This year, £1.3bn ($2.07 billion) worth of technology investment and crowdfunding is expected to be generated in the United Kingdom, placing startups and established businesses are the forefront of the nation’s hiring spree. In a country with a 5.4 percent unemployment rate and 20 percent youth jobless rate, this immense investment will prove essential to the country’s young professionals.
According to new data from Future Fifty, startup activity in the UK is projected to produce approximately 20,000 new jobs.
Compiling research data in May, study authors note that tech-based startups are seeking applicants for 12,003 positions, and a lot of crowdfunding firms, such as Adzuna and JustPark, are adding to this stellar job creation growth.
“These exciting new figures show that the technology space in the UK has never been hotter,” said Andrew Hunter, co-founder of Adzuna, in a statement. “Adzuna Startups in the UK are raising money like never before and this is leading to significant job creation around the country and, similarly to the Silicon Valley, UK tech companies are now able to stand toe to toe with the City competing for Britain’s top talent.”
Where Are These Thousands of Jobs?
You may be asking just where the jobs are. The research finds that London and South East are attracting a bulk of tech startup jobs. This year, the two cities will account for nearly two-thirds (65 percent) of tech startup positions.
Here is the full list of the top destinations in England for tech startup jobs:
- London (51 percent)
- South East England (14 percent)
- North West England (seven percent)
- Eastern England (six percent)
- South West England (four percent)
- Scotland (three percent)
- Yorkshire & Humberside (two percent)
- Northern Ireland (two percent)
- Wales (two percent)
This isn’t the first report to showcase London being the tech hub for startups. Demand for IT workers is healthy, and London has more than seven in 10 of these jobs. However, it’s believed that those just entering the industry should try their luck outside of London, says the Tech Cities Job Watch Report from the recruitment firm Experis (via the London Telegraph).
It discovered that advertisements for web developers rose 14 percent in other cities compared to 12 percent in London. Cloud-related jobs grew by 32 percent in other cities compared to London. Also, the number of IT security jobs increased by two-thirds in cities across the country compared to just one-third in London.
Geoff Smith, managing director of Experis Europe, says economic growth and cybercrimes can be attributed to the strong demand for IT professionals. “High profile cybercrime events over the past year have illustrated the severe brand and material damage that can hit underprepared companies. This has put security hiring high on the radar.”
When it comes to salaries, though, London remains the best-paid city with an average salary of £52,982 ($80,707). This is followed by Cambridge with £41,594 ($64,000) and Glasgow at £40,546 ($61,000).
This past summer, the Business Insider put together a list of the top 13 tech companies to work for in the UK, using data from job site Glassdoor. Here is the list:
- Thomson Online Benefits
- Workplace Systems
- The Test People
- Equal Experts
- Vacancy Filler
- Sale Cycle
It seems the United Kingdom is becoming the premier destination for those in Europe looking to earn a lucrative salary in the field of technology. All it takes is to understand what life in the UK is like, which can be done by taking Life in the UK test that is used to become a naturalized British citizen. Although there is an imbalance in the supply and demand of IT workers, there is still a tremendous amount of opportunity in London and beyond.