We’ve Got News For You – March 2023 Edition

Apr 1, 2023

Daniel Hale

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    Silicon Valley Bank’s sudden collapse this month sent shock waves through the US VC community as it was the Bank where a large proportion of their money was deposited. Subsequently, a number of depositors of small regional banks withdrew their capital with a view to placing it into larger, more secure Banks.

    The ripple effects of this “run on the banks” is yet to be felt in Australia, and thankfully the Federal Reserve stepped in to support depositors of SBV, thus defusing the situation for now.

    This event is a stark reminder that we are no longer in a “free money” environment, and start-up valuations have normalised and are now based on fundamentals rather than inflated valuations that are detached from reality. In the same way, hiring has also normalised, and there seems to be a need for stronger business cases to add headcount than there was 12 or 24 months ago.

    We are still seeing a shortage of junior talent, especially SDRs. This seems to be a never-ending theme that our Clients grapple with, so we have continued to refine and develop an educational approach with entry-level talent in an attempt to manage expectations and counter some of the unrealistic salaries being thrown around.

    Having said that, there are plenty of ongoing success stories and Companies that continue to look for local market share. Also, this month Pulse Recruitment was successful in securing two PSA agreements with major Australian Technology businesses in Payroll and CGR.

    Some of the success stories from March are listed below;

    • 2 x AEs – Edu Tech
    • BDM – CGR SaaS
    • SDR – Fintech
    • NSW RAM – Cyber Security
    • AE – HR Tech / Psychometric assessment tools
    • Sales Manager – IT Consultancy + SI
    • 2 x AEs – Proptech
    • AE – Healthcare Rostering Platform
    • Mid-market AE – Cybersecurity
    • Enterprise AE – Data Analytics

     

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