Senior IT Salaries Fall With Economy
For the first time in 17 years, the benchmark salary paid to senior IT executives has shrunk, showing that the same people hailed in the days of the New Economy are now being pummeled by the recession.For the first time in 17 years, the benchmark salary paid to senior IT executives has shrunk, showing that the same people hailed in the days of the New Economy are now being pummeled by the recession. That was one finding of the January 2002 Salary Survey released today by Janco Associates Inc., a Park City, Utah, management consultancy that focuses on IT. The survey uses data from Janco Associates compensation database for IT professionals, which contains data for 71 IT positions at about 581 large and midsize U.S. companies. The worst off are vice presidents of information services at medium-size companies. Benchmark salariesincluding salary, bonuses and benefits--paid out to obtain or retain top performers holding that title have dropped 41 percent on average over the past six months, to $159,730, down from $272,410. Others feeling the pain include vice presidents of technical services at medium-size companies, whove seen benchmark salaries drop almost 29 percent. It once took $268,784 to attract top dogs in that categorya figure thats since dropped to $190,872.
The news isnt entirely gloomy. Base salaries for senior staffincluding titles such as CIO and vice president of information serviceshave crept up, even though total compensation, including performance bonuses, has gone down.