- Engineering, Oil and Gas also lead the way with pay
- Aberdeen second to London in average annual earnings
- Over 500 new jobs available in Oxford and Cambridge as companies aim to snap up top graduate talent
A boost in job vacancies in the Tech, Oil and Engineering sectors and Financial Services industry has seen cities such as Aberdeen almost match the pay powerhouse London in average annual salary, new figures from reed.co.uk reveal today.
The reed.co.uk Job Index reveals the top 10 cities for earning power, with London leading the way (£37,716), followed by Aberdeen (£32,769), Oxford (£30,262) and Cambridge (£30,239).
Londoners in Tech, Media and Financial Services as well as Accountancy and PR bring in the biggest annual wage; however the year on year increase is only just slightly above inflation rate, at 1.3%.
In contrast, workers in Aberdeen have seen a 4.4% increase in annual salary, with reed.co.uk reporting an increase in job vacancies in Oil, Engineering and Energy.
With Oxford and Cambridge famed for academic excellence, reed.co.uk has also seen an increase in Tech and Engineering job vacancies, with over 500 jobs in these areas posted on the site in October, as companies are keen to snap up top talent.
Despite the average UK salary increase falling short of the UK inflation rate (0.6% compared to 1.2%) the report reveals signs of positive salary growth in cities like Edinburgh (5.5%) and Bristol (4.4%), which have increasing job availability in the Financial Services sector.
Commenting on the latest figures, James Reed, Chairman of reed.co.uk, said:
“The increase in annual pay in certain cities is indicative of the investment being made by companies to attract top talent in growing industries like Technology and Engineering.
Many employers are facing a talent crunch. Substantial skills gaps are emerging and higher salary expectations are leading to more movement in the jobs market.”
The Reed Job Index for October stands at 227 and is 26% higher than a year ago. The latest figures also reveals the top year on year growth sectors for jobs advertised are Transport and Logistics (66.59%), Hospitality and Catering (63.34%) and Construction and Property (55.34%). The Education (22.84%) and Charity and Voluntary (19.50%) sectors have seen the most growth in job vacancies month on month.
Want to learn more? Visit the reed.co.uk Job Index page now.
Tech talent takes home top salaries by Mark Rhodes