88% of IT Professionals Have Paid Health Insurance
Recession hit IT professionals hard - the worst may be over
Park City, UT - The preliminary results of Janco's IT Salary Survey shows that 88% of IT professionals have some form of company paid health insurance. Other benefits that over 50% of these same individuals receive are: life insurance (78%), 401K (71%), disability insurance - beyond mandated requirements (58%), flexible hours and/or schedule (56%), personal performance bonus (54%), and trips for planning and training (50%).
Victor Janulaitis the CEO of Janco said, "There are a core set of benefits that are required by enterprises of all sizes to attract and retain IT professionals. Even firms that provide IT professionals on a contracting basis need to and do provide these benefits. " He added, ". . . with the rise in heath care insurance costs employees of all firms are required to share more of the cost and elimination of health insurance is not an option. "
The IT Salary Survey also found that enterprise based performance bonuses were limited to executive IT management with only 38% qualifying. Stock options which at the top of the dot com boom were the one "must have" benefit now are only available to 29% of the IT professionals.
Janco has captured IT compensation statistics since 1996 and publishes the resultant IT Salary Survey semiannually. The IT Salary Survey is based on Janco Associates, Inc. IT professionals compensation database, and compensation benchmark ranges are established for each normalized job position. In analyzing the study data, the upper and lower quartiles are eliminated to determine benchmark ranges.
The benchmark ranges are then used to assess the alignment of a company's actual compensation to the marketplace for each job function. A summary of the most recent salary survey can be download by visiting https://www.e-janco.com/SalaryBenefits.htm
Fringe Benefits for IT Professionals January 2010
Companies have started to cut back on the fringe benefits provided to IT Professionals. For example in January of 2008 95% of IT professionals had health insurance supplied by their employers while in June 2009 only 88% did. A full historical comparison of trends in benefits is included with the full version of the Janco IT Salary Survey.
Janco found the factors holding compensation flat and dampening hiring demand are: companies continue to reduce benefits provided to all employees including IT professionals; many companies have instituted hiring and spending freezes in addition to laying-off; and outsourcing has been focused on management and support staff where the bulk of compensation expenses are incurred.