Data, digital, and technology leaders are reaping the benefits of the pandemic-fuelled stampede to build specialist teams, securing a 55% increase in salaries across the board as companies work harder to attract and retain top-tier talent.
That is the key finding of UK recruitment company Xcede’s Salary Guide 2021, which explores critical trends from the booming data, digital, and technology sectors over the past year, as well as exclusive insights from leading household names such as Deliveroo, Channel 4 and Cleo.
Specifically, the results highlight findings from across 24 industries, using information from surveys, CVs, job listings and hires to provide a snapshot of current trends.
It shows that overall average salaries increased by 5%, with top-end salaries rising by 10%, while tech saw the biggest jump in average salary, with a 12% rise from 2019. The study says this is is largely due to businesses moving to remote working and a heavy reliance on technology to stay online and connected.
As the global consumption of data increases, the data industry continues to grow. A recent forecast by Grand View Research indicated that the global data science platform market will be worth around $25.9bn (£18.8bn) by 2027, representing a growth of 26.9% between 2020 and 2027.
This growth is demonstrated in Xcede’s survey results, with average senior data salaries rising by 10% from the previous year and entry-level salaries increasing by 13%.
The report reckons that an acute focus on digital transformation projects during the pandemic meant organisations had a precise blueprint on the type of talent and seniority level they wanted to hire. As a direct result, there was less speculative hiring and a greater emphasis on candidates with the exact skills and experience dictated by project needs.
Ongoing growth in this field means data skills will remain in high demand, with knowledge and experience of product analytics, machine learning and data science particularly sought after in 2021.
The highest paying junior data role is for AI and machine learning posts which start at an average of £45,000 a year, while AI department heads get an average of £120,000. In digital, product management juniors start on £42,000 and heads of department get £121,000.
Meanwhile, the highest paying junior tech role is in DevOps, with £45,000 for starters and £111,000 when they get to the top of their game.
Xcede group managing director Julian Vecchio commented: “A significant theme that runs throughout the guide is how Covid has impacted financial compensation and accelerated the pace of digitisation across all sectors. Diversity and iInclusion is also a major focus, reflective of a prioritised focus on the enhanced push for more equal talent representation across industry sectors going forwards.”
The full report will be available to download from Monday March 29 from the Xcede website>
Junior data roles paying more than doctors and dentists
Firms fight it out as stampede for digital talent begins
Marketers are chasing fewer jobs but signs of recovery
Brits eye careers in digital and data as job cuts loom
It’s easier to find a Yeti as marketing vacancies dry up
Covid piles pressure on ‘maxed out’ data professionals
Data professionals confident of avoiding Covid jobs cull