Longtime staffing company Robert Half released their technology salary guide and survey for 2020, revealing that many companies are choosing to retrain their employees instead of hiring expensive outside talent.
“In 2020, companies will continue to look to their IT departments for help in pursuing digital transformation initiatives. Because of rapidly advancing technology and the fact that IT professionals must now collaborate with more areas of the business than ever before, projects are becoming increasingly complex,” according to the 2020 Robert Half Technology Salary Guide.
“As a result, many departments are finding they lack the internal expertise and the time to go it alone when pursuing these initiatives. Worse, many projects can materialize suddenly, forcing managers to proceed without the advance planning and resource buildup they would have preferred.”
The report noted that half of the women surveyed felt they were underpaid compared to just 41% of men. The number reached over 50% for women in cities Cleveland, Raleigh and Portland. There was an 11 point gap between the percentage of men and women who report feeling well-informed about what they should be making.
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Almost 70% of IT managers said they wanted to hire people in security, cloud computing and other fields but nearly 90% said they were having issues finding the right candidate. Due to the shortage, companies said they had to come with their best offer or risk being left in the lurch, according to the report.
“Forward-thinking companies know that competition for top candidates is intense, so they’re prepared to offer generous compensation and benefits packages, as well as flexible schedules and more work-life balance options,” one IT manager said, according to the report.
In terms of salary projections, the survey divides each position into 3 or 4 quadrants with different salary rates depending on how much a candidate matches what a company is looking for.
Chief information officers and chief technology officers could reach salaries near $300,000, while most of the other positions down the line ranged between $80,000 to $200,000.
Mobile application developers, applications architects and software engineers all had salaries between $184,000 and $206,500 if the candidate was in the 95th percentile of what employers were looking for.
Robert Half described a “95th percentile” candidate as one with a high level of relevant expertise and a specialized set of hard to find skills.
Other than positions like PC technician, cable technician and help desk assistant, Robert Half’s data shows most technology jobs available can net candidates upwards of $50,000 a year on the low end.
Database management was another highly-paid field, with salaries reaching beyond $200,000 for high-level candidates. Data architects, AI architects and big data engineers all had figures hovering between $120,000 and $222,000.
Security, networking positions and technical jobs ranked highly in the survey and matched top-end salaries seen in other fields. Wireless network engineers, network/cloud architects and information systems security managers were in especially high-demand and could seek salaries reaching $205,000.
“Workers have more access to information about their salaries, roles and career options than ever before, arming them for conversations with current and potential employers,” said Robert Half Senior Executive Director Paul McDonald.
“Managers must remain equally knowledgeable, regularly evaluating salaries to ensure they’re paying at or above market rates to recruit and retain highly skilled talent in today’s competitive hiring market,” McDonald said.
These salaries are affected by the state you live in, so Robert Half included a simple metric, state-by-state, to adjust each salary. Depending on where you live in the U.S.,you could expect up to 20% less or 40% more. They also included potential salaries for companies across Canada.
In addition to the salary info, the company did a survey of the industry and found about 80% of companies were offering health insurance and paid time off as part of a benefits package. Sixty percent included vision insurance and another 70% offered dental.
Just half offered paid parental leave and even less offered things like employee discounts or company-subsidized meals.
“In a stronger economy, top performers have options, but they’re more likely to stay put if they feel they’re getting paid fairly,” McDonald said.
“Employees know their worth, so don’t risk losing key players because you’re not showing them they’re valued at your company.”
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