High Tech Wages Near All-Time High in Third Quarter of 2007
PHILADELPHIA—October 25, 2007— Hourly pay for highly-skilled technology professionals continued to improve in the third quarter of 2007, when compared to the same period in 2006, and slightly trail all-time highs set in the first quarter of this year.
According to the Yoh Index of Technology Wages, the quarterly compensation index used by Fortune 500 companies to determine salary scales, wages rose at varying levels during the third quarter, but showed significant improvement from 2006. The Yoh Index of Technology Wages reported a 6% increase in July, followed by 4.64% growth in August, and then ended with a 5.79% improvement in September, when compared to the same months in 2006.
"These are the good old days for IT, engineering, clinical research and scientific markets, and pay growth this quarter is certainly a testament to that," says Jim Lanzalotto, Vice President of Strategy & Marketing for Yoh. "Wage growth is strong, demand is increasing due to rapid advancements in technologies, and all leading indicators point to increased hiring in coming months. But while the job outlook is positive, the industry still needs to consider the long-term pipeline and develop incentives for more students to seek degrees in math, computer science and engineering so that it doesn't suffer a significant loss of IT skills and qualified professionals."
The Yoh Index of Technology Wages reached a high of 113.60 during the third quarter of 2007, when indexed to January 2001 (1/2001 = 100), indicating a 5.79% increase in wage growth, when compared with the same period in 2006.
Compiled quarterly by Yoh, one of the world's largest recruiting services firms for high-impact technology and professional talent, the Yoh Index of Technology Wages is used by emerging technology and Fortune 500 firms as a guide for determining their quarterly salary scales. Each Yoh Index of Technology Wages report identifies the top job titles in highest demand and provides an index to compare current average wages over the same period last year.
Based on conversations with more than 9,000 hiring managers in over 15 major metropolitan areas, Yoh has determined the skills most in demand for each market. Roles that appeared most frequently nationwide included:
Ÿ Biostatistician
Ÿ Civil Engineer
Ÿ Clinical Research Associate
Ÿ Firmware/Embedded Engineer
Ÿ Java Developer
Ÿ Mechanical Engineer
Ÿ .Net Developer
Ÿ Oracle DBA
Ÿ Project Manager
Ÿ SAP® Consultant (Functional/Technical)
The Yoh Index of Technology Wages provides a unique barometer of the changes in employer demand and supply of technology talent nationwide. It is not based on polls, surveys, projections or other anecdotal evidence. The Yoh Index of Technology Wages is built on solid data compiled by Yoh's 75 U.S. field offices and uses actual employment activity of as many as 5,000 technology professionals outsourced on short- and long-term projects by more than 1,000 of the nation's top employers in the aviation, engineering, information technology, manufacturing, scientific, telecommunications and utility industries. For more information or to sign up to receive future editions of the Yoh Index of Technology Wages before they are released, please visit yoh.com/yohindex.
About Yoh
Yoh is one of the largest providers of talent and outsourcing services to customers in the United States. With over 380 Million USD in total sales, Yoh operates from more than 75 locations and provides long- and short-term temporary and direct placement of technology and professional personnel, as well as managed staffing services, for the information technology, scientific, engineering, health care and telecommunications communities. For more information, visit yoh.com. Yoh is part of Yoh Services LLC, a Day & Zimmermann Company.
About Day & Zimmermann
Day & Zimmermann accelerates customer success by delivering diversified services. Operating from more than 150 worldwide locations with 1.9 Billion USD in revenues, the Day & Zimmermann family of companies employs 20,000 professionals and is currently ranked as one of the largest private companies in America by Forbes and is a former winner of the U.S. National Family Business of the Year award. Founded in 1901 and headquartered in Philadelphia, PA, Day & Zimmermann companies today provide staffing services, architectural-engineering-construction services, power plant maintenance and modification services, security services, and validation services to businesses and government agencies, and munitions production, equipment maintenance and facilities management services to the Department of Defense. For more information, visit dayzim.com.