For most IT professionals, salary is not the end of the compensation story. Raises and bonuses up the ante, and the good news is that raises (and bonuses) are on the rise, according to the 2016 IT Skills and Salary Survey.
Global Knowledge, a learning services and professional development solutions provider, conducted the ninth annual survey online from Sept. 21 to Oct. 23, 2015. Global Knowledge, a learning services and professional development solutions provider, and its partners sent out survey invitations to more than half a million IT and business professionals, yielding more than 14,000 completed responses from around the globe, with the majority coming from the United States and Canada. The 2016 IT Skills and Salary Report focuses on North America, where 8,923 IT professionals and 1,263 business professionals shared their input.
Three out of four respondents to the survey said they had received a raise the prior year. This is consistent with 2015 results and up five points from 2014. The percentage receiving a raise has grown each year since 2010, when respondents reporting raises was at a low of 43 percent.
Bonuses are also on the rise, with 65 percent of respondents saying that they had received a bonus the previous year. The percentage of respondents reporting that they had received a bonus the previous year has risen steadily since its lowest point—as with raises, in 2010, during the dark days of the recession.
The reasons for getting a raise varied among respondents, but the size of the raise was typically consistent with the reason for the raise:
- For IT pros receiving a raise of up to 5 percent, reasons cited included cost of living and standard company raises.
- Raises of 6 to 10 percent were attributed to taking on new responsibilities in a current position.
- Those who got a significant raise, of 11 percent or greater, attributed the increase to a promotion (internal or external), bringing valuable new skills to the table or external lateral moves.
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Did you get a raise last year? If so, for what reason? If not, would adding to your skill set mean an increase in compensation? Let us know in the comments section below.