IT Survey Finds Skill Gaps, High Demand and Concerns Surrounding Staff Retention Are Driving Pay Rises

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19th March 2014 17:55 - Information Technology

According to the latest ReThink Recruitment IT directors’ survey, skill gaps, high demand and concerns surrounding staff retention are driving pay rises in the IT (Information Technology) sector.

Figures in the seventh annual survey highlight that salaries have continued their upward trend after a challenging period during the global recession. Two-thirds (65%) of directors reported salaries grew in the last twelve months, with a further 95% reporting contractor rates had either increased or remained stable during this time.

This rise in pay looks set to continue throughout 2014, with a quarter (27%) of those surveyed predicting contractor rate rises and seven tenths (69%) expecting to increase permanent salaries.

As the competition for talent continues to increase in a limited pool of specialist skills, this trend is to be expected. With staff retention remaining a critical concern – two thirds (66%) of respondents stated this was a significant concern – salary increases look set to continue over the coming months.

Findings also identified a clear gap between predicted workload over the next year and the capacity of current resources. The majority of those surveyed (77%) expect to see an increase in workload over the next twelve months.

Michael Bennett, Managing Director at ReThink Recruitment, said:

“Initial signs suggest stability is returning to the market, but there is clearly some way to go yet before full confidence returns. IT directors face growing competition for talent which is driving salary increases across the board.”

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