UK must enhance IT skills to rival Europe's salary levels

Skillsoft has published its 2024 IT Skills and Salary Report, which surveys over 5,100 global IT decision-makers and professionals to analyse trends in skills and salary in the IT industry.

The report is of particular interest to the UK and EMEA regions as the UK works to establish itself as a significant hub for tech innovation. Despite these ambitions, the report highlights a need for the UK to enhance competitiveness concerning both skills development and salaries.

Artificial intelligence (AI) and machine learning (ML) are at the top of IT decision-makers' investment priorities but are ranked lowest among team competencies across nearly 30 skill sets. Cybersecurity follows closely, with 42% of respondents investing significantly in this area.

Skills certification is also noted for its added value in organisations. More than a third of IT decision-makers believe certified team members contribute at least USD $25,000 in annual value and improve work quality, engagement, and efficiency.

To address existing skill gaps, 72% of IT decision-makers are planning to upskill their current teams, while 38% intend to hire additional staff, and 30% are leveraging AI, including generative AI, to improve efficiency.

The report reveals discrepancies in salary levels across Europe. Switzerland maintains the highest average salary at USD $138,286 (GBP £107,363), in contrast to the UK's USD $85,437 (GBP £66,332), which also trails behind Austria, Denmark, Luxembourg, and the Netherlands.

The survey indicates that raises in the EMEA region have decreased to 4%, down from 5% in the previous year. This trend denotes a substantial drop from the 7% recorded in 2022.

"This year has reinforced that when it comes to the technology industry, there are two constants: change and the need to continuously adapt," stated Orla Daly, Chief Information Officer, Skillsoft. "Our report highlights current organisational priorities and skilling needs while offering insights into how leaders and individuals can embrace learning opportunities to drive better business outcomes."

65% of IT decision-makers noted skill gaps within their teams, with over half expecting these gaps to persist for one to two years. Upskilling is cited as a key solution, believed to boost morale, spark innovation, and improve talent retention.

The report identifies AI/ML, cybersecurity, and cloud computing as top investment areas. Even with these priorities, IT decision-makers acknowledge a significant skills gap in AI/ML, rating these skills lowest among their teams.

Effective talent development remains a concern, with 22% of decision-makers dissatisfied with current programs. A blended learning approach is recommended to address these gaps, combining both in-person and online training methods.

Certifications are increasingly crucial for individual and organisational success. Skills in communication, problem-solving, critical thinking, and leadership remain essential for IT leaders.

Continuous learning is linked to job satisfaction; however, 61% of respondents may seek new job opportunities within the year, citing compensation, learning growth, and remote work options as key motivators.