IT salaries are on constant hype over the last several years, and even though the demand and skill-set may change a lot this year too, as usual, the remuneration trend will remain the same. The demand for technology talent may outpace its supply in many specialized IT fields this year, and the core IT sector may also experience a significant shift in the coming days.
More importantly, it may be a mix of skills, which make an IT professional more remunerable this year. The talent gap in rising technologies will also put significant pressure on the businesses which will prove beneficial for the job seekers.
A survey by covering more than 8000 information technology professionals including 2000 chief information officers in the USA showed that the hunt of technology talent and skills would significantly increase this year. The technology companies will tend to offer a competitive salary and generous perks to make the work life of tech talents more satisfying and less strenuous. Let’s discuss some expected trends expected in IT hiring this year and how it impacts the salaries.
- Talent shortage
As it had been pointed out by recruiting experts that, ‘talent shortage may not simply be an inconvenience to the employers anymore, but it turns out to be a crucial business problem.’ When companies are getting out to find real tech talents, they many often cannot afford it or end up with compromised hires.
Many of the CIOs participated in the survey mentioned above said that they are unable to get the top talents as the candidates demand higher Information Technology salaries which they cannot afford. This is further proving out to be advantageous to the less experienced ones, but only if they are motivated and flexible to develop new skills quickly.
Unlike many think about it, automation is not there to kill jobs. It demands some change of skills. According to another survey, finance and banking industries are experienced a significant skill shift with respect to automation. Industry experts believe that automation may bring more efficiency to the processes and take more informed decisions. By the year 2020, what they expect in the financial sector keeping up with the changing technologies along with managing the big data, compliance with advanced reporting standards, etc.
- Less stress and more satisfaction
Information technology industry now ranks at sixth in terms of job satisfaction and lowest job stress. As we can see, a major reason for work satisfaction may be the increased compensation and other perks which companies tend to offer to lure the best talents. Only about 19% of the companies in this sector don’t offer any special bonuses to employees, and hardly about 17% only stick to the length of service-based increments. The rest 73% offers merit-based increments out of which 65% do it purely based on the individual and organization performance. All this help keep the employees motivated to work towards the benefits of the organization.
Adding to all these, some other additional perks too may contribute towards the overall work satisfaction this year as flexible work schedule, social events, work at home opportunities, free membership at clubs or gyms, free food coupons, holiday allowances, profit sharing, loyalty incentives, stock options, etc.