Janco has confirmed that there will
be over 400 high paid IT executives that will out of work by the end of
this year.
Park City,
UT –
In nterviews with highly placed sources
within Lehman Brothers' and Merrill Lynch, Janco has confirmed that a
large number of IT professionals in both organizations will lose their
jobs before the end of the year.
By Janco's estimates there are over 230 IT
professionals at Lehman Brothers' who make $250,000 or more a year. Many
of those jobs will go away. Add to that the 180 plus IT professionals at
Merrill Lynch making over $250,000 a year and there will be a glut of
top IT professionals that will be on the street by the end of the year.
The CEO of Janco, Victor Janulaitis said,"High paying
jobs within the IT function are targeted first when companies go
bankrupt or are acquired. High paying middle layer jobs are viewed as
sources of immediate cost savings."
In Janco's June 2008 IT Salary Survey found the IT
compensation was up slightly for most positions in the Information
Technology function. Victor Janulaitis said, "Hiring was up across the
nation as companies begin to focus on business expansion with an
cautious eye towards the economy. However with the recent events that
outlook has changed drastically."
The summary findings in Janco 2008 IT Salary Survey
were:
- The mean compensation (which includes bonuses)
for all executive IT positions surveyed now is $143,847 in large
enterprises and $128,730 in mid-sized enterprises. (Large
enterprises have over $500 million in revenue and mid-sized have are
$100 to $499 million in revenue).
- Hiring demand has increased for executives
(especially in mid-sized enterprises). In the last twelve (12)
months the greatest increases in compensation were at the executive
levels of large enterprises.
- CSOs (Chief Security Officers) executives are in
high demand in large as well as line IT executive management in
enterprises of all sizes.
- The mean compensation for Chief Information
Officers (CIOs) in mid-size enterprises has decreased with a
significant increase in demand. This typically means that
enterprises feel their existing CIO are not worth what they are
being paid and they are willing to hire new CIOs at significantly
higher levels of compensation that will be worth the additional
cost.
- The positions in the highest demand are at the
executive levels of mid-size enterprises with the focus continuing
to be line operations and mandated security requirements such as
Sarbanes-Oxley, HIPAA and PCI.
- Mid-sized enterprises are searching for Network
Control Analysts, Systems Programmers, Production Control Analysts,
Change Control Analysts, and Web Analysts.
- In mid-sized enterprises the mean total
compensation has moved risen slightly from $75,076 to $75,362. At
the same time in large enterprises the median compensation has also
moved up from $80,078 to $81,631.
- Baby boomers’ are now starting to retire.
- The new target top compensation CIOs now is over
$2,000,000 a year (data source SEC filings of public corporations)
continues to increase.
A free summary of the IT salary survey can be found on
the Janco web site http://www.e-janco.com.
About
the IT Productivity Center and Janco Associates
The IT Productivity Center is a division of Janco
Associates' Inc which
is a Mountain States
based consulting firm that publishes the HandiGuide® series of book used by
IT, HR and other professionals as the source of information on topics from
PC Polices to job positions and responsibilities. In addition to its
electronic books and survey publishing.
