There’s a new IT salary survey from Janco Associates – the median salary for IT Professionals is now over one hundred one thousand dollars.
All salaries for IT professionals in large enterprises went up an average of 3.6%, with the most significant increases at the staff levels. At SMBs, salaries increased more than 7.7% across the board, with slightly higher percentages for IT executives.
Here are some highlights from the survey:
- Median salaries for IT professionals in large enterprises are over $102,000, with executives’ median reaching $180,000.
- Salaries for IT professionals in aggregate rose 5.6% in the past four quarters.
- IT professionals’ retirement has increased as more baby boomers opt out of returning to work.
- Salary compression is occurring as new hires are offered salaries at the top end of pay ranges for existing positions. They’re often paid more than current employees in the same positions.
- Total mean compensation for all IT professionals increased from $95,845 to $101,323.
- Attrition rates in midsize enterprises are rising faster than in large enterprises.
- Salary levels in midsize enterprises are rising faster than in large enterprises.
- Consultants who augment IT staff and skills are now in high demand.
- Demand has remained highest for IT professionals who support security, blockchain, work-from-home (WFH), and e-commerce.
- Staffing and retention are now a primary priority of C-level management.
While I’m at it, the overall job market remains the same. In new data on job openings and labor turnover (the wonderfully named JOLTS), There were 10.5 million job openings in November, unchanged from the prior month (which was revised slightly higher). Postings for workers are holding at a higher level than seen at any point before the pandemic.
And I will highlight an opinion piece in the Information, where the title gives it all away. “There Is So Much Tech Talent Up for Grabs Right Now”
Many tech press believe that the layoffs of tech workers are massive and will change the dynamic. I beg to differ.
There’s a massive shortage of technical people. It’s been the key concern for most of this year and leading many conversations about needing more people. One of the things I’ve seen in my interviews is more and more hiring of “developer” types within organizations that were traditionally IT infrastructure, as the growing ones need more in-house product experience. There are troubled times to come for “big tech” and Silicon Valley… but a lot less so for “technology in general.”
And here’s your salary data – these technical workers are getting, and will get, paid more. Plan for that. Don’t believe the hype.