01 Jun Salaries – So if unemployment keeps going lower, why is my salary barely going up?
If you suffered through Economics 101 Freshmen year than you like I are wondering what the hell was this Keynes guy thinking when he proposed Supply v Demand as the primary driver for the cost of goods and services. Unemployment overall is down again in 2015 and according to the U.S. Bureau of Labor Statistics unemployment in the I.T. sector now sits at 1.9%. The lowest since right before the financial crisis of 2008 and is essentially zero unemployment.
In previous marketplaces salary increases for I.T. professionals shot up for those making changes (10 to sometimes 15-20%) in high-demand areas and at least 5 or 6% raises for those that stayed with their employers. So what give right? Corporate profits are at record levels and salaries certainly aren’t going up at those rates. While you’re not alone. Everyone is wondering the same thing including I.T. Recruiters who are constantly pushing for the best comp packages for their candidate (our fee is a % of your salary!).
Good News on the Horizon – according to the May 8th’s Wall Street Journal employers are finally beginning to experience real difficulty in filling positions and for the first time in 6 years offering additional benefits, perks and in some higher demand fields (see I.T.) increasing salary ranges and offers.
Blog author – Dan Martineau