2024 IT Salary Trends

After 2023, many tech companies restructured their organizations through layoffs and strategized ways to properly allocate resources. During restructuring, 79% of those laid off were able to find a new position within three months. It’s also speculated that because of the layoffs, 93% of employed tech professionals are either looking for a new job or willing to hear about a new opportunity.

In the report, it was found that the average earning dropped $155 in 2023 compared to the year prior. Even more so, 49% of tech professionals are satisfied with their compensation, which is a decrease from 2022 at 55%. It should be stated that more tenured professionals are more likely to be satisfied with their compensation.

Networking and cloud-related positions have the fastest-growing salaries. Companies are willing to pay well for employees with these skills when combined with AI or data analytics. The report also found that 51% of employees gained a certificate to help boost their pay. But keep in mind that employers are willing to set aside certificates and education for employees who have demonstrated they have the skills mastery and experience to perform the job well.

While technical skills are prized, companies are also willing to pay well for tech professionals who can merge their technical and soft skills to lead teams in creating significant change.

Offering strong compensation is vital, but it’s been found that benefits are just as important as salary. Traditional benefits like health insurance, PTO, and 401k are a must-have for employees. But benefits such as work-from-home stipends, fitness reimbursements, childcare options, and stock options are becoming in demand. It’s been found that professionals can be swayed to another offer based on the benefits package. So if companies want to attract top talent, it’s time for them to take note.