Consecutive quarters of increasing revenues and solid bottom lines, attractive balance sheets, private equity funds beginning to flow, and the banks beginning to lend more liberally than in the past couple of years definitely suggests economic recovery is in full swing.
With all these indicators leading to general financial health, employees are ready to see some increase in their own personal salaries/financials. Dice, the leading technology career site recently completed a survey and found that despite the marginal year over year increase in compensation for technology workers, their study shows glimmers of business recovery. Nearly half of those surveyed (49%) received a salary increase in 2010 compared to just 36% who saw raises in the previous year. And more technology professional received bonuses: 29% compared to 24% of 2009 respondents.
“Companies can no longer get away with paltry salary increases for their technology staffs based on the demand we are seeing for talent,” said Tom Silver, Senior Vice President, North America at Dice. Retention is key, and productive employees who receive compensation increases and bonuses are more likely to stick around and drive added value. Conversely, those companies unwilling to increase salaries and compensate their key employees for their contributions will likely end up paying in the long run, and more than likely more than they bargained for.
