In 2016, software engineering salaries encountered a decline of 1.7% in London, UK.
The tech industry all over the globe is rising fast. More opportunities are creating every day and yet there’s a gap which needs to be filled.
In London, however, a new trend was seen in 2016. Where the tech industry is offering better salaries, software engineering salaries in London saw a fall of 1.7%.
A survey was done by Hired, a job marketplace. According to the study, a 1.7% fall in the salaries of software engineers in London was seen as compared to that in 2015.
The report also claimed that in comparison to tech hubs like San Francisco and New York, London pays the lowest to its software engineers. A software engineer in San Francisco making £86,000 would make around £81,000 in New York, and £54,000 in London.
One of the reasons for this huge difference is the presence of mature technology market in the US as compared to that of UK. A data scientist from Hired said, “Silicon Valley has long been home to some of tech’s biggest success stories – the likes of Twitter, Facebook and Apple – and some of the most exceptional tech talent. This, in turn, has resulted in higher salaries in this region.”
A software engineer willing to relocate to London will be offered a higher salary as if the company would hire a candidate from within London. This shows that London is facing issues to recruit the right match to fill the gap.
“The UK needs to better address the lack of young people studying computer sciences or science, technology, engineering, and maths [Stem] subjects from a much earlier age”, the data scientist from Hired said. A new supercomputing curriculum would also be implemented to enlighten students with the concepts of coding and computational thinking from an early age.
The report also said that although a great number of tech experts are hired from within the country, companies are also hiring from across Europe and the USA. Companies are hiring more candidates from Spain, Sweden, and France from across Europe, while San Francisco is on their priority list from looking to hire a talent from outside.
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