High-Tech Demand Drives Up Salaries

October 5, 2016

Technology has become a driving force across all industries, making the need for IT talent at an all-time high.  As companies work to fill high tech positions, they are faced with the challenge of offering the right compensation packages to entice these individuals or risk losing them to competitors. That’s why we’re seeing companies up the ante and boost salaries as a way to draw-in IT candidates with the right tech minds and experience.

A recent Wall Street Journal article tells how one well-known company found out that investing in tech talent has become a necessity.  In 2012, GE was not interested in paying high dollars to attract engineers to their new software division.  As a result, they were losing tech talent to Apple, Inc. and Cisco Systems, Inc.  Today, four years later, GE’s thinking has changed. They now offer base pay bonuses and equity to software talent to compete with Silicon Valley companies such as Facebook and Google.

There are a variety of high-demand IT positions that are driving up salaries and compensation.  Based on surveys these are the top 8 (salaries are national median incomes): Network Security/Cybersecurity Analyst $103,677, Senior Software Engineer $97,355, IT Project Manager $84,118, Software Engineer $81,397, IT Consultant $75,009, Software Developer $70,173, Network Engineer $69,956, and Systems Administrator $60,905.

However, with the high-demand for tech talent, Software Developers can earn top dollar, even more than the national median income, just out of college.  In fact, according to the Boston Globe, recent software college grads can earn around $90,000 in Massachusetts. Other hotbeds for IT job growth and high salaries are: California, Texas, Florida, New York, and most recently, Colorado.  In addition, these same candidates are also getting as many as 20 recruiting phone calls a day and the promise of a 20-25% bump in salary.

While the need for IT talent is at an all-time high, there’s a real shortage of qualified IT staff in all industries. Colleges and universities have stepped up and started diversifying their technology degrees to include more specialized fields, but it isn’t an instant fix by any means. And since many CIO’s intend to expand their technology plans in Q4 of 2016 and throughout 2017, we will continue to see lucrative salaries for IT professionals.

Meet Generation Z Part II…How to Attract & Retain Them

May 18, 2016

In Part I of “Meet Generation Z”, we mentioned that they are the next generation to enter the workforce and according to Wikipedia, some sources start this generation at the mid or late 1990s or from the mid-2000s to the present day. Right now, they comprise about 7% of the workforce, but by 2019 it is estimated that 30 million will be employed.

As more information about Gen Z emerges, it’s most interesting how they differ from other generations when it comes to being happy at work . What will it take for your organization to attract and retain them?

  • Create a young professionals employee group. Starting an employee group for Gen Z will engage and empower these individuals to become future leaders by providing personal and professional development opportunities. Within this group, encourage networking and civic involvement.
  • Provide the latest and best technology. Gen Z is accustomed to having the latest and greatest technology. They’ve been raised on smartphones, laptops, desktops, iPods, etc. and using multiple screens are the norm. Therefore, to get their attention and keep them happy, continuously invest in new technologies and provide Gen Z with the tech tools that will engage them and make them more successful.
  • Provide a career path that is tailored to them. As we know, the HIT Industry is exploding which is creating all kinds of employment opportunities. In order to attract and retain Gen Z, offer them a broad range of areas within your organization where they can specialize and succeed. Think about tailoring positions that leverage Gen Z’s quick adoption of technology and their desire to move up quickly.
  • Expand flexible work hours and remote connectivity. As the tools and technology evolve, make it part of your culture to allow remote participation in meetings. Think about embracing Web-based video conferencing and on-line meetings, if you haven’t already.
  • Offer coaching and mentoring. Gen Z expects your organization to offer formal coaching and mentoring programs. They will especially need training in interpersonal skills and communication.  They are so accustomed to communicating through the use of technology, that most could use pointers on how to have an effective face-to-face dialogue.
  • Refresh your rewards and/or recognition programs. Gen Z professionals need more rewards and recognition programs than any other generation. They look for accolades on even minor accomplishments. You will need to reward often and keep changing the rewards program to keep up with their expectations.

Generation Z is quickly approaching and they’re ready to live and compete in the digital world like no other. This technologically savvy and extremely innovative generation feels that they can achieve anything and they will expect your organization to support them and provide growth opportunities or risk losing them.

What are your thoughts about Gen Z in the workplace?