The average engineer’s salary has risen dramatically over the past decade and is now £21,300, according to a new report.
The number of engineers has also increased from about 300,000 to more than 5m, while the number of employees has increased from 690,000 in 2004 to nearly 7.5m.
The median salary has increased by 5.2 per cent to £21.7 million, according the research by research company Equifax.
It found that engineering jobs were also being filled by young people who had taken up engineering as a career and were seeking higher pay.
“Engineering is becoming increasingly attractive, with the current labour market set to remain relatively favourable for the foreseeable future,” the report says.
“For those working in this increasingly competitive industry, salary rises in the next decade or so should be welcomed by employers as a result of the increasing productivity gains.”
Equifax said it had surveyed engineers in London, the UK capital, and found that the majority were happy with their job, with nearly 90 per cent of respondents saying their pay had gone up over the last 12 months.
In the report, Equifax says there are two main reasons for the rise in engineering salaries: “The increasing number of graduates, and the rising demand for engineering talent in the UK.”
The average engineering engineer salary has gone up by 5 per cent over the previous 12 months, with engineers making a median salary of £21m in 2014.
The study also found that a third of respondents had a new employer in mind when they started their career.
This was largely the case for women, with 37 per cent saying they had made a new start, while 26 per cent said they had started a new career.
“This suggests that the trend towards a more competitive and highly-skilled workforce is already having an impact on the quality of engineering and its workforce,” Equifax senior research director Alex Macdonald said.
“It is not surprising that employers are looking for more highly skilled engineers.”
The research also revealed that many engineering graduates were still struggling to make ends meet.
Of those surveyed, about a quarter of respondents were earning less than £20,000 a year, with almost one in four earning less then that.
However, more than one in three engineers said their pay was more than they were planning to earn after completing their engineering degree.
“The report shows that engineers are not only finding new opportunities, but are also finding that they are better off as a whole,” Mr Macdonald added.
“While it may seem counter-intuitive, this is not the case, and engineering graduates should be looking to secure an even better deal than they have today.”
The latest Equifax survey also found a growing gap between engineers who want to enter the engineering workforce and those who do.
“We found that almost half of engineers were satisfied with their current position and almost a third were dissatisfied with their position, with a majority of respondents considering themselves either unsatisfied or dissatisfied with how their positions are being managed,” the company said.
The survey of engineers found that those with engineering degrees were also more likely to be employed in highly-regulated industries and the highest-paid positions were being held by people with advanced degrees.
About one in five engineering graduates in 2014 were employed in the “highly regulated” industries, including the construction industry, oil and gas, finance and insurance, retail and tourism.
Equifax says it expects engineering salaries to increase by another 3 per cent in 2018 and by another 10 per cent between 2019 and 2020.
For more information: Equifax report: Engineering salaries rise, new entrants not as many, and fewer people seeking engineering roles.
Equifax: Engineering Salary Survey.