The recession and increased offshoring to cut costs are both affecting IT pay levels.
A report from recruitment consultancy Robert Walters has revealed a drop in pay between 2009 and 2010 for IT professionals in London.
The report I have seen is for IT professionals in the Banking & Financial Services sector and the Commerce & industry vertical. Both, for the London region, show similar declines in pay levels.
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Here are the findings for the Banking & Financial Services sector:
Permanent salary per annum £s
Head of IT/CTO/CIO £120-180k £110-170k
Head of Product Line IT £120-180k £100-150k
Head of Infrastructure £100-135k £100-130k
Development manager £110-140k £100-120k
Programme manager £100-130K £100-120K
Developer/Quant Developer £80-130k £80-120k
Head of Application support £85-125k £80-115k
Senior Technical Architect £80-110k £80-100k
QA Manager £75-100k £70-90k
Project Manager £75-110k £65-100k
Senior Java Developer £65-95k £65-95k
Business Analyst £70-90k £65-85k
Excel/VBA Front office £70-90k £60-80k
Junior Java Developer £50-65 £45-60k
Business Analyst (junior) £45-65 £40-60k
Contracts in the sector saw their daily rates drop also. Lloyds banking group last year told its IT contractors it was cutting pay by 15%.