Business Change & Technology | Technology 2018 Market Insights in London

Michael Moretti our consultant managing the role

View technology market salaries.

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TECHNOLOGY

 Job title Salary range Day rate 
 Head of IT/IT Director/CTO £95,000 - £155,000 £800 - £1,350
 Programme Manager £60,000 - £100,000  £500 - £850 
 Project Manager £40,000 - £70,000  £400 - £650
 IT Manager £40,000 - £60,000 £350 - £500
 Development Manager £45,000 - £65,000 £400 - £550
 Test/QA Manager £40,000 - £65,000  £400 - £650
 Information Security Manager £50,000 - £95,000 £400 - £750
 Architect £50,000 - £100,000  £400 - £850 
 Business Analyst £40,000 - £70,000  £350 - £700 
 Tester £35,000 - £50,000 £300 - £500
 Security Analyst £35,000 - £65,000  £350 - £550
 GDPR/Data Protection £50,000 - £150,000 £400 - £1,000
 Infrastructure Support £25,000 - £45,000 £200 - £400
 Developer £35,000 - £60,000  £350 - £500
 IT Administrator £30,000 - £55,000 £300 - £450

 

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21/08/18
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How to attract top talent for your Fintech start-up or SME
How to attract top talent for your Fintech start-up or SME

Teaser

Technology

Content Type

General

04/06/21

Summary

Recruiting outstanding talent is the goal of every talent acquisition team. However, market forces have made that task increasingly difficult. Often candidates are unwilling to leave jobs that have seen them through the pandemic, and those who are looking for new opportunities are often the subject of bidding wars. Even highly desirable businesses, like Fintech SMEs, are having a hard time finding enough people with the right skill set for their companies. Ultimately, these candidates command a premium and, as a business, you may very well offer and exceed their expectations, however, that still may not be enough to sway them to work for you.  So, in a skills' drought, what can your business do to attract the best talent for your Fintech start-up or SME? Understand the candidate’s motives                                                                               As a Senior Recruitment Consultant, who specialises in the Fintech market, I have multiple conversations a day about the cons of working for a start-up vs. a large organisation. Some of the key themes from these conversations include:1. Potential lack of learning and development in a smaller business2. Fewer opportunities to progress in SMEs3. Less opportunity for flexible working and longer working hours4. Not enough employee benefits5. Less job security in a start-upYes, there are risks that come with joining a smaller business, but start-ups are some of the most progressive and creative businesses around. Remuneration, employee benefits and job security are only some of the motivators for people in their working life. People often work at start-ups because they believe in the mission or product, not necessarily for financial gain or job security.   Make your job opportunity stand out from the crowd Recruiting top talent in the Fintech market is difficult, every hire is integral and can make or break your company. With budgets being a big concern for many businesses, you need to think strategically about how you present jobs to potential candidates. A job advert is not a list of responsibilities.  Companies need to understand who they want to attract with the job advertisement. A well put together job advert, which covers all of the essential qualities the candidate needs to possess to be successful and what you can offer them in return, is a great starting point.  Utilise websites like Gender Decoder to ensure your job adverts are gender neutral and consider using SEO practices to attract better quality and more diverse candidates.Showcase your employer brand Candidates want to know what it is like to work for a company before they work for them. Attracting candidates whose values and work style align with those of your company will make your recruitment process smoother, as you won’t have to sift through candidate profiles that aren’t a match in any way. It also works the other way around. Candidates who don’t like what they see will deselect themselves from the selection process.                                                                                                                                                                                   To ensure you’re getting candidates who fit in your company, showcase your company culture through as many channels as possible and communicate why you’re a great place to work." Boost retention and retain talentRetaining talent is an essential component of acquiring talent. The Fintech industry is compact and well-connected. One person’s poor experience with your organisation could have a damaging impact on your ability to hire new people. Therefore, ensuring there is a keen focus on developing and retaining talent is a must if you want to recruit successfully for your Fintech SME. ● Incentives  Start-ups and SMEs are often disadvantaged when it comes to their ability to incentivise their employee’s roles, and provide the type of working environments, benefits and conditions that incentivise employees to stay long-term. This is because start-ups may not always be able to compete with large organisations on remuneration, benefits and bonuses. Therefore, it is essential to see appropriate and financially sustainable incentives as a cornerstone of talent acquisition and retention.● Training and progressionSome SMEs might shirk the cost of training, however learning opportunities often lead to increased productivity. Furthermore, employees are much more likely to stay with a business if they can see a clear progression and development plan. And whilst there is always the risk that if you train your employees and enhance their education, that they will leave, if you don’t offer a clear progression and training route, they are even less likely to hang around. ● Welcome feedback You should actively seek feedback from your people around the business. The people on the frontline of your organisation are often the ones best placed to provide insight into business performance. Moreover, employees  who are engaged and feel heard often stay in their roles longer. Ask for help                                                                                                                             The average employee exit costs 33% of their annual salary. However, some studies have found that the real cost of making a bad hire is closer to £130k! This is taking into account the loss of talent, time, recruitment fees, training and decreased productivity. A high turnover rate can cripple a start-up or SME. It is essential that as a business, small or large, that you don’t fall into a pattern of making bad hires. There are several routes to acquire talent, such as referrals, ex-colleagues, and reaching out to connections, which are advantageous. However, scaling and growing a business on the back of referrals is time-consuming, and there are fewer safety nets in place if the hire isn’t quite right. That is why engaging the services of specialist recruitment consultancies, like Marks Sattin, is essential. We don’t just find you your next hire, we are uniquely placed to consult with businesses on hiring trends, candidate behaviour and best talent attraction methods for your business. And the best part is, it won’t cost you anything until we have made a placement.You can read our previously published article on the pros and cons of taking recruitment in-house. If you would like to discuss any of the above, please don’t hesitate to reach out to me. 

Teaser

Recruiting outstanding talent is the goal of every talent acquisition team. However, market forces have made that task increasingly difficult.

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Lewis Toms

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Lewis Toms

Lewis Toms

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Lewis Toms

Will IR35 affect your business?
Will IR35 affect your business?

Teaser

General

Content Type

General

20/09/20

Summary

Employees in the United Kingdom can be categorised as full-time, part-time, casual, freelance and contract workers, with the self-employed bracket now making up 15% of the entire working population. The number of self-employed workers jumped from 3.3 million in 2001 to 4.8 million in 2017, with a corresponding fall in the unemployment rate showing the overall boost in jobs growth from the rise in self-employment. However, the attractive market for freelancers and contractors has been hit with some uncertainty in recent times, thanks largely to the 2018 Autumn Budget’s announcement of IR35 tax reforms. Here’s what the new IR35 rules could mean for you and your business: What is IR35? IR35 is a piece of legislation originally introduced to the UK in 1999. Its purpose is to differentiate between those workers who operate as genuine contractors and those who work as ‘disguised’ employees to avoid paying tax. It came about to challenge contractors who were taking advantage of the tax efficiencies of working through a limited company, with the aim of defending both the Exchequer from lost taxes and protecting workers’ rights from unscrupulous employees. However, the IR35 has proven to be ambiguous for many, with some contractors taking advantage of loopholes and a lack of clarity. Hence, the new IR35 rules aim to tighten up the contractor market and ensure tax avoidance loopholes are closed. How does IR35 work? There are three principles that can help to determine employment status and whether a contractor falls inside or outside IR35: Control (the degree of control the client has over the work a contractor does and how and when they do it) Substitution (whether the worker needs to do the work themselves or if they could send a substitute in their place) Mutuality of obligation (whether the employer is obliged to offer work and the contractor is obliged to accept it). Additionally, the contract type, provision of equipment and whether a worker is “part and parcel” of a business can all help to determine whether someone falls inside or outside IR35. The change in IR35 rules shifts the responsibility to determine tax status away from the contractor and onto the business that takes them on. Until now, contractors have been able to self-determine their status, however as of April 2020, when the new rules come into effect for the private sector, companies will risk being fined if they don’t make the correct assessment.  How will IR35 impact contract workers? It’s anticipated that many contract workers who have been enjoying the tax benefits of working outside IR35 will fall under the legislation when employers are tasked with determining their status. This will see more contractors having tax and National Insurance contributions deducted from their pay. However, if you operate as a legitimate small business and are determined to work outside of IR35, you will not be affected by the rule changes. How will IR35 impact employers? The major change for businesses is that they will now be responsible for determining the IR35 status of any contractor working for the company. The new rules will only apply to medium and large sized businesses, so contractors who work for small businesses can continue to set their own IR35 statuses. Those businesses that the IR35 rule changes do apply to will face paying back taxes and fines should they be found to be noncompliant. What should I do to prepare for IR35? Contractors may wish to speak to an accountant or personal finance expert to determine whether IR35 will impact them and if a move to permanent work may prove to be more beneficial after the rules come into effect. For many, contracting will remain appealing regardless of increased tax responsibilities, however it’s important to factor in any change in income that IR35 may bring about. Businesses are being warned not to make blanket assessments that cover all their contractors, as this can leave workers without a fair assessment and risk them paying unnecessary taxes without equivalent employment rights. Instead, businesses should consider IR35 status on a case-by-case basis or they may risk losing out on top talent. The HMRC has released a consultation document for businesses to prepare for the IR35 changes, recommending identifying and reviewing current contract workforce status and putting processes in place for taking on new workers. At Marks Sattin, we pride ourselves on keeping abreast of all industry legislation, updates and changes that affect our candidates and clients. Speak with us about how we can help you. References: https://www.bbc.co.uk/news/business-44887623 https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/trendsinselfemploymentintheuk/2018-02-07 https://www.contractorcalculator.co.uk/what_is_ir35.aspx https://www.axa.co.uk/business-insurance/business-guardian-angel/how-ir35-changes-will-affect-freelancers-and-self-employed-contractors/ https://www.telegraph.co.uk/business/ir35-rules/new-contractor-tax/ https://www.telegraph.co.uk/business/ir35-rules/how-will-new-rules-impact-business/ HMRC consultation document

Teaser

Employees in the United Kingdom can be categorised as full-time, part-time, casual, freelance and contract workers

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Pres Pillai

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Pres Pillai

Pres Pillai

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Pres Pillai

Robotics and AI: A threat or friend to technology teams?
Robotics and AI: A threat or friend to technology teams?

Teaser

Technology

Content Type

General

22/01/20

Summary

An overwhelming 76% of people believe robots or AI devices could replace them at work, or at least do 50% of their job. While this is not entirely unreasonable to think, it suggests that our workforce may be experiencing tunnel vision - focusing on the negative impacts that AI and robotics will have rather than seeing the potential it will unlock for them. In truth, technology will claim a lot of tasks and this will affect employees in all sectors, some more than others. Thankfully, within the technology sector, AI will allow professionals to become more creative, upskill and reduce the monotony of their job. To do so, technology professionals must exhibit adaptability and consider how they can collaborate with robotics and AI.Robotics and AI are a threat to some, but not allMcKinsey predicts that 49% of tasks completed by the global workforce have the potential to be automated. One of the reports key takeaways is that robotics and AI are expected to automate 49% of activities, but not the entire job - currently very few jobs could be entirely transferred to robots. The first technology jobs we’d expect to become automated are ticket routing and data entry, but that still leaves data protection, IT analysis, cloud services and many more roles safe from being automated any time soon. The report lists ‘accommodation and food services’ tasks as most likely to become automated with a likelihood of 73%, ‘finance and insurance’ tasks gain a score of 43% while ‘information’ ranks far lower at a likelihood of just 36%. Assuming this assessment to be correct, only a third of information-based activities will fall into the hands of robots. The tasks less likely to be reassigned to robots are those requiring interaction with stakeholders, the use of judgment to make decisions, delegation and creativity. The broad spectrum of these activities reassures us that most jobs will remain in human hands, but the question remains - how will robotics and AI impact the workload of technology jobs? Time will tellThe pace of technological development is exponential: in just five years the cost of a lab-grown meat-free burger dropped from £215,000 to £8. However, when it comes to AI and automation it will be decades before we begin to see the full potential. PwC quantifies this view, reporting that only 3% of jobs risk becoming automated in the early years of this decade, but that jumps to 30% by the mid-2030s. Currently, technology can outperform humans regarding information retrieval, large-scale motor skills and optimisation but we’re only just understanding the emerging applications of AI as it becomes more sophisticated. According to McKinsey, one factor that will delay the adoption of AI in the workplace is the “cost of developing and deploying”. While there is a relatively high possibility of restaurant jobs becoming automated, the decision will depend on the costs associated, considering cooks in the UK earn an hourly wage of £7.83 on average. Therefore, it may not be cost-effective for some time to replace kitchen staff with robotics or AI, at least until the price of this technology drops below the cost of labour. Now consider the technology sector where general IT staff earn £21.81 hourly and this rate rises significantly for managerial roles and architects. It becomes more appealing to replace employees in roles where there is a higher labour cost associated, but don’t forget that information tasks are less likely to become automated. So, though the threat of robotics and AI to technology jobs may appear real, there is still ample time for professionals to adjust to the changes. How robotics and AI will reshape jobs within technologyA recent Deloitte report found that 82% of large UK companies are adopting AI yet just 15% are ‘seasoned’ implementors. The rapid pace at which technology is developing is creating an AI skills gap. Evidently, this is not a threat but an opportunity for IT professionals. Though, as AI becomes more sophisticated, its role will transition from simple automation to software development. Companies such as Data Robot and H2O.ai have matured their AI tools so they can write code - a task that just years ago we thought was far too complex for a machine to perform, but the introduction of bottom-up AI helped it become a reality. While top-down AI aims to pre-programme a machine with every layer of human cognition, bottom-up trains technology to build complex understanding from a foundation of simple methods. The good news is that using this approach, AI software - such as TabNine - can now suggest possible endings for code and thereby boost a developer’s productivity. This just one example of how AI can be used to reduce monotony and free up time for technology professionals. What can a robot do that you can do better?Robotics and machine have their limits, though they are closing the gap when it comes to particular skills, and in some instances, they are outperforming us on tasks where we naively thought we’d always have the upper hand. Technology professionals must demonstrate to stakeholders and upper management their ability to navigate and direct within the dynamic technology landscape. To do so they must identify which aspects of their role are easily automatable, then innovate the process. In the face of automation, technology professionals have the chance to take actions that will influence the future of their company and become more valuable employees than ever. Working with robots and not againstCollaboration is key here. Those who learn how AI can transform their work and use it to their advantage will earn the most valuable technology jobs. It is an opportunity for programmers, software developers and project managers to upskill and reduce the monotony of their work. In light of the changes that are taking place, technology professionals must become technology advisors, learn to speak the language of robots and, most importantly, nurture workplace relationships. Discover where you can take your career with Marks SattinAt Marks Sattin, we have been working with specialist IT talent for over 30 years. Our established team of IT recruiters have 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. Browse our latest technology jobs or view vacancies in our other specialisms, including financial services and commerce & industry.

Teaser

An overwhelming 76% of people believe robots or AI devices could replace them at work, or at least do 50% of their job.

Read full article
Michael Moretti

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Michael Moretti

Michael Moretti

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Michael Moretti

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