Amid the good cheer surrounding this newly minted year comes optimism for IT professionals. The 2011 Salary Survey from Janco Associates reveals that hiring is picking up again in certain sectors of the IT job market. Compounding this good news is that salaries have ceased falling and, for select positions, compensation is back on the rise.
Janco concludes that, based on data analysis and CIO interviews that the recession has bottomed out for IT, and that hiring of IT professionals will rise in 2011.
There is, however, a bit of bad news for insurance IT professionals, as the industry total number of jobs decsreased slightly in the past year. Overall, the number of insurance IT positions decreased 0.75%, Janco says.
However, Janco CEO Victor Janulaitis cautions that there still are a number of companies that are concerned that economic recovery will not be strong enough to support increased IT spending.
“Cost reduction is still the rule of the day," Janulaitis says, "however we have seen an increase in the number of part-timers and contractors who are focused on particular critical projects. This is an omen that IT hiring and salaries will go up in 2011.”
Summary Janco 12 month comparisons show that mean compensation (including bonuses) for all IT executive positions in large enterprises surveyed is $140,960 (a minor increase from $140,267 in 2010) and $123,378 (an even slighter increase from $123,301 in 2010) in mid-sized enterprises.
Overall compensation for all IT professionals rose from $77,604 to $77,873; however the study shows that there was a 5% decrease in the number of employees receiving personal performance bonuses, while there was 5% increase in those receiving enterprise-based performance bonuses.
“Bonuses are showing that companies are looking for enterprise revenue improvements, and want to motivate employees to focus on improving the company’s bottom line over and above everything else,” Janulaitis adds.
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