There are signs that market forces are bringing more realism and even a degree of stability to pay settlements across the range of IT skills, according to a new study by remuneration consultants Watson Wyatt.
‘But companies are no longer focusing entirely on cash or long-term incentives to attract and retain IT talent,’ said Tony Gilbert, a partner at Watson Wyatt.
‘Training and development, and work-lifestyle balance are increasingly important mutual benefits for companies and IT employees,’ he said.
Salary increases across the UK’s IT sector have risen an average by four per cent during 2002, compared with average increases of 5.1% in 2001, according to Watson Wyatt’s 2002 Survey of Total Compensation for Information Technology and Systems Specialists.
With few vacancies in the market, the analyst says companies are in a better position to dictate – and even drive down – the asking price for certain skills and jobs.
The survey is based on data based on nearly 10,000 jobs at 173 companies in the year to May 2002.
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