Spotlight on salaries

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Salaries for new hires in 2024 continue to rise at higher rates than those being offered to existing employees

0.8%

Average Salary increase being achieved by STEM candidates when moving to a new company.

0%

70% achieved an uplift on previous salary when moving to a new company (down by 13% in previous period)

0%

49% achieved more than a 10% uplift. (Up from 40% in the previous period)

0%

21% agreed a salary reduction and 9% moved for the same salary

Wage increases by skill

Skillset
Average Increase for those who secured a higher salary
Percentage of Skillset securing a higher salary
Percentage of Skillset securing an increase of more than 10%
Overall Defence STEM
9.8%
70%
49%
Electronics
4.4%
71%
43%
Software
14.2%
77%
62%
Systems
9.8%
76%
47%
Mechanical
3.3%
40%
20%
Technology
6.6%
56%
33%
Supportability
16.4%
78%
67%
Project
7.9%
50%
33%
Trades
10.5%
50%
50%
General Engineering
10.4%
83%
67%
Specialist Engineering
15%
100%
75%

So what?

Although salary increase levels have fallen very slightly, (-0.4% v’s previous period) for STEM skills, it’s still a skill short market so unless there are other motivators driving a career move for a candidate, being competitive on salary is crucial to secure the best talent.

Interestingly with less opportunity in the market, 30% of movers agreed to the same or a lower salary emphasising that other motivators such as flexibility of work, interest of work and development opportunity are an increasingly major factor behind finding a new role.

0%

30% of movers agreed to the same or a lower salary

Ensuring your TA Team and Talent Partners are securing a deep and clear understanding of candidate motivations is critical to ensuring the right salary is offered.

Vacancies
Contractors
0.8%

Average Salary increase being achieved by STEM candidates when moving to a new company.

0%

70% achieved an uplift on previous salary when moving to a new company (down by 13% in previous period)

0%

49% achieved more than a 10% uplift. (Up from 40% in the previous period)

0%

21% agreed a salary reduction and 9% moved for the same salary

Interestingly with less opportunity in the market, 30% of movers agreed to the same or a lower salary emphasising that other motivators such as flexibility of work, interest of work and development opportunity are an increasingly major factor behind finding a new role.

0%

30% of movers agreed to the same or a lower salary