Earnings growth in the IT sector has fallen for the first time in four years with the lowest growth since 1996 reported in the National Salary Survey 2007 from the Chartered Management Institute and Remuneration Economics.
According to the study of more than 42,000 workers, IT executives recorded the lowest average pay rise at 3.1% compared with the average of 5.3% and a healthy 5.9% in the HR industry.
Almost 35% of executives in the IT sector received bonuses compared to more than 59% last year.
Resignations in the IT industry are on the up at 5.9%, representing a 1.5% increase. “In industry terms, the IT sector is not suffering resignations as much as retail (11%) or insurance (8.2%), but it is faring worse than the pharmaceutical industry (4.4%) and food and drink sector (3.8%),” according to the report
Average total earnings for managers in the IT sector, were reported as £47,108, compared with £47,449 across the whole of the UK, which places the group as the fifth highest earners by industry.