Tech Salaries are on the Rise

In the SThree Global Candidate Survey, 61% of candidates said that rate and/or salary and benefits were the most important factors when looking for a new role.

Many have already been successful in gaining significant salaries. Software developers, quality assurance analysts, and testers enjoy an annual median wage of $120,990. Systems analysts earned a median annual wage of $93,730 a year, with the top 10% $152,060. Employment in these roles is expected to grow by 7% through 2030, with 47,500 openings predicted each year.

It is easy to see why tech talent can command high salaries. IT professionals receive twice as many LinkedIn InMails as the average LinkedIn member.¹

Some companies are unable to find the talent they need at a price that they can afford and are turning to developing training programs themselves to mold employees to meet their needs. With the changing nature of work there is likely to be no shortage of potential candidates for entry-level roles. Identifying those who can be successfully re-skilled will require employers to consider a range of factors such as professional experience, independent learning capabilities, and certifications.

Wages and benefits, although a key element in most candidates’ minds, are not the only factor determining recruitment success. According to most candidates across the U.S., the following are top priority:

• Work-life balance and leisure time (72%)
• Having a successful career (56%)
• Financial security languishing (52%)
• Making a difference in the world (26)

Research by McKinsey & Company suggests that what has become known as ‘The Great Attrition’ whereby large numbers of employees are quitting their jobs, may be caused not by a lack of pay but a lack of investment in the more human aspects of work.² Candidates across the board attached a high importance to companies offering flexible working models, including hybrid and remote working, indicating that this would help them to reach their full potential.