IT Salaries are Rising: What That Means for Employers

April 12th, 2019

Salaries for technology professionals continue to trend upwards, yet another factor contributing to a competitive market for the best IT talent. Companies employing tech pros need to step up their game when it comes to compensation, benefits, and providing a welcoming culture attractive to employees. Additionally, organizations must develop a well-considered staffing plan to better prepare for fierce competition for candidates.

Let’s look more closely at a few other insights related to the growing salaries in the IT industry. Leverage these ideas to ensure your company stands ready to both retain its best and brightest while continuing to hire new employees as necessary.

Make Sure Your Staffing Budget Accounts for Higher Compensation

The most obvious takeaway for tech firms in an environment of rising salaries involves increasing their budget for employee compensation. This includes both offers for potential candidates as well as raises for your top IT employees. Your organization needs a dual approach that considers both new hires as well as keeping the company’s retention rate as high as possible.

Take Steps to Improve Your Retention Rate

Speaking of retention, higher salaries in the tech industry mean your company needs to go the extra mile to retain its current employees. After all, hearing about the increased pay throughout the industry naturally makes some of your own workers curious about their market potential. Additionally, remember the costs of retaining in-house talent are lower than sourcing great candidates as replacements.

With improved retention in mind, does your company provide its staff with a training program and tuition reimbursement to give employees a chance to develop their careers? Is the office culture focused on the positive, like open communication and strong collaboration? Affirmative answers to these questions definitely contribute to keeping employee morale at its highest – an important factor in a high retention rate.

Top IT Employees Want More than High Salary

While offering a high salary, a generous benefits package, and a positive company culture help keep your tech employees professionally satisfied, they are also interested in other perks. Flexible scheduling combined with the ability to telecommute matters to many. Interesting project work and strong leaders able to motivate their team are also important.

Ultimately, fostering a culture that goes beyond high salaries is the best way to keep your firm ahead of the competition when it comes to staffing.

Hire Top Talent Today!

If you need advice on building a great IT team at your company, speak with the experts at Synerfac. As one of the top technical staffing agencies on the East Coast, we provide great candidates able to make a difference for you. Schedule some time with us soon.

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