Our quarterly update on the IT & Business Transformation market, where we provide you with insights from both the previous and upcoming quarters.
Transformation Q3 Insights 2019
With the year scarily racing full steam ahead I thought I would share with you what we experienced as we traveled through Q3 and what we are predicting to happen in Q4.
The world of Transformation is still ever evolving however this past quarter has been an interesting one where we have seen a change in the appetite of bringing on new resources. This we believe is to do with several different factors both internal and external to the specific organisations in question.
We are sensing that some organisations are feeling the pinch post the Royal Commission and the Programs / Projects that have been put in place off the back of this.
This has resulted in fewer new Projects / Programs of work being invested in or when there is investment the preference is to use internal resources, who in the majority of the time are working in a permanent capacity, making them a much more cost-effective resource.
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Organisations have been forced to look at their spending and the amount of transformation that is and will happen moving forwards. This can be deemed as very positive, as it means that projects and programs of work are here to stay, it also means that companies are looking at how they can manage costs in this space more effectively. This has resulted in there being a push to bring in resources, across all role types within Transformation, in either a permanent or fixed term capacity.
So what do we think all this means for Q4 and the end of the year?
We predict there will be strong demand for resources over the coming months and being as Q3 has been a slower quarter we are hoping that the Christmas slow down doesn’t have an impact and that organisations that have a calendar year Financial Year start strong with new budgets in 2020.
Despite the changing market the BA space has kept steady throughout Q3. We are still seeing a number of businesses hiring within this space however the urgency of them bring on these specific individuals has definitely slowed down.
Across Financial Services businesses are seeing the continual demand in skills sets within the Wealth Management / Life Insurance space, Risk / Regulatory / Compliance space and also across Lending.
Whereas across Commerce & Industry we have seen some ongoing / increased appetite in the Agile space, which has also resulted in the recruitment of not only BAs but also Product Owners and Scrum Masters.
July, August and September have been very different months, but the key themes are demand is on the up. We have seen the start of the new financial year impact projects from a resource reallocation mindset instead of project ramp up, but this has not been a bad thing.
Top talent has remained within key projects, funding has been established and road maps clearer, thus ending September with a flurry of requirements across the whole of the FS market.
The Senior Project Manager - Is the most in demand role, with a flair of Data, Regulatory Change and Business transformation. Organisations are looking to have strong end to end delivery professionals, who can not only manage but influence and build strong strategies for execution
The Program Manager / Director - Roles are being pushed more into the business and permanent hire is becoming the increasing need. Less is the demand for domain focused delivery, but for the intention to really invest in the outcomes of a business and build a foundation of successful delivery.
The Change Market has had an interesting year and Q3 continued in this theme. The regulatory drive that stemmed from the Royal Commission meant that many change resources were absorbed by the endeavors to hit the hard and fast deadline of July 1st. Since then the piggy banks of Financial Services have been somewhat emptied.
The nature of the projects from the biggest Change Management teams are mostly around embedding, automating and streamlining some of the solutions that were requested from Haynes report.
These programs are all customer focused so whilst regulatory is often coined ‘dry’ these changes are customer centric, which is good news for the consumers of Australia.
Elsewhere the market is seeing a spike of fixed term and permanent offerings at all levels driven by private sectors with new budgets consolidating and securing head count.
We are starting to see an increase in demand for people with organisational and human centred design experience to engage on future workforce programs. If you’re looking at adding a string to your change bow, we’d recommend org design, psychology or HCD courses which could future proof your career.