There is a shortage of highly-skilled and experienced ICT workers, though the supply for lower levels of skills is meeting current demand.
The severe global economic turmoil has not fully impacted the local market, but ICT companies have already begun to view wage inflation, caused by aggressive competition for skills, as a threat to their business model. On the other hand, employees are seeking flexible working hours as their preferred form of incentive, while a good financial bonus, although still attractive, is relegated to second preference.
These are the major findings of the first edition of the ICT salary survey by Castille Resources Ltd, one of the leading local ICT recruitment companies.
"On a general note, the report has been prepared by a team of people who understands ICT skills and the local market for these skills. As a company we have our finger on the pulse of the ICT recruitment market," Sara Vella Bonnici, public relations officer of Castille Resources Ltd, explained to i-Tech.
However, Ms Vella Bonnici points out that while the survey was going to press, the full extent of the international economic turmoil was still unravelling locally and therefore employer sentiment may now be less upbeat as a consequence of this.
The data, which focuses on the second half of 2008, was gathered through employer and employee questionnaires and covered over 600 positions across a number of local sectors.
"Our clients were very supportive and provided us with all the information and insight needed for a proper analysis to be carried out in the interests of the sector," she added.
This survey was not conducted solely on companies operating within the IT sector so as to provide a more objective illustration of the competition for IT skills. It also includes qualitative content that provides valuable information on employee preferences.
When presenting the results of the survey, Castille said that while it expected the turmoil in international financial markets to have impacted the local ICT sector this quarter, companies have yet to feel the repercussions of the global economic situation and around 57 per cent of participating companies retain a positive outlook on their specific area of activity.
Where salaries are concerned, 79 per cent of companies tend to stick to salary bands committed in their annual budget, though highly sought-after skills are still earning significantly more than those in other areas.
"Some sectors continue to offer higher salaries, while other companies opt for better benefits aiming to retain existing staff rather than attracting new employees. Interestingly, 86 per cent of the participating companies feel that local wage inflation may be a real threat to their business model and thus many have decided to continue to offer moderate salaries in line with budgets and refuse to offer excessive pays."
The government's drive in recent years to have a more skilled ICT workforce seems to have had an impact on the local workforce.
"This has resulted in more availability of skills with all participating companies confirming that there is no shortage of junior ICT skills; 24 per cent citing shortages at intermediate levels and all respondents finding shortages at more senior levels of skill," the survey revealed.
When comparing local ICT skills with those available elsewhere, 57 per cent of respondents felt that local skills measured up well. Forty-three per cent felt that skills corresponded with those available overseas.
The three most sought-after ICT skills, according to employers are .Net software development, business intelligence and Java software development.
According to the salary tables included in Castille's survey, a chief executive officer of an ICT company earns an average of €60,000 per annum, a project manager can earn around €35,000, while a software developer can start with €15,000 and rise to €28,000, depending on experience.
The survey also reveals a trend towards contracting work rather than recruiting full-timers. The most sought-after skills in contracting are software development and database administration. Project management skills are also becoming increasingly popular.
Flexitime is also a common feature among ICT companies, with 71 per cent currently offering flexitime or have plans to introduce such schemes within the next 12 months.
According to employers, the main reasons for staff turnover are career advancement and increased salary, while training and development and flexitime were considered the main motivating factors when retaining staff. The trend seems to be driven by ICT professionals as respondents cited flexitime as their preferred form of incentive over and above monetary benefits such as bonus payments.
Indeed, the top five employee benefits in kind are, in order, flexible working hours, bonuses, overtime, time off in lieu and health insurance. However, most employee respondents felt the stability of the company and the salaries being offered were the most significant factors when selecting a prospective employer.
The ICT salary survey by Castille Resources will be carried out on a regular basis. More information at http://www.castilleresources. com.
The severe global economic turmoil has not fully impacted the local market, but ICT companies have already begun to view wage inflation, caused by aggressive competition for skills, as a threat to their business model. On the other hand, employees are seeking flexible working hours as their preferred form of incentive, while a good financial bonus, although still attractive, is relegated to second preference.
These are the major findings of the first edition of the ICT salary survey by Castille Resources Ltd, one of the leading local ICT recruitment companies.
"On a general note, the report has been prepared by a team of people who understands ICT skills and the local market for these skills. As a company we have our finger on the pulse of the ICT recruitment market," Sara Vella Bonnici, public relations officer of Castille Resources Ltd, explained to i-Tech.
However, Ms Vella Bonnici points out that while the survey was going to press, the full extent of the international economic turmoil was still unravelling locally and therefore employer sentiment may now be less upbeat as a consequence of this.
The data, which focuses on the second half of 2008, was gathered through employer and employee questionnaires and covered over 600 positions across a number of local sectors.
"Our clients were very supportive and provided us with all the information and insight needed for a proper analysis to be carried out in the interests of the sector," she added.
This survey was not conducted solely on companies operating within the IT sector so as to provide a more objective illustration of the competition for IT skills. It also includes qualitative content that provides valuable information on employee preferences.
When presenting the results of the survey, Castille said that while it expected the turmoil in international financial markets to have impacted the local ICT sector this quarter, companies have yet to feel the repercussions of the global economic situation and around 57 per cent of participating companies retain a positive outlook on their specific area of activity.
Where salaries are concerned, 79 per cent of companies tend to stick to salary bands committed in their annual budget, though highly sought-after skills are still earning significantly more than those in other areas.
"Some sectors continue to offer higher salaries, while other companies opt for better benefits aiming to retain existing staff rather than attracting new employees. Interestingly, 86 per cent of the participating companies feel that local wage inflation may be a real threat to their business model and thus many have decided to continue to offer moderate salaries in line with budgets and refuse to offer excessive pays."
The government's drive in recent years to have a more skilled ICT workforce seems to have had an impact on the local workforce.
"This has resulted in more availability of skills with all participating companies confirming that there is no shortage of junior ICT skills; 24 per cent citing shortages at intermediate levels and all respondents finding shortages at more senior levels of skill," the survey revealed.
When comparing local ICT skills with those available elsewhere, 57 per cent of respondents felt that local skills measured up well. Forty-three per cent felt that skills corresponded with those available overseas.
The three most sought-after ICT skills, according to employers are .Net software development, business intelligence and Java software development.
According to the salary tables included in Castille's survey, a chief executive officer of an ICT company earns an average of €60,000 per annum, a project manager can earn around €35,000, while a software developer can start with €15,000 and rise to €28,000, depending on experience.
The survey also reveals a trend towards contracting work rather than recruiting full-timers. The most sought-after skills in contracting are software development and database administration. Project management skills are also becoming increasingly popular.
Flexitime is also a common feature among ICT companies, with 71 per cent currently offering flexitime or have plans to introduce such schemes within the next 12 months.
According to employers, the main reasons for staff turnover are career advancement and increased salary, while training and development and flexitime were considered the main motivating factors when retaining staff. The trend seems to be driven by ICT professionals as respondents cited flexitime as their preferred form of incentive over and above monetary benefits such as bonus payments.
Indeed, the top five employee benefits in kind are, in order, flexible working hours, bonuses, overtime, time off in lieu and health insurance. However, most employee respondents felt the stability of the company and the salaries being offered were the most significant factors when selecting a prospective employer.
The ICT salary survey by Castille Resources will be carried out on a regular basis. More information at http://www.castilleresources. com.