The fastest growing industry sector – technology – has been reflected in the salaries of those who work within it. Technology workers can expect the biggest rise in salaries in the coming year, as demand for the highly skilled, technical, workers grows. This is compounded by businesses trying to compete for this talent.
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Robert Half’s findings found that starting tech salaries are expected to grow by 1.9% in 2018, ahead of the 1.4% expected across other sectors, and more than in other industries such as financial services and accounting.
|Industry||Average starting salary increases|
|Administrative and office support||1.85%|
|Accounting and finance||1.40%|
“In an effort to win the war for top talent, organisations are willing to pay a price for those with the right skills to support their business goals,” said Phil Sheridan senior managing director of Robert Half, the recruitment consultancy.
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The figures suggested that junior developers are expected to have a salary increase of 4.5% and business analysts a rise of 4.4%, ahead of the likes of chief finance officers and financial controllers (four per cent), as well as fund accountants (4.5%).
|Job||Rise in salary|
|Senior business analysts||4.4%|
|Chief financial officers||4%|
“In the face of an expanding skills shortage, organisations are thinking about what they can offer alongside competitive salaries to attract new staff and entice experienced professionals with the right skills to join the business,” Sheridan added.
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“Rather than just competing on salary alone, many businesses are looking beyond pay and at the full package they can offer to keep staff engaged, motivated and happy.”
Regina Moran, VP, Head of Industry Consulting and Software Solutions, EMEIA BAS, Fujitsu, commenting on the report, said that “With the demand for highly skilled workers in STEM roles on the rise, it comes as no surprise that technology workers can expect the biggest rises in salaries this coming year.”
“In what is an increasingly digitally-led business environment, STEM and digital skills are essential to the UK, both within technology firms and across virtually all other sectors.”
“Indeed, it was our Fit for Digital study which found over a fifth of UK businesses say the factor preventing them from responding to digital disruptors like Amazon or Uber is a lack of the right skills and talent. But it doesn’t stop there. With the study predicting that 44% of UK organisations will not exist in their current form by 2021, we need to be thinking now about how we can equip the workforce adequately with the next set of digital skills that will be expected by employers.”
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“But why are we facing this shortage? The simple truth is that STEM subjects continue to suffer from a long-standing image problem. It’s often assumed that the only jobs you can get with a degree in maths or engineering are highly technical, difficult or dull. With the skills gap costing our economy a jaw-dropping £63 billion a year, education institutions, public and private organisations and especially parents all have a responsibility to tackle these prejudices and showcase how exciting digital jobs can be, both within tech and other sectors.”
“Technology is being used to address some of the most crucial issues in the world, and solutions are becoming ever more people-centric. Creativity and innovation can be as important as technical skill in fast-moving digital jobs that present new challenges every day. To help address the looming skills gap, we need to ensure we are investing at the very beginning of the digital journey and developing the right skills to support the future digital economy. After all, we owe it to our children, the digital generation.”