Tech Workers Take it To The Bank
Technology salaries in the U.S. saw the single largest year-over-year increase ever in 2015, up 7.7 percent to $96,370 annually according to the recently released annual salary survey by Dice.
Bonuses and contract rates also rose from 2014, and tech salaries in seven metro areas reached six-figures for the first time since the survey began more than a decade ago.
The wage hikes paint a picture of an overall solid environment for technology professionals with 62 percent earning higher salaries in 2015. Almost half of respondents reported a salary increase as a result of upward mobility at the same company, with 38 percent receiving a merit increase and 10 percent receiving an internal promotion. The second most common reason for a rise in salary was a result of the professional changing employers (23 percent).
Over time, bonuses have become more commonplace in the tech industry. The average bonus was $10,194, a seven percent increase from 2014. In 2015, 37 percent of technology professionals received a bonus, unchanged from last year, however up from 2009 when 24 percent earned the extra payout. More experienced tech professionals were more likely to receive a bonus as well as those in the banking/financial, telecom, hardware, entertainment/media and utilities industries.
“The competition for tech talent today is undeniable. Demand for skilled talent and low unemployment rates for tech professionals aren’t making the hiring landscape any easier. Employers realize offering competitive pay is a necessity,” said Bob Melk, President of Dice. “What’s promising is the tech industry recognizes the need to fill open seats as well as to reward tech talent for their hard work.”
Contract workers saw a rise (five percent) in hourly compensation, with contractors earning $70.26 per hour. Tech contractors working in industrial/chemical, professional services, healthcare and utilities/energy segments were paid higher than overall tech contract rates.