As the 2018 annual wage growth in the Australian IT sector was reported to be 3.3% — higher than the national average across all industries — recruitment firm Robert Half said with almost 9 in 10 (87%) CIOs saying it is more challenging to attract qualified IT professionals to their organisation compared to five years ago, companies need to adjust their staff attraction initiatives in a skills-short market.

According to the survey, many IT employers are willing to pay a premium to staff their teams with the best talent. Half (50%) of CIOs are offering higher remuneration (base pay and/or bonus) to attract top IT talent, followed by 42% who are offering additional employee benefits, and 39% who are promoting an enhanced work culture, such as health and wellbeing programs.

According to Robert Half, having a competitive edge in the market by having the best talent does not only rely on attracting the right employees, but also to keep them on board.

The recruitment consultancy says to avoid losing their top performers, Australia’s IT employers are being proactive in their approach to staff retention – and the top three initiatives CIOs have focused on over the last three years to retain IT staff are offering a higher salary (48%), developing an enhanced work culture (48%), and attributing more employee benefits (38%).  

“As Australia’s IT sector booms, companies are calling for the highest calibre candidates to remain competitive, drive innovation and implement new technologies faster than ever before,” said  Andrew Morris, director of Robert Half Australia.

“Consequently, as top IT talent becomes more highly sought-after in Australia’s tightening IT talent pool, companies are required to offer competitive salaries in order to successfully attract, recruit and retain the most skilled and talented candidates.

“To be effective at attracting and retaining top talent, remuneration should be part of a wider, ongoing dialogue between employer and employee as the most appealing remuneration packages are those that are tailored and designed with individual employees in mind.

“Through open communication channels, employers can establish and implement incentives that appeal to individual motivations. This is especially true for millennial-aged workers who tend to favour professional development opportunities over a higher salary, and workers with children who may value increased annual leave and flexible hours more highly.”