IT Compensation up as CIOs are hiring

IT Compensation up as CIOs  turn on hiring spigot

IT Compensation up – Janco has just analyzed the latest Labor Department (BLS) data and interviewed almost 100 CIOs finds that hiring of IT Pros is on the upswing.

IT job market improves - hiring up

The three month moving average for IT job market growth trend for IT Professionals is up for the first time in several months.

Data is as of July 2014.

  • IT compensation for all IT Professionals has increased by 0.33% in the last 12 months.
  • CIOs compensation has stayed flat in larger companies and increased in smaller and mid-sized companies in the past 12 months.  The mean compensation for CIOs in large enterprises is now $182,645 (up 0.24%) and $168,214 (an increase of 1.52%) in mid-sized enterprises.
  • Positions in highest demand are all associated with the quality control, BYOD implementation, and service level improvement.
  • Over the long term IT executives have fared better in mid-sized companies than large companies.
  • IT Job growth has slowed. In 2013 the IT job market grew by 36,500 (January thru May) versus 32,200 in 2014 according to the Bureau of Labor Statistics (BLS) — at the same time not all of the IT jobs lost in the recession have not been recovered.
  • Lay-offs seem to have tapered off, however some companies continue to cut the size of the IT organizations.
  • Cost control is still the rule of the day; however we have seen an increase in the number of “part-timers” and contractors who are focused on particular critical projects.  This has resulted in few IT Pros getting health coverage
  • On shore outsourcing has peaked and companies are looking to bring IT operations back into their direct control and reduce operating costs.
  • Mandated requirements for records management systems and electronic medical records have increased the demand for quality control staff and custodians (librarians) of mechanized records.
  • Companies are continuing to refine the benefits provided to full time IT professionals. Though benefits such as health care are available to 80%, IT professionals are now paying a greater portion of that cost.

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Author: Victor Janulaitis

M. Victor Janulaitis is the CEO of Janco Associates. He has taught at the USC Graduate School of Business, been a guest lecturer at the UCLA's Anderson School of Business, a Graduate School at Harvard University, and several other universities in various programs.