The analysis of more than seven million jobs posted since the start of 2015 found that advertised salaries in the sector grew by 4.2% since the end of 2016 – higher than the national average of 2.3%.
Reed Engineering says that engineering businesses are advertising – and willing to pay – higher rates to secure new talent than in previous years, and this increase in advertised salaries is outstripping all other industries including its nearest rival accountancy and finance.
The data also highlights that certain engineering roles have seen the biggest increases. Advertised roles for quality managers experienced a 10% hike in salary since last year. This was followed by a 9% increase for programme managers. There was also an 8% jump for design managers.
In total, the number of jobs posted for the sector increased by 16% since last year showing that the industry is continuing to create jobs at a rapid rate.
Mark Blay, divisional manager of Reed Engineering, says: “The engineering sector contributed an estimated £486bn to the UK economy in 2015*, and, as it continues to grow, companies want to recruit the best talent to do the highest quality work. As a result, hiring managers are asking their boards to commit more money towards recruitment of new staff, and that is reflected in the advertised salaries.
“What this data shows is that, during 2018, those companies which are struggling to attract the right talent will need be ready to increase the salaries they offer.”
Reed Engineering adds that engineering workers in West Midlands have felt the most benefit with the biggest overall salary rise of 5.5%, compared to the national average for the sector of 4.2.%.
Blay continues: “Engineering is leading the way in AI and robotics and this is having a major impact on the sector.
“While there is unprecedented change created by this shift in technology companies and candidates know that where there is change there is always opportunity. Fortunately, engineering is at the forefront of this shift and as such candidates are already embracing this ‘fourth industrial revolution’. Businesses, whether they are small or large, need people that can design, operate and improve these technology even more than they need the technology itself.
“Many companies are looking to invest in people with the skills needed to adapt to this new order. As the pay rises for managers show to become truly indispensable to an organisation engineers must focus upon developing and demonstrating strong people management skills to bring the company forward. A strong understanding of how new technology can work effectively and streamline processes will be important, but varied experience, commercial and management skills will always be in great demand for 2018 and beyond.”
IMAGE CREDIT: Yoel on Morguefile.com
