Security News > 2023 > June > Despite cutbacks, IT salaries expected to rise

Despite rising labor costs, economic inflation, and companies making an effort to cut back, the salary outlook for IT professionals is positive, according to InformationWeek.

The median salary increased from $125,000 in 2021 to $140,000, a jump of 12%. 61% of IT pros are satisfied with their total compensation, and 62% report they are satisfied with their overall job.

The gender pay gap still exists, but both men and women saw an increase in pay.

Women's annual salaries increased 28% from a median of $105,000 to $135,000 in 2022 and men's pay increased 9% from $128,000 in 2021 to $140,000 in 2022.

"In spite of the unknowns in the market, the IT pay outlook is rosy for now. Companies are increasing pay as the cost of living increases, and they are committed to advances in pay parity and diversity hiring. Despite witnessing a string of layoffs at tech companies, the majority of IT professionals report positive overall job satisfaction and nearly nine out of ten feel confident with regard to their present job security," said Sara Peters, Editor-in-Chief of InformationWeek.

"It's difficult to predict what impact generative AI and other new automation technologies will have on IT salaries and hiring patterns. We'll have to see what next year's survey results tell us about that," concluded Peters.

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