Tech sector salaries forecasted to grow faster than in any other

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.

>See also: 2020 IT Salary Guide – what’s your position worth?

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
Technology 1.90%
Administrative and office support 1.85%
Accounting and finance 1.40%
Financial services 1.22%
National average 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.

>See also: The UK’s largest cities for tech jobs

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
Junior developers 4.5%
Senior business analysts 4.4%
Fund accountants 4.2%
Chief financial officers 4%
Financial controllers 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.

>See also: Why a career in tech is a great choice

“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.”

Expert

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.”

>See also: UK tech sector positive about prospects

“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.”

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Nick Ismail

Nick Ismail is the editor for Information Age. He has a particular interest in smart technologies, AI and cyber security.

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