IT workers with experience in financial technologies are seeing a 50-plus percent boost in demand from 2009, and they are not afraid to tell you they expect larger bonuses and will jump ship to obtain a larger piece of the compensation pie to get it.
ever underestimate the greenbacks, Mr. IT Manager. Your employees are pining
for more of the compensation pie in 2010.
More than 40 percent of technology workers who work for
Wall Street firms think compensation is the most important reason to work in
financial fields, according to a new report. In a survey that polled 2,145 Wall Street professionals, 55
percent of technology survey respondents said compensation was important but
not necessarily the most important reason to work for a financial firm.
As of Nov. 1, technology job openings at
financial companies are up 54 percent from a year ago on the eFinancialCareers
site. In the United States, there are 1,553
opportunities; In the U.K., that number is almost double at 3,124. Asia has more than 2,400 job vacancies
while Europe and the Middle East have more than 1,600. It's a
good time to have experience in financial technologies, finds a report from the
Dice-owned job board eFinancialCareers.
What skills and technology experience are in
demand at financial companies in the United States?
"Wall Street institutions are
looking to recruit programmers and developers particularly with C++, C# or
Java, database administrators and project managers in various operations
including algorithmic trading, risk management and wealth management," said
Constance Melrose, managing director, eFinancialCareers North America, in an interview with
eWEEK. "Experience in financial services is always a plus, especially at
investment banks and broker-dealers. Investment managers and others on the
-buyside' are more open to recruiting technology professionals from other
For technologists in financial companies, the
survey found year-end bonuses are on the agenda. IT managers looking to keep
their talented technology employees retained should consider how compensation
plays a factor in career decisions like changing jobs and job satisfaction.
"With the tech unemployment rate at 4.8 percent -
well below the national average of 9.6 percent - Wall Street tech professionals
are in a position to sit across from managers and negotiate a desirable bonus
with the confidence of a positive employment environment," wrote Melrose in a
November statement about the survey. "In fact, of the tech professionals who
expect a higher bonus this year, 18 percent attribute the better payout to
changing employers in the last year, showing they aren't afraid to capitalize
on opportunities for career advancement."