CHICAGO, IL--(Marketwired - Feb 25, 2014) - Salary and non-salary compensation at Illinois-based technology companies is expected to climb by an average 20% for staff and 9.5% for management in 2014, according to the Illinois Technology Association's just-released 2013 Salary Survey. The forecast marks the largest projected rise in staff compensation and the second largest projected increase in management compensation in the seven years that the ITA has been conducting the survey.
"These numbers show that Illinois's tech community not only has confidence in the economic recovery but also is positioning itself to be more competitive in attracting IT talent," said ITA CEO Fred Hoch. "We still have a long way to go to compete with both coasts and make the technology industry a real force in the state's economy, but this demonstrates that we are moving in the right direction."
Among other survey highlights:
- The median salary for a CEO of an Illinois-based technology company increased from $180,000 in 2012 to $236,396 in 2013. Median non-cash compensation rose from $425,000 in 2012 to $1,244,283 in 2013.
- Other median IT executive salaries in 2013 included $218,125 for presidents, $211,292 for CFOs, and $201,250 for CIOs.
- Median CTO salaries jumped from $120,000 in 2012 to $189,484 in 2013.
- No company reported plans to eliminate positions in 2014, and four out of 10 reported plans to hire new staff.
- No company reported expecting salary levels to fall in the coming fiscal year, and nearly three-quarters of respondents expect their management salaries to increase.
The survey asked more than 100 companies about salary and non-salary compensation for 104 different IT positions. Respondents spanned a broad range of company sizes, industry sectors and geographies.
The full report provides a breakdown of compensation statistics by job title, company revenue and more, including average, median, minimum and maximum salary and non-salary compensation for each job category. It is available at no charge to all companies who participated in the survey, $750 for ITA members and $1,500 for non-members. The executive summary is available to all ITA member companies as a benefit of membership.
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About the ITA
The Illinois Technology Association powers tech growth in Illinois. ITA's programs, services and strategic consulting drive our dynamic industry by working to grow, build and elevate our members. Contact ITA at email@example.com, follow the discussion on Twitter at @itabuzz, and visit www.illinoistech.org to find out more about how ITA supports the growth of the local industry.