As many would suspect, overall pay has declined for IT Professionals in the past 18 months. Janco also found that demand is down for IT Professionals, according to Jancos 2009 Mid Year IT Salary Survey.
Survey results show the mean compensation (including bonuses) for all IT executive positions surveyed dropped to $142,753 in large enterprises and $123,728 in mid-sized enterprises. Janco found that factors driving this fall in compensation and demand were: companies are reducing benefits (including personal and company bonuses) provided to IT professionals; many companies have instituted hiring and spending freezes in addition to laying-off; and outsourcing has been focused on management and support staff where the bulk of compensation expenses are incurred.
The current economic climate, with its cost-cutting mindsets, business closures, and extensive outsourcing has put such great pressure on the IT job market that overall pay has been impacted, says Victor Janulaitis, CEO of Janco. Added to that, many baby boomers who had planned on retiring in the next few years are not leaving the job market, and you have more potential employees than positions available.
Other survey findings include:
- Flexible hours and work schedules are now not as available as they were before the recent economic conditions changed
- With outsourcing, lower bonuses, and the recent layoffs there has been a slight decrease in the mean compensation paid to IT professionals
- There now is a surplus of seasoned IT professionals available. For the second time in less than 10 years, retirements are being put off because of the downturn in the stock market and the resultant reduction in savings available to support IT professionals as they retire.
This story originally appeared on the Insurance Networking News Web site.
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