Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Pay rises in the tech sector outstripping UK averages despite vacancy decline

by September 19, 2023
September 19, 2023
Pay rises in the tech sector outstripping UK averages despite vacancy decline

The average earnings in the IT sector have increased at a greater rate than the wider UK economy, despite a slowdown in hiring, indicating a continued struggle with skills shortages.

That’s according to the latest Robert Half Jobs Confidence Index (JCI) – an economic confidence tracker produced in partnership with the Centre for Economics and Business Research (Cebr).

According to the data published earlier this month, average weekly earnings in IT were up 11.1% -above the growth noted across all UK industries (8.2%). The JCI also indicated that earnings in the sector were 74.1% higher than the average wages reported across all other sectors.

While the report does reveal a 40.5% annual decline in vacancies, which is indicative of businesses reigning in hiring as layoffs were reported across the sector, the increase in earnings suggests that employers are still using financial incentives to attract the best talent. With uncertainty still rife, firms are also seemingly turning to temporary resources to fill demand, rather than committing to permanent headcount increases, with the share of employees with a temporary work arrangement growing by 0.5 percentage points.

Craig Freedberg, Regional Director at Robert Half, commented:“It’s been a difficult year for the technology sector so far, with layoffs reported by a number of leading brands. However, this has largely been the result of over-ambitious recruitment activity during less uncertain economic times. We’re finding that demand for the best tech talent remains rife – particularly with SME and growing businesses – but skills shortages are continuing to plague the sector.

“We haven’t seen the influx of talent into the market that we might have expected following redundancies, but we are beginning to see a greater reliance on temporary and contract tech experts. This trend is likely to continue while uncertainty remains. What is perhaps the most notable trend, though, is the significantly high levels of pay that workers are able to command as the skills crisis continues. With wages on an unsustainable upward trajectory, employers are going to need to look at alternative means of attracting tech talent.”

Read more:
Pay rises in the tech sector outstripping UK averages despite vacancy decline

0
FacebookTwitterGoogle +Pinterest
previous post
Staff want financial education from employers, but few have access
next post
Capital Gains Tax changes may reveal underpaid tax

You may also like

Investigo appoints Derek Mackenzie as CEO to drive...

July 13, 2023

Digital Innovators secures local employers to boost digital...

November 3, 2022

Carney’s Brookfield acquires National Grid renewables in £1.3bn...

February 24, 2025

Carbon emissions from UK rail travel lower than...

June 30, 2023

Mike Ashley’s Frasers Group serve stadium eviction notice...

December 5, 2022

The contrasting fortunes of Chelsea and Wrexham’s North...

April 27, 2023

UK firms asked to disclose China investments as...

August 22, 2023

The Secret to Staying Energized for Busy Business...

January 29, 2025

European real estate appeal on the global market:...

August 30, 2024

The £100k Tax Trap: Why More Professionals Are...

July 24, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump threatens lawsuit over century-old Senate tradition delaying his nominees

      August 25, 2025
    • Trump threatens lawsuit over ‘blue slips’ as top GOP senator bucks demand to bend Senate rules for nominees

      August 25, 2025
    • Trump touts Kim Jong Un relationship amid South Korea summit

      August 25, 2025
    • The Price of Freedom: The True Cost of Pretrial Detention

      August 25, 2025
    • ‘Bold’ general who led US’ ‘Midnight Hammer’ strikes on Iran ends Middle East reign

      August 25, 2025
    • Democrats opposed John Bolton for years — until they sought him as an ally against Trump

      August 25, 2025

    Categories

    • Business (8,876)
    • Investing (2,237)
    • Politics (16,484)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved