IT salaries may soon change, though they are not keeping pace with inflation. Changes in pay structures are driven by several factors, including skill shortages and the need to fill vacancies for large technology projects next year.
According to IT employment consultancy Janco Associates, the average remuneration of all IT professionals rose by just 2.05% in 2021, with the median of $100,022 for those in large companies and $95,681 for IT professionals in medium-sized companies.
IT executives received an average 3.47% pay rise, marking the biggest pay rise in the industry. This took the median salary to $176,231.
Employees in general IT at large companies recorded an average increase of 3.23%, bringing the median salary to $80,914. Middle managers pay rose 1.2% to $97,189.
Organizations are seeking to expand their IT staff as the economy recovers. However, the CIO could face a variety of budget problems in 2023, one of which is to do with recruiting and retaining existing staff. Other challenges include training employees and increasing overall benefits and compensation.
“The emphasis over the past several years is in both e-commerce and mobile computing. At the same time, with the ever-increasing cyber-attacks and data breaches, CIOs are looking to harden their sites and lock down data access so that they can protect all of their electronic assets,” said Janco.
The sources for this piece include an article in ComputerWorld.