Career prospects more important than high wages

The ICT sector is continuing to boom, and employers are straining their coffers trying to recruit and retain expert staff, a recent survey from Michael Page Technology [MPT] has revealed.

Over half of employers questioned in the MPT survey believe wages growth in the sector over the past 12 months extended beyond IT productivity increases over the period.

Employers are predicting wages inflation of around 6-8% across-the-board in the next year, increasing to up to 15% for specialist employees.

MPT believes the main challenge employers will face in the coming year will be “finding and retaining the talent needed for sustained business growth without facing unsustainable labour costs.”

But the good news for employers is that money isn't as important as they think.

Although the largest percentage of employers thought increased pay rates were the main reason employees change jobs, twice as many employees change jobs to pursue career advancement as those looking for more money.

MPT says businesses offering employees non-financial benefits such as career advancement prospects, flexible hours and a stimulating work environment will have the most success retaining employees in the coming year.

The ICT labour market is expected to continue to grow over the next year, with 69% of employers expecting to hire additional employees.

Yet the skills shortage is continuing to stymie employers, the survey reveals. And the trend towards retaining critical functions in-house has led to “intense competition for professionals with specialist skill sets”.

Particularly sought-after are network engineers and designers, unified communications specialists and those with VoIP experience.

There is also a growing demand for IT professionals with a history in business, and for those with project management skills.

The survey was completed by around 1,500 employers and 5,500 employees.