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.
Among computer network architects, the top 10% could expect to earn $168,890 annually.
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.
What is the outlook of the tech talent market for companies in need of top tech talent?
The landscape of the hiring market changes with such rapidity that only a few authoritative sources can accurately opine on the state of things and things to come.
Our new white paper, The Rise of the Tech Talent Shortage, is an exploration of the state of the current market, and informed predictions for the future.
- IT professionals' expectations have risen rapidly since the Covid-19 pandemic exacerbated the supply shortage.
- Employers will need the support of specialist recruitment firms to access the most qualified talent.
Download Our White Paper:
The Rise of the Tech Talent Shortage
About Computer Futures
Computer Futures supports the world's largest and most innovative tech companies by providing comprehensive staffing solutions that add value.
We create true partnerships by providing the best talent within their sectors through a consultative approach beyond a traditional recruitment service.
Extensive market knowledge, innovative resourcing techniques, and proprietary networks allow us to develop a strategic campaign tailored to a client's specific needs.