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Tech hiring hits fresh high amid bumper foreign investment

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These are the top five fintechs on their way to becoming unicorns based on private companies with valuations between $500m and $1bn.
These are the top five fintechs on their way to becoming unicorns based on private companies with valuations between $500m and $1bn.

Hiring in the tech sector has surged to its highest level in five years as venture capital investment booms despite the impact of the pandemic.

Since February tech jobs vacancies have consistently topped 100,000, while open roles rose to 132,000 in one week in May.

Hiring is now at its highest level since 2016, having recovered from a slump to 43,500 in June last year, according to the latest figures from job search engine Adzuna and Dealroom.

The bullish figures reflect increased demand for tech talent and businesses ramp up their digital services in the wake of the pandemic.

Tech and IT-related jobs have also benefited from increased demand for remote workers and now make up 12 per cent of all UK job vacancies.

The figures, which will be unveiled by culture secretary Oliver Dowden today, reflect the boom in the UK’s tech sector, which continues to attract bumper foreign investment.

There has been more US venture capital investment in the UK in the first six months of 2021 than in the whole of last year, putting the industry on track for a record year.

The UK is leading Europe in terms of investment, as well as the number of unicorns — private companies worth more than $1bn — created.

In total Britain has produced 99 unicorns worth a combined £333bn, with recent additions to the list including Zego, Starling Bank and Wise.

This is driven largely by London’s tech scene, with the capital home to the second-highest number of unicorns in the world behind California.

But while London and the South East remain dominant, the figures revealed an increase in tech job vacancies in regions such as the North West and West Midlands as more companies embrace remote working.

Software developers remain the most in-demand tech workers, followed by web designers and data analysts. Companies have also ramped up their search for workers in artificial intelligence-related roles amid increasing uptake of the new technology.

“It’s great to see the UK’s buoyant tech sector bouncing back as part of the post-Covid recovery,” said Brent Hoberman, tech entrepreneur and executive chairman of Founders Forum.

“The focus now must shift to filling those tech job vacancies with diverse software developers and highly skilled tech talent from across the country.”