay vigilant in providing company morale and growth in accordance with the new hiring patterns that are emerging. 2024 looks promising for new hires and those wishing to expand their CV to pursue specialised roles.
If you or someone you know are looking for a new job in the Technology sectors please get in touch today!
- Introducing iO Associates' Exciting RPO Partnership with Pinewood!
- Posted By Andy Bush on 26th February 2024
- iO Associates Unveils Tech Workplace Priorities, in Collaboration with techSPARK
- Posted By Jamie Wightman on 19th February 2024
- Precision Resource Group (PRG) Achieves Prestigious Placement in Recruiter HOT 100
- Posted By iO Associates on 31st January 2024