The current crisis brought by the COVID-19 pandemic has negatively impacted many industries. But indications based on a recently-released report suggest that start-ups in the technology industry may not be affected as badlyt as other sectors.
The Australian Start-up Salary Guide 2019/2020, by start-up talent and growth firm Think & Grow and Amazon Web Services (AWS), reveals that senior executives of start-ups in the engineering and finance sector are among the highest paid in the country. It also showed the top five salaries in Australian start-ups, especially those that have raised between $10 million to $50 million in capital:
- Founder, CEO – $227,551
- VP/Head of Operations – $209,100
- Chief Financial Officer – $207,000
- Chief Technology Officer – $202,100
- VP/Head of Product – $198,600
The report indicated the growing maturity of Australian start-ups as they are now hiring “heavyweight” roles such as COOs and data scientists, indicating a readiness to scale into new growth phases.
A lack of balance
Nevertheless, the research uncovered significant challenges that need to be addressed. While women now occupy the majority of low-level roles (66 per cent of accountancy roles, 55 per cent of customer service roles, and 77 per cent of office manager roles), they are still underrepresented in executive positions.
And the gender imbalance exists even when a woman is in the driving seat. Of the start-ups surveyed, female founders had not attracted more than $3 million in funding, compared to male counterparts who had raised in excess of $50 million.
Opportunities still out there
Jonathan Jeffries, Director and Partner, Think and Grow said that despite entering a period of economic decline, the technology industry is still producing career opportunities for Australians while salaries were not being decreased.
Jeffries said, “In the wake of the current environment due to COVID-19, we hope this report will highlight the opportunities that exist in future industries, including technology careers. New data from LinkedIn shows that despite the hiring rate across the economy falling to -2.8 per cent, software and IT is up 17.3 per cent, meaning growth in the sector is strong.”
He added, “Even with COVID-19 layoffs, we aren’t seeing current salaries reduce from the salary data reflected in the report. Talent in tech is still a premium, despite economic decline across other industries. Tech jobs are still growing and skillsets are in high demand. The recruitment work we still have globally shows the same salary levels as was six months ago.
“Instead of salary cuts, current employees (be it executives, key staff) are working reduced hours. While we’re seeing some temporary pay cuts, we’ve not seen a shift as yet in salary,” Jeffries noted. “The report should demonstrate to the Government the importance of looking after the tech sector in these difficult times. The tech sector is a driver for the future of Australia’s economy and it’s essential we support this industry for generations to come.”
