After Hitting All-Time Highs in 2007, Tech Wages Drop in 2008
PHILADELPHIA—May 20, 2008—After hitting all-time highs in 2007, hourly wages for highly-skilled technology professionals dropped year-over-year during the first quarter of 2008, paralleling current market and economic conditions, according to the latest Yoh Index of Technology Wages.
The Yoh Index of Technology Wages reached a first quarter low of 110.55 in February 2008, when indexed to January 2001 (1/2001 = 100), indicating a 2.7 percent decrease in wage growth, when compared to the same period in 2007.
|
Week |
2001 |
2007 |
2008 |
Change from 2007 |
|
4 |
100.18 |
115.28 |
111.58 |
-.5% |
|
8 |
102.11 |
115.96 |
110.55 |
-2.7% |
|
12 |
103.04 |
112.81 |
112.49 |
-.8% |
"There is no denying the market's sluggishness," says Jim Lanzalotto, Vice President of Strategy and Marketing for Yoh. "The drop in wages this quarter, coupled with April's negative Bureau of Labor Statistics report on employment, paints a very lackluster picture of the economy. However, this continues to be a skill-driven market and we're still seeing pockets of strength in the tech sector, such as SAP, Oracle, security and product development, and software and hardware engineers. It is our hope that the strength found in these sectors will permeate the weaker sectors of the market and ultimately produce stronger wage growth for the second half of 2008."
Compiled quarterly by Yoh, one of the world's largest recruiting services firms for high-impact technology and professional talent, the Yoh Index of Technology Wages is used by emerging technology and Fortune 500 firms as a guide for determining their quarterly salary scales. Each Yoh Index of Technology Wages report identifies the top job titles in highest demand and provides an index to compare current average wages over the same period last year.
Based on conversations with more than 9,000 hiring managers in over 15 major metropolitan areas, Yoh has determined the skills most in demand for each market. Roles that appeared most frequently nationwide included:
|
Ÿ Biostatistician |
|
Ÿ Civil Engineer |
|
Ÿ Clinical Research Associate |
|
Ÿ Firmware/Embedded Engineer |
|
Ÿ Java Developer |
|
Ÿ Mechanical Engineer |
|
Ÿ .Net Developer |
|
Ÿ Oracle DBA |
|
Ÿ Project Manager |
|
Ÿ SAP® Consultant (Functional/Technical) |
The Yoh Index of Technology Wages provides a unique barometer of the changes in employer demand and supply of technology talent nationwide. It is not based on polls, surveys, projections or other anecdotal evidence. The Yoh Index of Technology Wages is built on solid data compiled by Yoh's 75 U.S. field offices and uses actual employment activity of as many as 5,000 technology professionals outsourced on short- and long-term projects by more than 1,000 of the nation's top employers in the aviation, engineering, information technology, manufacturing, scientific, telecommunications and utility industries.
For more information or to sign up to receive future editions of the Yoh Index of Technology Wages before they are released, please visit yoh.com/yohindex.
ABOUT YOH
Yoh is one of the largest providers of talent and outsourcing services to customers in the
ABOUT DAY & ZIMMERMANN
Day & Zimmermann accelerates customer success by delivering diversified services. Operating from more than 150 worldwide locations with 2.2 Billion USD in revenues, the Day & Zimmermann family of companies employs 24,000 professionals and is currently ranked as one of the largest private companies in
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