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Salary Survey Results: Automation Push and Data Analysis Strengthens Financial Services IT Job Market

After several years of painful cuts, the market for IT talent in the financial services industry is strengthening.

Job Security

The economy has had an impact on IT staff and managers, especially in financial services. Nearly half of staff, and nearly as large a percentage of managers, received a raise of less than 5 percent, for instance. One-fourth of each group saw benefit cuts.

Still, financial services respondents to the 2012 InformationWeek IT Salary Survey seem to be feeling more secure about their jobs than they did the past couple of years. More than one-third (39 percent) of staff reported feeling very secure in their positions, up from 30 percent in 2010; 45 percent of IT managers said they feel very secure in their current jobs, up from 41 percent two years ago.

Today it's imperative for the individual to make sure that his or her skill sets and capabilities match whats required on his or her job, ManpowerGroups Sullivan says. The more general your technical and soft skills, the more at-risk you are.

[6 Steps for Building the Next-Gen Bank IT Workforce.]

Even with the optimism in the IT field in general, and the growing feeling of security in their current jobs, few staff and managers are actively looking for new jobs with a different employer. More than three in five are not even keeping their eyes open for new employment opportunities. Of the staff actively looking for new employment, 67 percent are seeking better pay and 54 percent are looking for more interesting work. Of the managers actively looking for a new job, three-fourths are looking for a better paying position. Two in five IT staff and managers would accept a demotion if they found a new job that gave them more job satisfaction.

Generally, says Objective Paradigms Dostellio, IT staff and managers in banking are looking for greater challenges, and they want their ideas heard by the decision makers. Previously, career advancement meant a better title and a couple-percent bump in salary, he comments. Now career advancement means new responsibility and the chance to see your ideas get noticed and implemented. Technology has made organizations flatter and less hierarchical, and peoples career goals have changed accordingly.

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio

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