The IT sector is at the forefront of innovation in a world that is rapidly changing, helping to shape economies and societies all around the world. The tech sector in the UK has grown into a major force, boasting noteworthy achievements and important contributions to the economy of the country. Let's dive into the factors that make the UK tech sector both a beacon of success and a realm of untapped potential.
1. Leading the charge: A global tech hub
The UK's tech expertise is undisputable. Not only is it the top tech market in Europe, but it also clinches the third position globally in terms of value and number of tech unicorns – start-ups valued at over $1 billion. With a staggering contribution of over £80 billion to the UK economy, this achievement is even more remarkable when you consider that only around 2 million UK employees are the driving force behind these impressive numbers. This sector's efficiency in generating substantial value with a relatively modest workforce is truly remarkable.
2. The ever-growing demand for tech skills
The demand for tech skills in the UK is rising, driven by rapid technological advancements and the digital transformation of industries. According to our recent MEOS report, the employment outlook for the tech sector is projected to grow by 43% heading into Q3. Since 2019, the demand for specific tech skills has surged dramatically: data skills have seen an astounding increase of 1006%, while cyber security, software development and testing skills have experienced growth rates of 671%, 494% and 532% respectively. With Microsoft forecasting an additional 3 million tech roles by 2025, the demand for tech-savvy individuals is set to continue its upward course.
3. The conundrum of talent scarcity
A worrying talent shortage still exists despite the booming need for tech talents. According to our most recent Talent Shortage report[BE1] , a startling 80% of IT firms are having trouble finding the expertise they urgently require. A striking figure that contributes to this problem is that there are normally 2.2 UK IT opportunities posted for every qualified applicant. This discrepancy draws attention to the current disparity between available job positions and qualified applicants. Surprisingly, according to AWS, only 11% of the UK workforce has advanced digital skills, highlighting the scope of the problem.
4. The lucrative rewards and promises of the tech sector
Salary expectations for tech positions are far above the national average. These figures indicate the value placed on tech knowledge, with a shocking 36.58% increase per our analysis, 57.11% by the Office for National Statistics (ONS) in June 2023, and an astounding 80% per TechNation.
5. A pathway to a high wage, high skill economy
A job in tech provides a concrete route to a "high wage, high skill" economy in a world where promises frequently go unfulfilled. The power to make this promise a reality resides in the hands of aspiring tech specialists. By building an environment that promotes and supports new entrants into the IT area, employers may help realise this objective as well. Women currently make up 49% of the workforce overall, but only 17% of the tech workforce. It is a strategic effort to tap into a larger talent pool as well as an issue of equity to close the gender imbalance.
The UK's tech sector shines as a testament to innovation and growth, yet its journey is not without challenges. A robust strategy for bridging the skills gap and promoting diversity is crucial for the sector's continued success. As we navigate the ever-changing landscape of technology, we understand that training can quickly become outdated.
With the Experis Academy, you get access to talent with skills and competencies adapted to the evolving needs of your company. Our Experis Academy solution provides clients with an alternative way of acquiring hard-to-source skills in a competitive candidate market.
By accessing wider, diverse talent pools with the cognitive capabilities to succeed. The Experis Academy are providing motivated resources that provide you with a cost-effective way to help you with your skills challenges. Get in touch if you'd like more information about the Academy.