IT directors are Britain's new fat cats


IT directors are Britain's new fat cats

Bill Goodwin

Bill Goodwin

Spiralling salaries and generous share options are turning the UK's top IT directors into millionaires.

High-flying IT directors are raking in six-figure sums as employers offer increasingly generous retention packages.

While workers in other professions are making do with pay rises of 3% or less, IT directors have seen their pay increase by nearly three times the rate of inflation.

What could be Britain's first IT director millionaire was identified last week in a survey by IT recruitment specialist Harvey Nash.

The anonymous director, who works for a City firm, earned £1m last year after cashing in a long-term benefit package.

Bonuses and other perks are an increasingly important retention tool, the survey reveals (see table below).

About 90% of IT directors receive either a company car or a car allowance worth between £450 and £700 a month.

Although London remains the best location for high salaries (averaging £72,500), salaries are growing most rapidly in the South West and Wales, the survey reveals.

What's on offer

Perk % IT directors
Performance related pay 32
Profit share 23
Bonus for meeting organisational objectives 49
Bonus for meeting personal objectives 38
Discretionary bonuses 23

Plus company cars worth £20,000-£30,000

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