Unlike other careers, techies may not be hustling out in retirement to return to work to cope with the inexorable rise in the cost of living, according to a global recruitment agency.
A study of 700 tech professionals in the UK and Ireland shows that the relatively comfortable pay scales mean many in IT are hard to beat, says Ajay Hayre, principal recruiter for cyber and information security at Robert Walters.
“In general, we’re starting to see more and more older workers choosing to work longer hours or to return to work after retirement,” he said The registry. “Interestingly, where this is least apparent when looking at professional services/employees is within technology.”
The results of the study show that 49 percent of tech professionals in the UK and Ireland are paid £42,000 ($46,000), which compares favorably to the countries’ median wage of £31,285 ($35,000) but falls short of the £47,000 ( ~$52,000) found by recruiter Indeed.
Obviously, some sectors offer higher compensation based on skill complexity and availability. For example, Robert Walter found that first class cybersec graduates can expect starting salaries in excess of £40,000 (about $45,000) with some of the big consulting firms.
About 55 percent said they were satisfied with the pay package — the highest among the various jobs the recruiter surveyed. Overall, 36 percent said they had “good” disposable income despite the 9.9 percent rise in inflation over the past year, 38 percent had “some” money to gamble but lived reasonably enough to cover living expenses, and 7 percent said they rely on “side hustles” or contracts.
A healthy 43 percent of techies said their company contributes more than 5 percent to pensions, which compares favorably to hospitality workers, where fewer than 30 percent receive that financial contribution from employers.
Last week, the reg revealed that an estimated 730,000 pensioners in the UK are preparing to trade a life of leisure for a return to the office – remotely or locally – but as we pointed out at the time, tech is a relatively well-paid industry so not everyone will feel financial bottleneck.
Hayre tells us that “Technology has always been a well-paid sector – even more so during and after the pandemic, so in some cases the cost of living is less of an issue here than it is for workers in other fields.
“In fact, the technology sector can easily be seen as one of the areas where you progress the fastest – where technology is about skills, abilities and know-how, as opposed to some positions like finance, where years on the job count – where It’s not uncommon for tech or IT security heads to be in their mid-30s and on very well paid salaries. For cybersecurity and software senior executives – who make up to £700 (approx quite common, and that’s where it gets some well-designed retirement plans.”
For those techies of a certain age who might be looking to top up their pension pot, the road back into the workforce may not be as easy as it seems, Robert Walters warned.
“Given the nature of technology, it’s not an industry that’s easy to jump back into after a career break. While skills are still in demand, it remains a fast-moving sector where when a professional retires, they will be missing out on many additional qualifications and systems experience – technology is changing by the minute, and so those coming out of retirement must , spend some time cramming before applying for new roles.
Updating skills and qualifications as a matter of course can be a good way to go. As we mentioned earlier, a poster on Hacker News said, “The only way age becomes a disadvantage is if you don’t grow.”
Well, quite. ®
https://www.theregister.com/2022/10/12/cost_of_living_crisis_for/ Cost of Living Crisis Less Burdening for Retired Tech Pros • The Register