IT skill shortage boost salaries as demand picks up
The fintech start-up sector and renewed spending by larger firms are combining to create a demand for IT skills that is outstripping supply in some areas.
The latest 2014 salary survey from global recruitment consultancy Morgan McKinley shows that remuneration for those with “good IT skills at every level of experience is rising significantly ahead of average UK salaries”.
Cyber-security, big data, business intelligence and application development skills are all in demand, while the survey sees increasing demand for those with skills in social, mobile, analytics and cloud. In terms of languages, Hadoop, Python and R are in most demand.
“We have seen an increase in demand for highly-skilled IT professionals in almost every sub-sector,” said Cem Baris, associate director, Morgan McKinley IT. “While two years ago, hirers were demanding skills as well as corporate experience, now we see a focus on skills irrespective of age and track record. This trend upwards of salaries for skilled IT professionals is one we believe will continue: technologies are moving fast and companies are keen to ensure they take advantage of the new opportunities these offer while there are not enough science, technology, engineering and maths graduates coming into the workplace from UK universities to fulfil these opportunities. The result will be higher remuneration for those with the IT skills most in demand.”
The Big Four consultancy firms – Deloitte, PwC, EY and KPMG – have seen their consultancy businesses grow by 16 per cent in the last year, with the bulk of that growth in technology-related fields while the vibrancy of the UK’s technology start-up scene, with significant growth hubs in London, Cambridge, Oxford and Manchester, is growing the market for skilled developers. “Not only are entrepreneurs increasing the demand for IT skills, but also the supporting ecosystem of venture capitalists, private equity houses, financial advisers and bankers that support the start-up community,” says the survey.