Green shoots of recovery offer hope to tech industry
Tech workers have seen maximum salaries climb by as much as 30% since last year, in early signs that the sector is bouncing back from the challenges it has faced since the start of 2022; including major layoffs across high-profile firms such as; Google, Amazon, Microsoft, Yahoo, Meta, Linkedin, Twitter, Zoom and Salesforce.
Data comes from the latest Salary Guide from Aspire, a recruitment agency specialising in the technology and digital sector. The guide benchmarks salary growth across a range of job roles, based on vacancies registered with Aspire between April 2022 and April 2023.
Increases are as high as 30% for Junior-Mid Quality Assurance (QA) Engineers, whose maximum earnings have jumped from £35,000 to £50,000. At the entry-level, Graduate Data Analysts have also seen their maximum salaries increase by 7% from £28,000 to £30,000.
The tech industry has been hit hard in the last 18 months by the economic downturn, with massive layoffs and hiring freezes. Just one role out of 15 analysed has experienced a salary decrease compared to the previous year. Mid-level User Experience (UX) and User Interface (UI) designers have seen their maximum earning potential fall by 10%, from £55,000 to £50,000, though Junior Designers have seen salaries increase by 13%.
The minimum earnings for Chief Technical Officers (CTOs) have jumped from £80,000 in 2022 to £150,000, increasing by 87.5%. These workers can expect maximum earnings upwards of this figure.
Head of Engineering roles have seen salaries remain stable, with maximum annual earnings at £120,000. This is also true of many other roles, which have shown resilience despite the challenging circumstances the sector has experienced.
Aspire’s Global Managing Director, Terry Payne, said: “The tech sector has gone through a difficult period over the last 18 months, with widespread redundancies at big-name firms. But steady salary growth across key roles looks like the first green shoots of recovery – a welcome sign for employers and candidates alike.
“Layoffs across the industry mean there are plenty of highly-skilled candidates on the market. Employers with ambitions to grow beyond the struggles of the last year can attract these workers by offering competitive salaries. I’m optimistic this marks a turning point for the sector.”