New research from Reed has revealed that salaries in the engineering and manufacturing sector continue to show signs of resilience due to the stable year-on-year salary increase. Over the past year, the sector has seen an average of 5.1% increase in salaries throughout the industry. In comparison, the sector saw an increase of 5.2% in 2022.
From analysis of six million jobs posted on Reed.co.uk over the last three years, as part of Reed’s suite of annual salary guides, it’s clear that the engineering and manufacturing sector continues to show some signs of resilience and growth due to the year-on-year salary increase.
The data also reveals how the engineering and manufacturing sector is doing against other industries. The hospitality sector has seen the biggest pay increase in the past year (7.3%) and has bounced back from its previous year’s salary decrease. The IT and cyber security sector has had the least growth, with an average of 2.4% increase in 2023.
Kimberly Hunsdon, Engineering & Manufacturing Expert at Reed, commented: “The engineering and manufacturing sector is undergoing significant transformation, propelled by technological advancements, sustainability initiatives and evolving global markets. Now, the industry finds itself balancing innovation with tradition, with a workforce adjusting to new ways of working.
“Rapid innovation and diversification have seen a shift in the sector’s highly sought-after skills. However, the shortage of qualified professionals in fields such as engineering, data analysis and advanced manufacturing techniques has made it difficult for companies to meet their production demands. This has led to increased competition for talent, urging businesses to invest in training and development to upskill their existing workforce.
“Looking to the year ahead, employers need to refine their talent attraction and retention strategies to keep hold of top talent. This includes offering attractive benefits that enhance employee wellbeing, with flexible working arrangements and professional development opportunities becoming standard offerings.”
Reed’s engineering and manufacturing salary guide also gives insights into the regions that are most competitive within this industry. Areas such as the South West (6.4%) and North West (5.7%) have seen the biggest increase in wages in engineering and manufacturing, with Northern Ireland being the only region with a salary decrease (-2.1%).
Reed has produced a suite of 16 sector-specific salary guides, which include an in-depth analysis of a survey with 5,000 UK workers, assessing their current and preferred salaries and benefits, their organisation’s performance and priorities, how they rated their job security and the future of their sector, and the key recruitment and skills trends they’re witnessing.
You can download the engineering and manufacturing salary guide here.
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