Positive Outlook for IT Salaries
According to the latest report titled “InformationWeek 2023 US IT Salary Report: Rising Salaries and Closing the Gender Pay Gap,” the salary prospects for IT professionals remain positive despite increasing labor costs and economic inflation, as companies strive to cut back. The report highlights several key findings that shed light on the current state of the IT job market.
In 2022, a significant 77% of IT professionals experienced a boost in their base salary. The median salary witnessed a 12% rise, climbing from $125,000 in 2021 to $140,000.
The survey also revealed that 61% of IT professionals expressed satisfaction with their overall compensation, while 62% reported being content with their jobs in general.
While the gender pay gap persists, both men and women witnessed salary increases. Women experienced a substantial 28% rise in their annual salaries, reaching a median of $135,000 in 2022. On the other hand, men’s pay increased by 9% to $140,000.
The report further disclosed that the majority of IT professionals, 58%, had no plans to seek employment at another organization in the following year. However, for those considering a job change in 2023, higher pay emerged as the primary motivating factor for 70% of respondents.
Sara Peters, the editor-in-chief of InformationWeek, commented on the findings, noting that despite uncertainties in the market, the IT pay outlook remains optimistic. Companies are adjusting salaries to account for the rising cost of living and are committed to addressing pay parity and diversity in their hiring practices.
Peters acknowledged the recent layoffs in the tech industry but emphasized that a significant majority of IT professionals still report positive job satisfaction. Additionally, almost nine out of ten respondents expressed confidence in their job security.
Looking ahead, Peters acknowledged the potential impact of generative AI and other automation technologies on IT salaries and hiring trends, stating that next year’s survey results will provide more insights.
The survey encompassed responses from 456 full-time IT professionals across various industries, including healthcare, financial services, banking, consulting, IT services, manufacturing, education, and government.