Technology profession is the most recession-proof in the UK
The most ‘recession-proof’ job is technology professional, where the aggregate wage bill has risen 82% in real terms from £17bn in 2012 to £32bn in 2014
IT jobs now make up 5% of the total wage bill for all UK full time employees
There has been an increase of 400,000 full time IT jobs between 2002 – 2014
The technology profession is the most recession proof in the UK, at least according to an analysis of ONS (Office of National Statistics) and professional industry data carried by IT recruiter, Randstad Technologies.
The analysis ranks each occupation by the change in the aggregate wage bill for full-time staff between 2002 and 2014, adjusting for inflation.
Those in IT jobs have survived the economic crisis better than any other profession due to the growing demand for technology across the UK, supported by rapid growth in the size of tech workforce with an additional 400,000 people working IT jobs since 2002.
The total wage bill for full-time employees in IT jobs has risen 82% in real terms from £17.4bn in 2002 to £31.6bn in 2014, reaching 5% of the total wage bill for all UK full time employees.
Oxford Economics has forecast that the number of tech businesses in the country will rise to 51,500 by 2025.
The least recession-proof occupation is travel agency, where the total wage bill for full-time staff collapsed from £946m in 2002 to £420m in 2014, down 56%. The number of travel agents nearly halved to 23,000 in this period and those who have remained have seen a 6% decline in real wages.
Says Ruth Jacobs, managing director of Randstad Technologies: “The demand for people will advanced IT skills will only grow in the future, as Britain will need 2.2 million digitally skilled workers by 2020 to match the sector’s potential.
“This means that if you are qualified for software developer jobs, data analyst jobs or network engineer jobs, it will be easier to find work, with almost no chance of being laid off long periods of time”
Chris Sheard, sales manager at Randstad Technologies, concludes: “The South West has been the engine driving tech through the tough economic turmoil. With industry giants like Vodafone, Toshiba and IBM already established along the M4 Corridor, the area has become a thriving hub for the UK Tech Sector.
“The Silicon Gorge area between Bath and Bristol has been the faster growing tech cluster outside of London during this period, with new start-ups providing the fuel which has kept the industry racing forward.
“By its nature, the tech industry is relatively future-proof which has allowed it to survive the economic crash relatively unscathed. This has helped the South West stay afloat when other industries were going under. While the real average salary in tech may have slipped slightly due to the recession, tech jobs in the South West are still 37% higher than the regional average.”