If you’ve been paying attention to the news, you might have noticed that the economy is showing more signs of improvement. Along with those signs of improvement, there’s been an increase in salaries for IT talent. In fact, I’ve noticed that nearly all IT positions are jumping anywhere from five to seven percent.
A look at IT salary trends
The economic recovery has been slow, but fairly steady, and many IT salaries and rates were stagnant for quite a while. The thing is, many IT professionals expected those stagnant salaries and were somewhat forgiving when it was time to negotiate salary or raises.
Right now, companies can’t afford not to invest in IT talent. An investment in IT talent is critical along with system and infrastructure upgrades. As companies work to catch up and ensure their technology is up to date, we’re finding that many companies are flooding the market simultaneously to land top IT talent.
Can you afford top IT talent? Yes!
Just about every company faces budget constraints – it’s a reality in any economy. While it can be tempting to settle in your IT talent search, hiring less than top talent at this critical juncture could make a lasting, negative impact on your business.
To stay competitive, companies need to hire top IT talent. Talent that innovates, stays at the top of their game, and is committed to helping your business reach its goals. Put more simply (and directly), IT talent is the difference between innovation and success…and failure. In fact, here are just a few benefits to hiring truly exceptional IT talent:
* You achieve more with less. That’s right, hiring top IT talent (and yes, paying them more), should mean you’re hiring a top performer – talent with the skills needed to help you achieve multiple goals. These truly exceptional IT professionals are often able to get more work done, more efficiently, with better results. In the end, that means you actually save money versus hiring “more” talent.
* You save. Hiring fewer professionals means fewer costs. It’s basic math, but it’s a major benefit that I like to point out. The “sticker shock” of hiring top IT talent can wear off quickly when you realize the potential savings that can result from hiring top talent instead of mediocre professionals.
Your business can afford top IT talent, and it should make the investment – now. These four tips can help ensure your company is primed to attract and land IT professionals who will make an impact:
1. Move fast. I hear stories all the time about companies who are on the fence about whether to make an offer, only to find out that the desired candidate accepted another offer in the meantime. I cannot stress this enough – if your organization as an appropriate interview strategy in place and you’ve identified and interviewed a top IT candidate, make the hire!
2. Be willing to adapt. Some companies are used to doing things the “old way.” Maybe they don’t understand the value of certain skill sets, or they simply don’t feel that certain roles are worth a higher salary. Put simply – you may need to change your way of thinking. IT is driving just about every aspect of businesses in every industry. Innovation is driving short- and long-term success, and IT professionals are driving that innovation. Your business and leadership must adapt to the changing state of business today in order to not only survive but thrive.
3. Work with a partner. Understanding what salaries to pay, which IT talent to target, and best practices for attracting top IT talent can be overwhelming to many businesses. When you work with an IT staffing company, your staffing partner puts years of expertise and experience to work, ensuring you are primed to land IT talent that will make an impact on your business. Today’s IT talent marketplace can be tricky, but working with a partner can help you gain a competitive edge and ensure you find precisely the IT talent you need.
4. Don’t try to substitute for salary. Your company may have an amazing culture, and maybe you offer a tremendous benefits package. Those things are excellent differentiators, but they are not a substitute for competitive compensation. Benefits like working remotely or office daycare are competitive differentiators and once a candidate decides to consider your offer, those will help separate you from the competition. But at the end of the day, they will not overcome a salary that isn’t competitive.
Investing in top IT talent is an investment in your company and its future. Making the right decisions now will help build a solid foundation of growth to propel your business in the right direction.