The Wall Street Journal reports that many corporate technology leaders say many IT workers are commanding compensation increases of 20% or more. Across the board, the rising cost of hiring and retaining top talent is creating challenges for corporate leaders.
- Wage inflation is accelerating, pressuring companies to boost compensation for key roles by 20% or more.
- Companies are competing for a limited pool of workers skilled in areas such as cloud computing and data science.
- During FY2022-Q1, U.S. employers posted 1.1 million tech jobs; an increase of 43% from the previous year.
- Companies are turning to remote work and other digital initiatives.
- A 40-year-high rate of inflation and geopolitical turmoil is pushing compensation for tech workers higher.
- Tech roles in greatest demand: cloud computing architects, data scientists and modelers, and machine learning experts.
- Tech leaders are under pressure to convince board members to approve higher spending for tech salaries that may exceed pay levels for other jobs.
- The net result is that the cost of running and maintaining IT operations is on the rise.
- Wage inflation is not limited to veteran workers; hiring managers are offering recent graduates compensation packages in the six-figure range, compared with starting salaries of $70,000 to $85,000 just a few years ago.
AG Foundry believes that wage inflation is real and is having a direct impact on the cost of running and maintaining operations. We are seeing evidence that the cost of talent is not limited to companies in the technology sector and that the challenge is real for companies in virtually every industry.
Top talent is hard to find, but AG Foundry can help. We can identify top talent in greatest demand….fast.
If you need help navigating the turbulent times, contact AG Foundry for more information