UK technology salaries are expected to continue to rise in 2023 as demand keeps outstripping supply, it has been reported. In spite of a looming recession, salaries for software engineers skilled in Java and C# programming languages are getting more competitive in the UK as continued advancements in Machine Learning, Artificial Intelligence, and Cybersecurity in Europe’s second-largest economy have not slowed down.
According to a recent report by the recruitment firm Hackajob, starting pay for software engineers is 64 percent above the UK national average – ranging from £25,000 (US$29,200) for those in their very early career to a senior salary of £137,000 (US$160,45) before bonuses and shares. While entry-level software developers in the USA make on average $63,555 per year.
One in six job seekers reject job offers from employers with lower compensation and move to companies sometimes in other locations offering better salaries. Some are avoiding startups for the security of a larger well-established company, it is said.
Therefore, both multinational companies and start-ups are competing for tech talent and recruitment is now influenced by how the world of work has changed since the advent of COVID-19.
It is said jobseekers are seeking a hybrid or fully remote model that allows a work/ life balance and makes working lives fit around their personal lives. Due to the increasing costs of living, software engineers are also looking to secure higher perks and benefits such as private health and dental care, more annual leave, and higher pensions.
UK companies are now turning to India to source female tech talent. Meanwhile, American tech behemoths such as Amazon, Google and Microsoft and Redmond are said to have slowed down in hiring, with some announcing lay-offs for certain roles as the threat of recession looms.
