The tech industry is playing a pivotal part in the economic recovery and post-Covid job boom, according to the latest UK REC Report released earlier this month. The main takeaways of the report highlighted:
*UK job postings across all industries are at an all-time high - surpassing the 1million mark in July
*Both permanent and contract placements have seen a sharp increase this summer
*Marked drop in candidate availability places upward pressure on pay
*Starting salaries have risen at a record-breaking rate
Source: UK REC Report
But the news of a rise in wages will need to be taken with a pinch of salt. ONS Deputy Statistician Jonathan Athow told the BBC:
Source: BBC News
Burns Sheehan have taken a look at our own stats to see how we measure up in comparison to the UK REC Report and the latest ONS figures and have shared some comments on the trends identified.
We’ve definitely noticed the surge in demand at Burns Sheehan, with a 265% increase in the number of roles we’re delivering to from August 2020 - August 2021. Last summer, with Covid rates still high and the prospect of a second wave looming, several of our key clients continued to hold back their recruitment plans until there was more clarity and control over the long-term impact of the pandemic.
With the easing of lockdown in February 2021 instilling confidence back into the market, coupled with the pent-up hiring demand from our clients, we saw a significant increase in the number of placements made during March 2021.
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Source: UK REC Report
Whilst we have seen starting salaries continue to increase over the last 12 months as a response to a candidate-driven market and its associated hiring challenges, we've noticed organisations are realising that there are other ways to gain an advantage when competing for world class talent. Some are now revising their working from home policies with creative new ideas that allow their employees greater flexibility. Many are now a lot more pragmatic about requiring talent to have an exact skills match to the role. For example, Software Engineers are now being offered roles on the basis they can learn the primary coding language on the job. In our Talent Insights Analysis earlier this year, increased flexibility was the no.1 priority for 59% of respondents (download our 2021 Market Report to see all the Talent Insights results here).
Source: Sean Allen, LinkedIn
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As expected, the tech industry is spearheading the economic recovery and continues to grow at an unprecedented pace. There’s a lot more confidence from VCs & PEs investing in tech start-ups, with UK technology companies attracting a record $15bn (£11.2bn) in venture capital funding in 2020 according to The Guardian. The market is flooded with opportunities and we at Burns Sheehan are busier than ever working with a huge number of clients across HealthTech, DeepTech, Tech for Good, InsurTech, FoodTech (…the list goes on) to find brilliant tech talent to join their growing teams. So, if you’d like to hear about our open opportunities, or if you have any questions on any of the insight outlined here, please don’t hesitate to reach out at hello@burnssheehan.co.uk.
