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Top Tech Expected to Experience a Rise in Pay

The last five years have been a veritable career boon for tech professionals, as demand and salaries have been on a steady upward swing. Employers, on the other hand, haven’t had quite the same experience. Hiring teams have faced year after year of pressure to find the right talent, pay them market value and then retain them, once they are in place. As your organization looks at planning and budgets for the future, keep this in mind: Top tech jobs are going to continue to see an increase in salary for the foreseeable future.

The Ghosts of Tech Salaries Past

Anecdotally, IT hiring managers know from their own experience that salaries have been on the rise. But just how high have they climbed? Take a look back at average tech salary data reported from Dice.com for the last five years:

  • 2011: $81,327 (our benchmark)
  • 2012: $85,619 (5.3% change)
  • 2013: $87,811 (2.6% change)
  • 2014: $89,450 (1.9% change)
  • 2015: $96,370 (717% change)

According to the Dice survey, 62 percent of survey participants experienced a salary increase from 2014 to 2015. The most common reason for the increase in pay was merit. The second most common reason why respondents received a raise was a change to a new employer. Employers looking to poach talent from competitors or lure passive candidates away from their current positions this year and well into the future will need to be prepared to open their wallets. Conversely, if you’re looking to keep your talent from being poached, you must also be prepared to pay up.

More Than Just Tech Salaries Are on the Rise

It’s not just full-time IT salaries that are increasing. According to the Dice survey, contract workers are also seeing significant bumps in pay. The average pay for a contractor in the technology sector last year was $70.26, a five percent increase over 2014.  The survey does note that some of this increase is due to the industries that are most likely to employ a high number of contractors like energy and healthcare. They have experienced a significant increase in need, and that demand has rapidly driven up the price for contractors and consultants.

Keeping up with the Rising Cost of Tech Talent

The ever-expanding tech salary has kept many IT hiring managers up at night. Companies must remain competitive in order to attract the best and the brightest, but it’s not always easy or feasible in terms of budget. If you are worried about the IT salary wars, consider strategies like:

  • Nontraditional benefits that promote work-life balance like telecommuting, flextime and job sharing
  • Equity offerings in the company
  • Performance-based bonuses
  • Touting the impact that each position has on the organization as a whole
  • An autonomous work environment

Competing for tech talent is an ongoing struggle for most companies in today’s market. One of the most effective ways to ensure you have access to a strong pipeline of professionals with the skills you need, when you need them is to work with an expert technology recruiting firm with a proven track record of success. If you are looking for new ways to compete, reach out to the expert recruiters at Talon today either online or by calling 1-888-50-TALON  to learn more about the ways in which we can help you achieve your recruiting goals.

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