Experienced IT Pros Harder to find as demand rises
Experienced IT Pros Harder to find – A major research firm has just published our forecast for US tech employment and compensation (2019 US Tech Talent Market Outlook). It has some foreboding news for CIOs and for tech vendors: Tech talent will be harder to find and more expensive over the next two years.
The median salary for IT Professionals continues to rise. Currently, it is $93,077 and Janco forecasts that it will be around $95,000 by the end of this year. Experienced IT Pro harder to find as demand increases.
At the same time, they found that the supply of tech workers has largely kept up with demand. But the current data available for 2018 suggests that wage growth is starting to accelerate. This supports the finding in the latest IT Salary Survey from Janco Associates, Inc.
This acceleration poses a special threat to CIOs, who could find themselves paying premiums for certain tech roles in high demand.
Median Compensation for IT Professionals based on Janco’s January 2019 IT Salary Survey
High Paying IT Jobs that are in high demand are associated with the new e-commerce roles and Internet based application areas. All of the job titles that we have listed here fall into positions where the starting salaries are above the median salary of $93,077 for all IT professionals.
The positions that fall we define as high paying for this analysis are associated with IoT (Internet of Things), Salesforce Automation, Virtual Reality and Security. These are the hot Job titles. The entry level for each of these positions is over $100,000 and some have pay ranges that exceed $200,000.
The positions most in demand and commanding the highest are the associated with Salesforce Automation and that unique application. That is followed closely by IoT and Security.
If the current demand for these skills continues, two things will happen. First, there will continue to be an increase in the compensation levels for these positions. Second, more IT Pros will migrate into these positions increasing the supply. That in turn will be dampening factor on compensation.
We have seen this before when new technologies required specialized skills. Typically we found that it took 24 to 36 months for the supply to catch up with the demand. At that time salaries leveled off.
In any case, we see the median salary for all IT professionals at around $97,000 by the end of 2019.
IT Job Market Explodes with 107,100 new Jobs added in 2018
IT Job Market Explodes with 107,000 new jobs in 2018. In addition, Janco forecasts that an addition 100,000 plus new IT jobs will be added in 2019.
IT Job Market Explodes with the latest adjustment in the number of IT Job in November and December of last yerr. The adjustment added 55,600 new jobs ins the IT job Market
Hiring for IT Professionals continues unabated. The economy is generating demand for more IT Professionals. CIOs are creating new jobs that address the increased focus on security, data privacy, Internet-based operations, and digital automation. Blockchain applications are continuing to demand more resources as seamless information flow is prime operational objective.
The median salary for all IT Professionals based Janco’s latest salary data is $93,077. That is $2,628 higher than the same time last year. Supply and demand are working in favor of qualified IT professionals. Janco forecasts that the median salary for all IT professionals will be in the $97,000 range by the end of 2019 – a $4K increase.
All of this means that it is a good time for those in the IT profession. Not only are they in for better pay but they will be working on projects that impact the operation of the enterprises they are in. The only requirement they have is to stay current and invest in themselves with training in new technologies.
Top 10 Paying IT Positions reported in latest IT Salary Survey
Top 10 Paying IT Positions are at the upper levels of the organization of the Information Technology function. As expected the media total compensation package for the Vice President – Chief Information Officer (CIO) is around $165,000. Also, there are a number of CIOs whose total pay with stock and performance bonuses is above $2 million to $3 million.
In the past, we have generated a report on the highest paid CIOs. In the next few months we will generate that information.
All of these positions are in large organizations. Some have IT budgets well north of $250,000,000 per year
The data in the IT salary survey shows that IT total compensation in on the rise as demand for individuals who can effectively manage these functions is very high. In addition, attrition rates for these positions are on the rise as companies are looking to expand with seasoned professionals.
The data for the top 10 paying IT Positions is as follows:
Vice President – Chief Information Officer – $165,494
In the just completed IT Salary Survey by Janco Associates IT Pro median salary increased by 2.92% in the past 12 months. It had been $90,249.
IT Pros median salaries are up across the board
Other finding from the salary survey are:
IT executives have fared better in large companies than mid-size companies with increases that were 3.89% versus 2.84%.
Staff level positions in IT organizations of SMB’s had the greatest demand for new hires. Companies were gearing up their internal US-based IT organizations pushing IT salaries up by 2.40% from $87,254 last year to $89,348.
In large enterprises, the median compensation rose 3.42% from $93,669 to $96,875.
In mid-sized enterprises, the mean total compensation for all positions increased by 2.40% from $87,254 to $89,348. Over 80,000 net new jobs.
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