The cost of hiring and retaining top tech talent is rising, creating challenges for chief information officers, The Wall Street Journal reported April 21.
The tech industry is seeing wage inflation that is putting pressure on employers to boost compensation for key roles by more than 20 percent as the demand for labor increases.
According to IT trade group CompTIA, during the first quarter of 2022, U.S. employers posted 1.1 million tech jobs, an increase of 43 percent from 2021. As the demand to fill tech roles surges, companies are turning to compensation incentives to attract an already limited number of qualified workers.
Inflation, which is at a 40-year high, alongside the ongoing war in Ukraine, which has disrupted tech and outsourcing hubs in Europe, are also causing a compensation push for tech workers, causing CIOs and other tech chiefs to try to convince board members to approve higher spending for tech salaries that may exceed pay levels for other jobs, according to the report.
The tech roles in greatest demand include cloud computing architects, data scientists and modelers, and machine learning experts.