The median compensation for chief information officers at large companies rose a modest 3.6% in 2007, reaching $181,240, according to a survey released by Janco Associates, a management consulting firm based in Park City, Utah. However, CIOs in mid-sized organizations did not fare as well. Those CIOs eked out a 1% increase to $171,200, including bonuses.
In its annual salary review, Janco found that there appears to be a strong market for IT positions and that should translate into healthier salary gains for CIOs at large enterprises in 2008 - somewhere in the range of 5% to 8%. Once again, however, pay checks at mid-sized companies will not jump quite as high, with those CIOs expected to receive increases in the range of 3% to 4%. The salary survey was conducted in the fourth quarter of 2007.
"Eventually the salary increases being seen at the higher levels will filter down, but it's going to take a while for that to happen," says Victor Janulaitis, chief executive of Janco. "Now, all bets are off if we go into a recession."
The survey of roughly 500 companies found that the median salary for CIOs at large enterprises (over $500 million in revenue) including bonuses was $181,240 heading into 2008. That compared with $174,979 a year ago. Chief security officers (CSOs) saw their salaries hold steady at $152,563, compared to $152,806 a year earlier, while vice presidents of information services actually saw a slight dip to $143,276 from $144,928 a year earlier.
At mid-sized companies, the median salary for CIOs was $171,200 heading into 2008, compared to $169,504 a year earlier, a 1% increase. CSOs earned $148,859, down from $151,094 a year earlier, while vice presidents of information services earned $116,383, up from $111,576.
Janulaitis speculates that the fluctuation in salary levels could be a reflection of companies trying to hold the line from the heady days early in the decade when IT executives saw double digit increases. "Companies are reluctant to reduce pay levels, so instead we're seeing that many salaries are remaining relatively flat," he says.
The survey also found that the IT jobs in hottest demand include network control analysts, systems programmers, production control analysts, change control analysts, and Web analysts.
Check out the full report on Janco's Web site: http://www.e-janco.com/
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