Market Outlook and Trends
As we venture into 2024, the unpredictability that has characterized recent years continues. However, the Australian market shows promising stability, particularly in high-demand sectors like marketing and sales. This year is expected to witness a divergence from the patterns of 2023, driven by Australia's robust domestic market and resilience against the global cost-of-living crisis.
Trends in the Job Market
The initial months of 2024 are likely to focus on consolidating and replacing roles, continuing the trend from late 2023 where a downturn in senior strategic positions was observed. The emphasis seems to be shifting towards roles that highlight individual contributions. Despite the scarcity of senior management roles in sales and marketing, there's a rich pool of candidates eager for new opportunities.
Work-life balance remains a pivotal topic, with the 3-day office and 2-day home model becoming increasingly standard. Nevertheless, some sales organisations are leaning towards more office days, especially towards the end of quarters.
Candidate Preferences and Market Dynamics
Interestingly, candidates are placing greater value on the work environment, team dynamics, and direct management over salary and benefits. This shift is evident from the trend of many individuals leaving their roles within six months in 2023 due to cultural mismatches, and a preference for roles offering a mix of office and remote work.
Sector-Specific Demand and Salary Expectations
The demand for roles in new business sales, account management, demand generation marketing, and marketing automation continues to be high, with a more sector-specific focus emerging in 2024. Given the salary increases over the past year, clients now expect candidates to have substantial industry and sector expertise.
In-Demand Sales and Marketing Skills for 2024
- Tailored Sales Solutions: Sales leaders and Business Development Managers need to focus on demonstrating value and tailoring solutions to specific buyer needs.
- Strategic Thinking and Leadership: These skills are crucial across all levels for career resilience and team development.
- Business Development: Particularly in 'hunter' new logo business development, to drive new revenue streams.
- Sales of AI/ML Solutions: Professionals with experience in AI/ML are in high demand for their ability to understand and apply these technologies in sales contexts.
- Customer Experience: Crafting personalised and engaging customer experiences is a significant focus for businesses.
- Data Analytics: Essential in today’s data-centric landscape, especially for deriving insights and making informed decisions.
- Leadership/Management: Important at every level, especially with the rise of distributed teams and adaptable organisational structures.
- Omni-channel Expertise in Marketing: A key skill for professional marketers involving the deployment of strategies across various channels and understanding their interplay.
- Marketing Automation: A rapidly growing area crucial for enhancing marketing strategies.
- Project Management: Vital for coordinating and organising complex projects, ensuring they are completed on time and within budget.
The sales and marketing occupational categories in Australia are poised for significant growth and transformation in 2024. Professionals who adapt to these changes and acquire the in-demand skills will be advantageous in this evolving market.