Tech salaries soar as employers search for finite talent
It’s been yet another record-breaking year for UK tech. UK tech startups and scaleups have raised more money than ever before – £13.5 billion so far in the first half of 2021 – which has led to a surge in hiring for tech candidates.
Tech and IT-related vacancies now make up 13% of all UK job vacancies, up from 12.3% for the same period last year, according to the UK’s Digital Economy Council and Tech Nation.
While Digital Secretary Nadine Dorries says “the jobs are there”, what she fails to note is that this increase in vacancies only underlines how competitive the race has become for the industry’s brightest talent.
The UK now has over 42,000 startups and nearly 10,000 corporate tech companies, all looking for the tech talent which will help accelerate their growth to the next level.
Then there’s the non-tech companies who are looking to digitise their organisations with the latest technology. According to a new report from analyst Gartner, businesses say that talent shortage is the biggest barrier to the adoption of 64% of new technologies.
Talent availability has now overtaken implementation costs or security risks as the top barrier to deploying new technology.
Tech salaries on the rise
The upside of all this – for candidates, at least – is that salaries have never been higher for tech workers. While the average advertised salary for all jobs in the UK decreased throughout 2021 from £37,785 in January to £36,442, it increased in the tech sector to £55,061, up from £54,232 in January.
The tech sector now offers higher-paid roles than industries such as teaching, engineering, and logistics. In fact, tech now represents 78% of roles in the salary band £100,000-£150,000 and 57% of those roles between £50,000-70,000.
There’s some serious money to be made working in the tech sector right now. But it’s about balancing wages with wellbeing. Here at Revoco, we can help you find a well-paid position with an employer who respects your worth. Why not drop me a line to find out more?