What determines the salary of an IT professional?
Until recently the huge shortage of expertise had meant that IT professionals were able to negotiate higher salaries. In the past few years changes in the Maltese economy have led to an influx of international companies, many of which were seeking to...
Until recently the huge shortage of expertise had meant that IT professionals were able to negotiate higher salaries. In the past few years changes in the Maltese economy have led to an influx of international companies, many of which were seeking to employ IT persons. Although this led to increased competition for the most highly sought after skills it also resulted in widespread interest in IT education.
Today, Malta boasts a larger pool of skilled technical people which means that salaries are determined by five key factors.
Skills are the major deciding factor when determining the kind of salary that you are able to negotiate. Senior technical people are difficult to come across; employers recognise their value and are more willing to accommodate their demands. According to our research the most sought after skills in IT are those in software development, business intelligence and networking. This seems to be particularly the case when considering professionals with more than four years of experience in that particular role. When dealing with skills that are more commonly available, bargaining power lessens considerably. It is important that you are able to justify your demands by comparing your expectations to what is paid to others in the same position and what other companies are offering persons with that level of skill.
Relevant work experience is also a major contributor to salary and earnings vary significantly with seniority. In fact, it has been shown that in the case of software developers, for example, salaries start at €18k and a difference of just a couple of years of experience could result in the ability to demand in the region of €24k. Similarly, systems administrators' salaries also increase quite significantly over a short time. Whereas salaries at entry level vary between €14-17k depending on qualifications, after four years it increases to between €25-26k
With the variety of courses, diplomas and degrees on the market today, qualified IT persons are in good supply. However, it may be surprising to note that a difference between one qualification and another could represent a notable difference in salary. For instance, in the case of a business intelligence specialist, starting salaries for persons with a diploma level of education are about €16k, while a person with a degree is able to make approximately €18k.
Salary depends on skills, qualifications, experience and personal traits. It is highly unlikely that you will reach the negotiation stage of an interview if you do not appear to be hardworking, ambitious and driven. Communication skills are also important as an articulate individual appeals to employers, having a considerable effect on negotiation.
The final deciding factor is the company itself, its perspective towards employment and the market situation in general.
A larger company is better able to meet higher salary expectations; however, small companies may offer a more personal negotiation that meets individual expectations. The company's culture with hiring may determine whether you are able to negotiate your salary or remain within a set bracket.
It is usually the case that employers are aware that skilled people are hard to find. They are willing to negotiate the terms of employment and expect to do so. However, should there be a negative market situation it is wise to match your expectations accordingly.
Companies would be looking to cut costs and only spend what is absolutely necessary so it is important to show the value gained by your employment. It is useful to be aware of how your position fits into the company business and contributes towards profitability as well as how strategic your role is. It is instrumental to know the market value of that position. This can only be done with reference to surveys and reliable market research.
It is also important that you look at the total compensation package including benefits, bonuses and commissions as these often make up a considerable part of your salary.
http://www.castilleresources.com
• Ms Vella Bonnici is brand manager at Castille Resources Limited.
Today, Malta boasts a larger pool of skilled technical people which means that salaries are determined by five key factors.
Skills are the major deciding factor when determining the kind of salary that you are able to negotiate. Senior technical people are difficult to come across; employers recognise their value and are more willing to accommodate their demands. According to our research the most sought after skills in IT are those in software development, business intelligence and networking. This seems to be particularly the case when considering professionals with more than four years of experience in that particular role. When dealing with skills that are more commonly available, bargaining power lessens considerably. It is important that you are able to justify your demands by comparing your expectations to what is paid to others in the same position and what other companies are offering persons with that level of skill.
Relevant work experience is also a major contributor to salary and earnings vary significantly with seniority. In fact, it has been shown that in the case of software developers, for example, salaries start at €18k and a difference of just a couple of years of experience could result in the ability to demand in the region of €24k. Similarly, systems administrators' salaries also increase quite significantly over a short time. Whereas salaries at entry level vary between €14-17k depending on qualifications, after four years it increases to between €25-26k
With the variety of courses, diplomas and degrees on the market today, qualified IT persons are in good supply. However, it may be surprising to note that a difference between one qualification and another could represent a notable difference in salary. For instance, in the case of a business intelligence specialist, starting salaries for persons with a diploma level of education are about €16k, while a person with a degree is able to make approximately €18k.
Salary depends on skills, qualifications, experience and personal traits. It is highly unlikely that you will reach the negotiation stage of an interview if you do not appear to be hardworking, ambitious and driven. Communication skills are also important as an articulate individual appeals to employers, having a considerable effect on negotiation.
The final deciding factor is the company itself, its perspective towards employment and the market situation in general.
A larger company is better able to meet higher salary expectations; however, small companies may offer a more personal negotiation that meets individual expectations. The company's culture with hiring may determine whether you are able to negotiate your salary or remain within a set bracket.
It is usually the case that employers are aware that skilled people are hard to find. They are willing to negotiate the terms of employment and expect to do so. However, should there be a negative market situation it is wise to match your expectations accordingly.
Companies would be looking to cut costs and only spend what is absolutely necessary so it is important to show the value gained by your employment. It is useful to be aware of how your position fits into the company business and contributes towards profitability as well as how strategic your role is. It is instrumental to know the market value of that position. This can only be done with reference to surveys and reliable market research.
It is also important that you look at the total compensation package including benefits, bonuses and commissions as these often make up a considerable part of your salary.
http://www.castilleresources.com
• Ms Vella Bonnici is brand manager at Castille Resources Limited.