Foote Partners' 2024 IT Skills Demand And Pay Trends Report And 2024 IT Skills And Certification Pay Volatility Index
Foote Partners, Thursday, April 25th, 2024
This news release is a summary extract of content from the 2nd Quarter 2024 editions Foote Partners' 2024 IT Skills Demand and Pay Trends Report and 2024 IT Skills and Certification Pay Volatility Index, two market intelligence trend reports updated every 3 months from data contributed by HR departments at 4,391 U.S. and Canadian employers.
The report 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 708 non-certified IT skills - also known as cash pay premiums - increased slightly in the first quarter of 2024 after four consecutive quarterly declines in 2023. Despite lackluster performance last year in which average pay premiums declined one-half percent overall, the current average cash pay premium bonus for a single skill in Q1 is the equivalent of 9.6 percent of base salary, well above the average for certifications.
Average market value for 632 IT certifications decreased 1.3 percent in the first quarter of 2024 for the third time in the past four quarters. This is a continuation of a generally downward trend that began last April. The single bright spot in IT certification pay has been Info/Cybersecurity certifications which grew 0.5 percent in the quarter, the only categorical increases. The average cash pay premium bonus for a single certification in 1Q was the equivalent of 6.4 percent of base salary.