Since our lastQueensland tech market update in March, we continue to see activity driven by initiatives such as the Olympic committee which has launched with its core team, infrastructure developments including a record $107 billion allocated to capital works over the next four years and the ANZ acquisition of Suncorp, which came into effect on August 1^st, and who are expecting to hire or place 700 people into the new major tech hub in Brisbane over the next five-years.

So, what are the key trends, challenges, and opportunities that are shaping the market as we head towards the final quarter of the year?

Government Sector: A Focus on Legacy Systems and Upcoming Election

The government sector continues to generate activity in the tech market, driven by several significant projects and the impending October 26^th election. One of the most notable developments is the formation of a core team by the Olympics committee, signalling the start of preparations for the much-anticipated event. This initiative highlights the government’s commitment to large-scale, long-term projects that require substantial investment in technology and resources.

There is a current air of anticipation and uncertainty. Elections often bring about changes in government priorities and policies, which can lead to a reprioritisation of projects. However, certain projects that are fully funded are expected to continue unabated. These projects, particularly those involving legacy systems, present significant opportunities for tech professionals.

Many government departments are grappling with outdated legacy systems that need to be modernised to keep pace with current technology standards. The Department of Children, Youth Justice and Multicultural Affairs (DCYJMA) is a prime example, as it fast approaches it first go-live for the “Unify Program,” aimed at rewriting its legacy systems. Similar initiatives are likely to generate a substantial demand for tech talent across various skill sets, particularly those with expertise in system development and integration, data migration and management and public-facing technologies. This will also generate significant demand for Business Analysts, Change Managers and Trainers.

Private Sector: Addressing Legacy Tech Debt and Operational Efficiency

In the private sector, companies are also increasingly focused on addressing legacy tech debt as a prerequisite for broader digital transformation efforts. Many organisations are under pressure from executives to modernise their foundational technologies before embarking on more ambitious projects. This has led to a surge in demand for professionals with the expertise to assess, update, and optimise legacy systems.

Conversations with private sector organisations reveal a growing emphasis on reviewing operating models. This is driven by economic pressures and the need to operate more efficiently. Companies are challenging themselves to be more competitive by questioning whether their current practices are the best way forward. This introspection is leading to a wave of restructuring and reengineering efforts, aimed at enhancing operational efficiency, introducing new Ways of Working and staying ahead of the competition.

The Recruitment Market: A Tale of Two Halves

The recruitment market has seen some interesting trends over the last six months. There has been a significant demand for contract resources in the first half of the year, while permanent hiring has been relatively slow by comparison. This disparity is unusual and reflects the broader economic uncertainties and global instability. As businesses navigated these challenges, they were opting for the flexibility that contract hires offer, allowing them to scale up or down quickly in response to changing conditions. July 1st saw new financial year budgets take effect and the appetite for permanent headcount growth has returned strongly across the private sector.

For candidates in the tech market, the current environment presents both opportunities and challenges. Certain areas, such as cloud computing, data and analytics, and cyber security, continue to see high demand. Professionals with these in-demand skills are well-positioned to command top salaries or day rates and enjoy multiple job offers. However, for roles in project services such as project managers and change managers, the competition is fierce. There is an oversupply of candidates in these areas, making it crucial for individuals to stand out in a crowded market and remain competitive with salary or rate expectations.

Positioning Yourself in a Competitive Job Market

For candidates looking to navigate this competitive tech market, partnering with industry or vertical specialists such as Emanate Technology can be a game-changer. Tech recruitment specialists have deep insights into specific markets and can present candidates in the best possible light. They understand the nuances of the industry and can provide valuable feedback on resumes, ensuring that they highlight the right skills, achievements, and deliverables.

In the current market, it’s more important than ever for candidates to tailor their resumes for each job application. This involves listing relevant skills, quantifying achievements, and providing context for previous roles. A well-crafted resume that clearly communicates the impact a candidate has made in their previous roles can significantly increase their chances of landing a job.

The Role of Cover Letters: Are They Still Relevant?

Are cover letters still relevant in today’s tech job market? While it’s true that some employers no longer require them, cover letters can still play a crucial role in the application process, especially when they are specifically requested by the employer. A well-written cover letter provides an opportunity to explain your motivations for applying, demonstrate your understanding of the company, and highlight why you’re the right fit for the role.

When writing a cover letter, it’s important to keep it concise—ideally no more than one page. Focus on 2-3 key reasons why you’re suited for the role and be sure to address the company and contact person by name if that information is available. A personalised, well-crafted cover letter can set you apart from other candidates and give you an edge in the hiring process.

What to Expect in the Next Quarter and End of 2024

Looking ahead to the next quarter and the end of the 2024 calendar year, the tech market is expected to remain positive, with a shift towards increased permanent hiring. As mentioned, there has been a notable uptick in requirements from clients in Queensland for both permanent and contract roles. This suggests growing confidence among employers as they prepare for the second half of the year.

The end of 2023 saw a period of fatigue and introspection for many businesses, but the sentiment now is one of renewed energy and focus. As companies reprioritise, the demand for talent is expected to rise, particularly in areas like digital transformation, cloud computing, cyber security and data analytics.

For employers, it’s crucial to run a concise and efficient recruitment process. Good candidates are often considering multiple opportunities simultaneously, so it’s important to keep them engaged throughout the process. Once a decision has been made, extending a formal offer within 24-48 hours can help secure the candidate and reflect positively on the organisation’s agility and operational efficiency.

The Queensland Tech Market is Full of Opportunities

The tech and recruitment markets are in a state of flux, influenced by both macroeconomic factors and industry-specific trends. For tech professionals and businesses alike, the key to success lies in adaptability and staying ahead of the curve. Whether it’s modernising legacy systems in the public sector or addressing tech debt in the private sector, there are significant opportunities for those who are prepared to seize them.

As we move into the final quarter of 2024, the market looks promising, with increased hiring activity and a renewed focus on efficiency and competitiveness. By staying informed, connecting the tech recruitment specialists like us, and strategically positioning themselves, both candidates and employers can navigate this dynamic landscape and thrive in the months ahead.