Eyeing Big Raises in IT? Develop That Extra-ordinary Skill Set!
As per a recent survey, IT salaries are going to remain stagnant for 2015.
Sounds like bad news, isn’t it techies??
But the workers with highly coveted skill sets may get an exemption and can demand high salaries. Many IT Staffing companies have even claimed that they do see a rise in the highly paid position in the IT sector, but these don’t come with an increased salary bracket. Companies don’t rely on offering exorbitant prices to employees, but also don’t leash out when they need to fill a gap through very rare talent.
But the diminished increments don’t mean decreasing demand for IT jobs. As per U.S. government statistics and other related studies, the next 8 years are going to witness an approximate annual growth rate of 18% in technology jobs with the creation of around 685,000 jobs. While the growth rate for jobs in all industries will be around 10.8%.
The average pay raise in IT companies will remain between 3–18% in 2015 depending on the individual skills, size, and location of the company. However, the major raise will be in the jobs revolving around Big Data, Mobility and Security.
IT security jobs will bag the highest growth rate of 37% by 2022. The reason being the increasing the use of cloud and no company can avoid investing in security and make sure that the data is protected. The major concern with companies is securing the data on mobile devices as the employees are increasingly using smartphones and tablets for work tasks and thus, they are ready to pay any cost to secure the devices.
Skills demand doesn’t entail higher compensations. For instance, demand for web application developers is expected to increase by 20% over the next few years, but that would not affect the salary brackets for these skill sets. While other jobs at a lower end may also see a slight increase in alignment with the rate of inflation. Moreover, these rates are not going to be affected by a higher attrition rate as the market is full of skilled candidates and companies are not worried about finding new people in the same domain.
On the other hand, companies involved in Healthcare IT may need to spend more as it is one of the fastest-growing sectors with more demand due to critical legal provisions and compliance concerns with higher penalty amounts for non-compliance. Thus, to execute the job, they need really knowledgeable domain experts that will come with higher compensation demand.
Well, that’s the industry compensation trend for next few years; candidates can keep on looking for job opportunities as there is no downward trend into that with ample opportunities for talented and proficient individuals!
