IT directors are Britain's new fat cats
Bill Goodwin
Spiralling salaries and generous share options are turning the UK's top IT directors into millionaires.
High-flying IT...
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
