We’ve heard a lot about the severe finance and technology talent shortage over the past nine months, and there are no signs that this is easing up in the UK. Technology professionals during the pandemic proved their weight in gold many times over. They were essential players in leading the digitisation of businesses and transforming business models overnight. Post-pandemic, this has caused increased demand for technology talent, as businesses look to solidify the digital gains made during the past two years.
Technologists are capitalising on the celebration of their skills. On average, they are commanding over 23% more in salaries than in 2019, and this figure is even larger when you factor in contractors and interim employees. In tandem with this, there has been a significant increase in remote opportunities available to candidates. CW Jobs, a leading technology jobs board, has reported that the number of technology jobs in London is down 3.5%, compared to the rest of the UK. Their analysis implies this is due to an increase in remote working opportunities, and that people are no longer constrained by the length of their commute.
But beyond an increase in salaries and the rise of remote working, what other trends are shaping the technology talent market?
Hands-on tech roles are the most advertised
Technology professionals who get into the nuts and bolts of product development are the lifeblood of businesses. These skilled professionals are the most sought after in the UK. As a result, CW Jobs is seeing a rise in opportunities available to people with the following job titles:
Business Analyst
Project Manager
Cybersecurity
IT Support
IT Manager
Network Engineer
Software Developer
Product Owner
Product Manager
Data Analyst
Test Analyst
Priorities have shifted
I have been recruiting for technology professionals for five years, and there has been a real shift in demands and priorities from people seeking new opportunities. Pre-pandemic, jobseekers focused on working with businesses who developed new and innovative technology. However, there has been a distinct shift in the priorities of candidates. Like many other professions, work/life balance and the option to work flexibly are significantly more important. With that being said, job security is also highly sought after, and candidates are actively seeking it out in the wake of the pandemic.
The lack of diversity and inclusivity in the technology space remains a challenge
Many industries, including finance, are closing the gender pay gap. However, it remains a persistent problem in the tech industry. According to CW Jobs, the average female technology professional earns £41,800 - which is less than the average male’s salary of £52,900.
Furthermore, hiring managers and talent professionals are having increasing conversations with candidates about D&I, and in many cases, this is becoming a deal breaker for people looking to move roles. For the most part, businesses are making enormous strides in becoming more diverse and inclusive, and have robust EDI plans to deliver on promises and achieve meaningful change.
What does this mean for the future of technology recruitment?
Demand for software developers will continue to be at an all-time high, particularly in the product, cloud adoption and FinTech spaces.
An efficient hiring strategy must be implemented by businesses that are looking to add technology talent to their business. Benchmarking salary packages is a good starting point, but is by no means the only factor you must consider. People don’t just want a large base salary, they want a clear flexible work policy, meaningful ED&I adoption and a comprehensive benefits package. If you would like to hear more about the motivations of technology professionals, please download the most recent copy of our Technology Market Insight & Salary Trend Report.
Whilst we expect the technology market to remain buoyant for the rest of the year, it is worth noting that there have been examples of mass redundancies similar to Klarna, Bolt, and Gorillas. Arguably these are due to global rising inflation and economic pressures. However, we expect these to be fairly isolated incidents, and at worst we will see a plateau in hiring in Q4 2022.
How Marks Sattin develops careers in technology
At Marks Sattin, we have been working with specialist IT talent for over 30 years. Our established team IT recruitment team has a well-earned reputation of being proactive and meticulous in their approach to sourcing top talent. For more information on how we match candidates with the right client, contact us.
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