Jobs in the tech sector are, on average, the best paying jobs in the UK. But is pay the biggest decision maker when choosing a career?
LinkedIn reveals all
LinkedIn is a mine of interesting data. As a tool for recruiters and industry professionals, it's difficult to deny the importance of LinkedIn.
Last year, LinkedIn launched a salary tracker to allow people to get an idea of what people working in similar roles were earning. The tool took into account location, gender and the amount of experience the candidates had and used anonymous data from more than two million members on its site.
The results have revealed that the IT industry offers an average salary of over £75,000! According to LinkedIn, tech-related industries are the only ones to reach this level for average remuneration. While tech is in the lead, it is unsurprising that many jobs in finance, sales and taxation are high up on LinkedIn's salary tracker.
Within the tech industry, product engineers and UX designers are the two highest-paying entry-level roles, paying £51,000 and £55,000 respectively.
Is pay everything?
A study of the research shows us that the overlap between pay and job satisfaction is less than 2%. This indicates that how much people get paid doesn't affect how much they enjoy their work. Job satisfaction doesn't change significantly as you move up and down the pay scale.
In fact, the satisfaction of doing interesting and rewarding work is the leading driver of job satisfaction. Employees who are intrinsically motivated are three times more engaged than employees who are extrinsically motivated by things such as money.
A majority of people care about job satisfaction, environment and intrinsic rewards when considering a job role. In the tech industry women find both intrinsic and extrinsic motivators severely inadequate. Not only are they paid less on average, but experience less satisfying working environments too.
The best pay, but not for everyone
This week, it was revealed that the UK has seen the biggest increase in its gender pay gap. Compared to other EU economies, the UK has the biggest gender pay gap. The size of the gap is equivalent to women working from now (November) to the rest of the year, but not being paid. At all.
When you add to this the fact that we know that the tech industry is male-dominated, the result is that women aren't getting a fair slice of the tech industry's salary boom.
Balancing the equation
There is no doubt that more diversity in tech is a positive thing. According to the National Centre for Women & Information Technology (NCWIT), a nonprofit organisation that focuses on increasing the number of women involved in computing, women aren’t leaving because they don’t like their work. 74% say they love their work. They just don’t love their workplaces.
If the pay is great and the work is interesting, what does that leave? Environment and respect. As an industry, it seems tech needs to make more positive steps towards the cultivation of an inclusive and healthy atmosphere for everyone. This includes addressing the gender pay gap as well as the treatment of women in tech.
The perception of the tech field being a man's world is a stereotype that needs to be broken down both within and without. As recruiters we need to be encouraging women to go for more tech jobs if they have the potential to achieve in the field, while the industry needs to rid itself of any boy's club attitude may hold.
We're already seeing some positive steps being taken to address the imbalance. In Asia, women are flexing their entrepreneur muscles like never before. According to one study, half of all internet startups in China are run by women.
With tech getting a salary boost, it is clear that the demand for tech skills is higher than ever. It's only fair that everyone has a chance to succeed and profit from their talents.