Welcome to your quarterly update on the IT & Business Transformation market, where we provide you with insights from both the previous and upcoming quarters.
IT & Business Transformation: Market Trends
After a record 2018, this year started on a very positive note for the IT & Business Transformation team. There was very little sign of the typically quieter January period as recruitment was still high on the agenda for many programs of work across Sydney.
Q1 saw the announcement of the Royal Commission findings, which has seen organisations take action and hire project professionals to resolve what has been identified from this.
This has predominately impacted contracting with a heavy focus being within wealth management.
Following on from this and as we moved through the second half of the quarter, we are seeing organisations re-allocate funding to prioritise these pieces of work. This has resulted in some large programs being put on hold and also one of the big four banks slowing down their recruitment.
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The outlook is still positive on a hiring front for next quarter (and hopefully beyond), as we head towards the end of the Financial Year for many of our clients.
Q1 2019 INSIGHTS
The Business Analysis space is still busy with high calibre individuals still in demand, however, we have seen quite a change in terms of the projects that organisations are wanting them to work on.
As we moved through Q1 we saw some very large programs be put on hold whilst the funding and resources were re-allocated to ensure risk/regulatory and remediation projects are prioritised. This is obviously particularly prevalent in the Financial Services space.
Q1 also saw another sale with a wealth management organisation selling off part of their business. It is very early days, however, we predict there will be an increased need for Business Analysts' with advice and/or wealth management experience to assist in the separation of this business.
Within the Financial Services space, there is less activity in what has often been deemed the more ‘sexy’ space of digital, however, this is not the case in some of our C&I clients as they are less impacted by the Royal Commission.
We predict that Q2 will still be a good time to be a business analyst, however, you they may need to be a lot more flexible in terms of the project(s) that they work on. We also see that the changes in the market could stabilise day rates, which have been increasing particularly over the past two quarters.
"In life, change is inevitable, In business, change is vital" - Warren G. Bennis
The Change market in Sydney remains buoyant with demand coming from across all industries. There's been an influx of roles at the senior level as risk programs ramp up and need people with a deep skill-set to do the heavy lifting and get things over the line.
Skill sets that are the most sought after include M&A, advice and consulting. Risk day rates have remained stable but aren't showing any signs of increasing. There's been an influx of fixed term contract and permanent offerings in businesses outside of the financial services space looking to consolidate Change.
We also hosted a sold-out Change event this quarter with the CMI on 'Embedding a Change culture'. You can read all about it here.
It was a busy start to the year in the project delivery space and there was a large amount of activity across the PMO world. We have seen a demand for PMO professionals across all levels as organisations attempt to put some more governance and frameworks around the projects and programs they are running.
Once again the Royal Commission is driving demand for regulatory project managers, mostly on a day rate contract basis. We have seen some large programs of work in the financial crime space kick off, resulting in the need for senior program managers.
Elsewhere, there is still more demand for hands-on project managers who are more business focused. With the senior end of the market experiencing a slower start to the year, this often comes down to budget pressures and constraints.
There are still some large programs of work either in flight or about to kick off, so we are expecting another busy quarter ahead.
Lean Six Sigma/Process Excellence
It was a slower start to the year in the process excellence space. We are still experiencing more demand at the junior “hands-on” level, with a number of requirements coming through at the process analyst level.
An even split of contract and permanent work remains, with day rates still on the lower end of the scale, especially outside of the financial services space. Candidates in this space need to remain open to shorter contracts and potentially lower rates in order to pick up the work.
There has also been a bit more activity on the continuous improvement side, with a number of permanent roles coming up in this space as organisations look to roll out continuous improvement frameworks enterprise-wide.
Top roles in demand in IT and Business Transformation
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