Other findings from the survey include:
· Continued strong salary growth in Silicon Valley, as well as other tech centers including Boston and Atlanta;
· IT Managers received the biggest salary increases, including Project Managers (5.0 percent) and MIS Managers (7.8 percent);
· The Government/Defense and Computer Software industries both grew faster than average (2.8 percent), while the Banking/Financial industry remained virtually flat (0.6 percent increase) after an 8.5 percent increase in 2006;
· An increase in the gender gap to 11.9 percent (vs. 9.7 percent in 2006) as women’s salaries held steady while their male counterparts experienced a 2.4 percent increase;
· Satisfaction remained high among tech workers: more than 50 percent of respondents are happy with their salaries.
Tech salaries have slowly, but steadily increased over the last five years since average salaries declined in the early part of the decade. In 2007, average tech salaries increased 1.7 percent, following a 5.2 percent increase in 2006. 2006’s increase was driven by an almost 9 percent climb in the average contractor salary. In 2007, contractors still had the largest gains at 3.7 percent (for a salary of $93,017) while full-time workers experienced a 1.7 percent rise ($72,003). Technology professionals continued to be in high demand in 2007, with an annual average unemployment rate of 2.1 percent, ranking far below the national annual average of 4.6 percent, according to the Bureau of Labor Statistics.
Top Paying Skills and Experience
IT managers are increasingly in high demand, and their salaries reflect this. Dice.com job postings seeking a “project manager” or “project management” have grown by 25 percent since January 2007 and by 50 percent since January 2006. For the first time in the Dice Annual Salary Survey, two titles averaged more than $100,000, with Project Managers joining IT Management in the $100,000+ club. Project managers saw their salaries rise by 5.0 percent in 2007. MIS managers’ salaries increased approximately 7.8 percent to $88,934.
Tech workers age 40 and over had the highest salary increases at approximately 2.3 percent, while entry-level workers, with a year or less experience, saw their 13.2 percent increase from 2006 give way to a 2.3 percent salary decline in 2007. However, entry level tech workers still fared better than many other entry level positions in other industries, as they took home an average of $41,457, which is higher than the Bureau of Labor Statistics median income for fulltime workers of $36,140.
The larger the company, the larger the salary increases, as companies with more than 1,000 employees had the greatest increases (2.3 percent) and employees at companies with less than 50 employees reported a 1.8 percent decline in salaries.
E-commerce workers continued to see the largest salary increases, even after 2006’s 14 percent gain, pocketing an additional 4.6 percent in 2007. Government/Defense and Computer Software saw healthy increases (both at 2.8 percent) this year, and with the fallout from the credit crisis, the Banking/Financial industry not surprisingly experienced minimal growth (0.6 percent increase).
More than 50 percent of the technology workers surveyed are satisfied with their salaries, with 14 percent categorizing themselves as very satisfied and 39 percent somewhat satisfied. Those who were very satisfied earned an average of $93,065. The 11 percent of respondents who replied that they are very dissatisfied had average salaries of $51,560.