IT Skills Demand And Pay Trends Report And IT Skills And Certifications Pay Volatility Index
Foote Partners, Friday, February 16th, 2024
This news release is a summary extract of content from the 1 st Quarter 2024 editions Foote Partners' 2024 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 4,314 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 TM and deep-div
Extra pay awarded by employers to talented tech professionals for 704 non-certified IT skills - also known as cash pay premiums - increased 0.2 percent in the final quarter after three consecutive quarterly declines in 2023. Despite lackluster performance for the year in which average pay premiums declined one-half percent overall, the current average cash pay premium bonus for a single skill in the 4th quarter was the equivalent of 9.5 percent of base salary, well above the 6.5 average pay premium for IT certifications.
Average market value for 629 IT certifications increased 0.7 percent in the final quarter of 2023 for only the second time in the calendar year despite poor performance for the entire calendar year(similar to non-certified IT skills) in which the average pay premium for certifications declined nearly one percent overall.
This according to the latest quarterly update of Foote Partners' IT Skills and Certifications Pay Index (ITSCPI) based on compensation data provided by 4,314 private and public-sector employers in 83 U.S. and Canadian cities who partner with our firm to report pay for their 422,770 technology professionals in the U.S. and Canada.