UK tech sector is “most recession-proof”

The technology profession is the most recession-proof in the UK, according IT recruiter, Randstad Technologies.

It says that analysis of data from the Office of National Statistics indicates that staff in the IT sector have survived the economic crisis of 2008/9 better than any other profession due to the growing demand for technology across the UK.

Ruth Jacobs - UK tech sector is "most recession-proof"

Ruth Jacobs

It points to the strength of the UK’s growing tech workforce with an additional 400,000 people working IT jobs since 2002.

“The growth in the sector has been so significant it’s now responsible for 5% of UKs total wage bill,” said Ruth Jacobs, managing director of Randstad Technologies.

But she expects demand for people with advanced IT skills will continue to grow.

“Britain will need 2.2 million digitally skilled workers by 2020 to match the sector’s potential. This means that if you are qualified for software developer jobs, data analyst jobs or network engineer jobs, it will be easier to find work,” said Jacobs.

The total wage bill for full-time employees in IT jobs has risen 82% in real terms from £17.4bn in 2002 to £31.6bn in 2014, reaching 5% of the total wage bill for all UK full time employees.

Oxford Economics has forecast that the number of tech businesses in the country will rise to 51,500 by 2025.

The UK’s full time workforce as a whole rose by 1.4 million between 2002 and 2014. Real wages across the UK economy fell 8% from £36,200 to £33,500. The real average wage for tech professionals has fallen by £5,567 (11.1%) during the period.

But, according to Jacobs, tech professionals done better comparatively and now earn more on average than accountants.

 


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