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Yesterday's employment data showed the economy continuing to add jobs, although vacancies are starting to drop. But it was data on earnings which grabbed the headlines.
Annual growth in private sector pay is at its highest outside of the pandemic period, as employers try to retain staff. And whilst this figure still lags the rate of inflation, it is far ahead of the equivalent figure in the public sector.
In a month which sees strike action across several industries, it will not come as a surprise that many are struggling with significant real terms pay cuts. But the potential impact on the UK tech industry of this pay disparity between the private and public sectors may not yet have received the attention it merits.
Data released by the Department for Education earlier this month shows how difficult it has become in an era of such pay disparity to recruit trainee teachers across many disciplines, including computing. In fact, only 30% of the target number in that subject were recruited for the 2022 intake. Shortfalls in IT staff in schools will inevitably have a significant knock-on effect on UK tech in the years to come.
UKHotViews subscribers can read more about labour market data and its implications for the UK tech industry, including the actions tech companies should be considering, in the full article here. And if you would like to discuss subscription options, please contact Deb Seth.
Posted by Tania Wilson at '09:45' - Tagged: skills employment productivity resilience macro
