This revelation is according to Morgan McKinley’s 2024 UK salary guide, which highlights the imbalance between the demand for, and the availability of, professionals with expertise in artificial intelligence and machine learning. 

The report is based on insights from over 3,400 professionals and 650 employers globally, and the UK guide is focused primarily on respondents based in the UK. 

According to the report, over three quarters of hiring managers indicated that this disparity has intensified the competitiveness of tech hiring across the UK in the past year. 

In addition, looking globally, more than 20% of respondents seeking talent identified offering competitive pay and benefits as a significant obstacle to tech recruitment over the last year as well. 

Salary emerged as a pivotal factor influencing job interest among tech workers in the UK, with 42% citing it as a top priority when seeking new roles. Opportunities for progression and development were also deemed significant in job applications.

The survey also touched on the importance of flexibility in work arrangements, with three quarters of UK tech workers identifying the ability to work from home as one of the top five benefits they consider essential. 

Recommended reading

• Can AI Alleviate the Finance Sector’s Skills Gap?
• 67% of Scots SMEs Report Skill Shortages, Especially Tech Skills
• Scotland has Become a Tech Jobs Haven Through Inward Investment

Retaining existing talent has also proved to be difficult as well. Despite millions working in the sector, widespread skills shortages still exist, with a quarter of global tech hiring managers citing a lack of tech talent as a major hurdle. 

Amid the uncertainty of the past year, tech workers displayed varied responses, with 63% in the UK opting to stay in their roles due to uncertainty. Globally, nearly half of workers are actively seeking new roles, while 31% are open to relocation.