Move over bankers: Fintech workers have seen some of the fastest salary growth this year
They may not yet be on a par with bankers, but the UK's tech workers shared a bonus pot of £3.25bn in 2015, while their basic salaries have grown five per cent over the last financial year.
The average IT worker's bonus is £6,681, equivalent to 12 per cent of average salary, which is up £2,784 to £52,891 from the year before. This is more than four times higher than the average UK bonus, according to data from tech recruiter Greythorn.
Tech workers working in the professional services sector are doing even better, with an average salary of £72,867.
Greythorn's figures suggest the sector is doing even better those of Office for National Statistics, which show the information communication sector paid £500m in bonuses during the 2015 financial year ending in March 2015, the second highest of any sector.
Professional and tech services contributed the most to the bonus pot, up £900m from the year before. While financial and insurance workers saw their collective bonus fall by £1.5bn, a 9.6 per cent decrease, they still collected £13.6bn on top of their salaries.
City PM reported earlier this month that Britain will need 2.2 million digitally skilled workers by 2020 to satisfy its digital potential, with Oxford Economics forecasting that the number of tech businesses will rise to 51,500 by 2025.
Research from O2 has suggested that almost half of the 766,000 digital and tech jobs to will be created over the next five years will be in London and the South East.
Michael Moretti, senior manager at Greythorn, said:
The tech sector has been an engine room behind the recent British economic success story and high levels of growth in the sector have put a real premium on skills in demand.
This hasn’t gone unnoticed by technology professionals, as many understand their worth. According to our research, tech workers say they would need a pay rise of up to 15 per cent to consider a move.