Engineering salary rises outpace finance and accountancy
6 Feb 2018
Advertised salaries in engineering rose faster than other sectors during the last year and across all industries, according to new data from a key recruiter.
Reed Engineering analysed 7 million jobs posted since the start of 2015 to the present.
The firm found that, from the end of 2016, advertised salaries in engineering grew by 4.2%. This was substantially higher than the national average of 2.3%.
It also shows that engineering’s closest competitors are accountancy and finance. Yet, despite both being traditionally high payers, the two sectors recorded a far lower overall increase of 3.3%.
Mark Blay, divisional manager of Reed Engineering, said: “The engineering sector contributed an estimated £486 billion to the UK economy in 2015.”
Companies struggling to attract the right talent will need be ready to increase the salaries they offer
Mark Blay, divisional manager, Reed Engineering
As a result, he said, hiring managers were requesting that boards committed more money towards recruitment of new staff, a fact reflected in the advertised salaries.
Added Blay: “What this data shows is that, during 2018, those companies which are struggling to attract the right talent will need to be ready to increase the salaries they offer.”
Manufacturing decline: The number of manufacturing workers in the East of England has fallen in 10 years from more than 12% to less than 9% of the working population in the region, warned the GMB union.
In real terms this saw a nearly 19% decline from 332,0000 to 227,000, said the GMB. It surveyed figures produced by 46 local authorities in the eastern region.