Livingston James Technology Salary Guide 2024

At Livingston James, we are a market-leading executive search business with global reach, sector specialisms and functional expertise. Technology is at the forefront of the leadership agenda, so whether you are a CEO, CFO, CTO or other C-suite leader, Livingston James is here to help navigate the complex market and ensure organisations are equipped to develop technical teams which will allow them to be industry leaders.

A report by McKinsey & Company highlighted eight CEO priorities for 2024, with numbers one and two being tech-centric; GenAI & Outcompeting with Technology. Whilst CEOs become increasingly aware of the opportunity technology can create for a competitive advantage, embracing both new technical capabilities (tools, resources, infrastructure)  and highly skilled people will be key to creating an outstanding offering. PwC reported that 88% of CEOs and other business executives struggle to capture value from their technology investments; raising the questions of are leadership investing in the right technological advancements, and are ROI and data being measured effectively.

Investing in the right people who not only understand the latest and greatest technology, but rather who understand the intricacies of an organisation will ensure investment is well placed. With the speed and breadth of development within technology, a discerning and analytical approach is required to ensure organisations are embracing the right opportunities, rather than all opportunities.

In today’s rapidly evolving technological landscape, senior technical professionals play a pivotal role in shaping and executing the strategic vision of the C-suite. Their expertise and insight are indispensable in navigating complex technical investments and formulating effective strategies to drive innovation and growth.

Recognising the crucial role these professionals play, it is imperative for organisations to construct compensation packages that reflect their value and expertise. Competitive salaries, along with comprehensive benefits and incentives, are essential not only for attracting top-tier talent but also for retaining them in a competitive job market.

Projections for 2024 indicate that technical professionals in the UK can expect, a perhaps modest, average salary increase of 4.4%. This marks a decrease from the previous year’s peak of over 5% in 2023. The dip in salary increments reflects a changing economic landscape, as employers adapt their financial strategies in response to factors influencing the job market and overall economic conditions.

2023 was an uncertain year for the tech market, with layoffs triggered by challenging economic conditions heightened by rising interest rates and the cost-of-living crisis, the resulting impact of the COVID-19 pandemic, and over-hiring in previous years. However, industry experts have been optimistic that most mass layoffs are behind us and hiring will soon return to normal levels. Supported by slowing inflation rates as we entered 2024, this will present a wealth of opportunities for tech leaders to close the gap in workloads and failing projects and for clients to appoint exceptional professionals as candidate availability has increased.

Regardless of the lower growth of IT salaries compared to last year, emerging technologies will hold an abundance of opportunities for both growth and innovation and the opportunity for tech professionals to embrace new career opportunities. In 2024, salaries will remain a determinant of career moves, however flexible working, career progression and job security will also remain front of mind for candidates. In 2024, the technology job market will continue to evolve at a rapid pace, shaped by emerging trends, such as advancements in artificial intelligence, and the ongoing digital transformation across industries.

Professional continuous learning and development will be key to being a leader in your chosen specialism. Ensuring employees are appropriately compensated will ensure the retention of highly skilled individuals and reduce skills shortages. Business sustainability and expansion remain stronger than worries over economic unpredictability, indicating a prosperous 2024 for the technology sector.

Our salary guide provides benchmarking for C-suite professionals and hiring managers looking to develop their permanent and contract teams in 2024.

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