Pent-up demand for digital and technology professionals is on the rise as the digital transformation agenda continues to make waves in the market.
According to the Digital and Technology Collective Digital Skills and Salary report 2018, digital and technology professionals were earning a median salary of $131,500, about 56 per cent more than the Australian median salary of $84,000.
The median pay for a c-suite salary was about $350,000, according to the report.
And to top this off, about three quarters of employees in the industry earn more than $100,000 per year, with most respondents recognising the need skill-up in order to shift to the next pay bracket, the report said.
“Digital and technology talent is scarce. And as expected, that scarcity drives up the median salary. What’s not expected is the 18.8 per cent gender pay gap that’s well above the Australian average of 15.3 per cent,” Digital and Technology Collective general manager Mandy Eyles said.
Technologies that were pushing salaries beyond $140,000 included artificial intelligence (AI); augmented and virtual realities (AR/VR). But the report did highlight a slight disconnect in this area, with 38 per cent of respondents saying AR/VR wasn’t relevant to their role, and 35 per cent indicating the same thing for AI.
Eyles highlighted digital marketing as the most valued skill followed by digital business strategy, analytics, digital project management, digital design and user experience (UX), were also in high demand.
But what was also slightly startling was the 18.8 per cent gender pay gap, which is well above the Australian average of 15.3 per cent, Eyles disclosed.
Furthermore, the survey revealed that female participation in the digital and tech workplace had increased from 40 per cent in 2016, but was still below the Australian average of 50 per cent.
Respondents involved in this year’s report spanned private sector (70 per cent); public sector (16.1 per cent); not-for-profits (7.2 per cent) and start-ups (6.6 per cent).
In a joint research report by Microsoft and IDC, digital transformation could add as much as $45 billion to Australia's gross domestic product (GDP) by 2021.
The Australian GDP growth rate is set to increase by 0.5 per cent annually according to the study Unlocking the Economic Impact of Digital Transformation in Asia Pacific in 2017.