UK Tech Sector Optimistic About 2014

The Barclays Employers Survey 2014 claims that UK technology companies are among the most confident British businesses when it comes to the coming year.

In fact, ‘UK Plc’ as a whole predict positive things in the year ahead. Overall, 57% of the firms polled by the bank claim they plan to raise employee pay, with 39% saying that’s going to be for their entire workforce.

Of all the businesses contacted, 21% thought that unemployment would fall enough to trigger a raise in interest rates this year, while 25% thought interest rates wouldn’t rise until 2016 or later. However this figure comes before last week’s announcement that unemployment had fallen to 7.1%.

The tech sector – represented by 32 firms - came third for confidence in the survey after telecoms and travel.

The faith in the future of Bristish technologists was demonstrated in the finding that the majority (71%) of technology firms are planning to increase wages this year.  

When their motivations for this were queried, only 16% said pressure from employees was a major concern, compared to 65% of firms claiming that their decision was not influenced by employees, for example.

Commenting on the new, Barclays said: “This is a very optimistic sentiment and a shift from the wage freeze environment of the last few years, which can only be a positive for employee morale.”

The use of apprenticeships also saw growth within the technology sector. In 2012, 30% of tech businesses hired apprentices with 19% planning to take them on in 2013. By contrast, in 2013 more, 34%, took on added apprentices, with 40% planning to add more young employees like this in 2014. 

© 24N.biz