Tech Employers Should Have New IT Talent Pool from Wall Street
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The challenge is in knowing what exactly is happening to IT on Wall Street now. This report out of Crain's New York Business speaks to the issues going on and says other industries should be able to gobble up technology workers. This has a few issues, but the conclusions are mainly positive. From the Crain's article:
But that may change. Also, from the same article:
The leveling of the field is admittedly a tad gloomy for salaries and benefits, perhaps, but I think we've all been seeing that across the board. Technology is not immune to "corrections in the market." Former Editor of Baseline Tom Steinert-Threlkeld has a nice post examining the venture capital factor in New York City for tech workers who either have or will be leaving the challenged financial services sector. His post on ZDNet has some interesting charted info from N.Y.-based Union Square Ventures that shows the rise in VC-funded startups in Silicon Alley since 1995. What's missing from all of our Wall Street coverage right now is information on the kinds of IT systems that will be staying on with many of the firms and for exactly how long. Those systems and the people who manage them aren't just going to be turned off with the light switches, and I would guess, changes aren't happening right away. What are you hearing about the IT impact within the financial services industry? |
This will most likely apply to those of you in the greater New York City region only, but seeing as it's the most populated metropolitan area of the United States, it should resonate a bit. There are technology jobs in the area with startups, and while that may be attractive to some, I don't imagine it's attractive to everyone who had Wall Street-style perks.For more IT Careers and Workplace News, check out eWeek Careers
Comments (3)
Leham Brothers pay top salary for IT guys
Posted by Nark Smith | September 27, 2008 9:19 AM
I understand that corrections occur in a free market, but I believe that IT people in general have been under paid in this country for the last 10 to 15 years. I am making the same rate I was making in the mid 1990's. Take a look around, most of the IT people have gray hair.
The colleges are not graduating people like they used to. I believe that this is due to the level of difficulty and expense of obtaining an IT degree and the low pay relative to inflation even if you factor in the dot com boom. The salaries are too low. Until the tech companies wake up and realize this, they will find it even more difficult as time goes on. The IT generation will eventually retire or pass away altogether.
Microsoft, AT&T, and Verizon all want the government to raise the H1B levels, but this will not work. The increase in salaries in other countries has now matched the US. This is what happens in an open free market. There is no incentive for IT people to come here, especially given the current economy.
If these tech companies want to attract people to this industry, they are going to have to pony up the money to make it attractive for young people to acquire the education to have the skills they need and stop depending on the government to bail them out.
I believe the rate for experienced IT people should be around 100 an hour or more. That's what it would take to match early to mid 1990 salaries, and I am not talking NY salaries, I am talking about the average.
Posted by Denis | September 30, 2008 6:27 PM
High end companies can pay high end wages and there are only so many high end companies to go around. The big companies and/or the IT companies that service them should be able to pay a higher wage, but those of us that service small to medium sized businesses cannot charge the big bucks needed to pass through the high wages to our employees.
Trickle down is true, whether you talk about rainwater, landfill toxins or money. The less that comes in, the less that trickles down.
Posted by Randy S | October 1, 2008 8:34 AM