3rd Quarter 2023 Editions Foote Partners' 2023 IT Skills Demand And Pay Trends Report
Foote Partners, Thursday, November 9,2023
This is a summary extract of content from the 3rd Quarter 2023 editions Foote Partners' 2023 IT Skills Demand and Pay Trends Report and 2023 IT Skills and Certification Pay Volatility Index, two market intelligence trend reports updated every 3 months from data contributed by HR departments at 4,258 U.S. and Canadian employers. It contains IT jobs, skills and certifications data trends published in the firm's IT Skills and Certifications Pay Index and deep-dive supply/demand benchmark analysis from Foote Partners' research group.
Extra pay awarded by employers to talented tech professionals for 694 non-certified IT skills - also known as cash pay premiums - declined slightly the third quarter of 2023 for only the third time in the past seven calendar quarters. Despite this lackluster performance this past quarter, the current average cash pay premium bonus for a single skill is the equivalent of 9.5 percent of base salary which is considerably higher than the average pay premium for IT certifications which average 6.5 percent of base salary.
Average market value for 619 IT certifications fell more than non-certified skills for the second time in the past four calendar quarter and third time in the past six quarters.
This according to the latest quarterly update of Foote Partners' IT Skills and Certifications Pay IndexTM (ITSCPI) based on compensation data provided by 4,258 private and public-sector employers in 83 U.S. and Canadian cities who partner with our firm to report pay for their 417,297 technology professionals in the U.S. and Canada.
Since its launch in 1999, the IT Skills and Certifications Pay Index has continuously tracked cash pay premiums paid to tech professionals by their employers for an ever-increasing number of popular tech skills and certifications. Rigorously validated data and detailed market analyses are updated and published by Foote Partners every 90 days. Currently, premiums are reported for 1,313 certifications and non-certified skills.