UK IT sector delivers highest salaries and jobs growth.

Good news for those working in the IT sector.

UK IT Job vacancies increased by 9% over the past year, rising to 23510 total job vacancies p/m. With average salaries increasing by 5.88% over the past six months to £80,000, IT is right at the top of the list as the highest paying industry, and is forecast to experience continued growth!  

UK’s IT sector delivers highest salaries, says new report
Job vacancies in the IT Industry in UK increased 14% in the past month and 9% over the past year, rising to 23510 total job vacancies p/m – with the IT sector the highest paid industry, according to a new report from one IT recruitment firm.

Average salaries increased 5.88% over the past six months to £80,000, with IT right at the top of the list as the highest paying industry.

This is according to recruiter experts, which says that job vacancies in the IT sector industry will continue to grow, but not entirely as result of new job creation. According to latest reports, the IT sector, healthcare, trade and construction are the top hiring sectors in UK – and people working in these sectors can also expect higher than average salaries.

Experts say that the recent global changes could lead to a back-log of job vacancies, with fewer overseas workers applying for roles in UK due to the “diminished incentive” to do so; and if demand in the UK IT sector cannot be satisfied by the local workforce, experts says the first place UK companies will look to source skilled workers will be trainees.

“The immediate flow-on effect of fewer highly skilled IT workers in UK will be the increase in salaries, as companies look to secure top local talent by offering juicier pay-packets,”

“The start-up space, where most companies work off extremely lean budgets, will feel the pinch first. Start-ups do not have the capital to pay the same rates as larger, more established companies and will struggle to source and retain skilled IT workers.”

Across the board in all business and industry sectors, Experts say 124,642 advertised salaries increased 3.35% over the past 12 months to £70,251. The number of advertised vacancies in UK increased 4.33% in the year to August 2023.

In healthcare, experts say the number of job seekers vying for a single role has reached the lowest point of 2023, with 6.79 people competing for a job, compared with 7.61 just six months ago. Additionally, experts says August saw competition for jobs drop to 6.79 jobseekers per vacancy, the lowest in 2023.

But, it says, healthcare job vacancies have now surged again, with 19,356 vacant positions currently being advertised on experts.

According to experts, advertised salaries continue to climb and salaries are continuing to show short-term improvements, climbing 5.82% over the past six months, and 3.35% year-on-year.

London recorded the highest increase in average advertised salaries at 7.41%, whereas in Birmingham, UK’s 2nd biggest population and employer, salaries remained flat, with 0.09% growth.

Demand increased in the legal sector and, according to experts' data, job vacancies in the sector have climbed 32% over the past year, although advertised salaries dropped 3.52%.

According to experts, the drop in legal sector salaries is due to increased demand for junior positions including legal secretaries and executive assistants, which attract lower salaries in comparison to more senior roles such as legal counsel and many of the more senior positions advertised are for jobs within government agencies.

“August saw 100,000 fewer unemployed people and also the highest number of job vacancies for the year. Both factors are green shoots for potential economic growth,”

“In Manchester, 4.91 job seekers are competing for a single role. This is low, especially for one of the largest populations in the country, and should result in an increase in wages.

“When competition for jobs is high, the incentive for employers to pay higher rates is diminished and it becomes a race to the bottom. Competition for jobs is currently very low, and jobseekers can assume a stronger position when negotiating pay packets in theory, wages should start to pick-up as a result.”

So, where are all the jobs? In healthcare, trade and construction and IT, says experts.

Over the past 12 months, London has recorded the largest increase in advertised job vacancies at 13.46%, which experts says is a result of rising commodity prices and subsequent need for more workers to cope with demand.

“The outlook for wage growth in the UK is promising,” experts concludes.