Tech Wages Outpace National Averages in First Quarter of 2006
Led by IT and clinical research pay scales, wages for high-impact technology professionals continue to rise
PHILADELPHIA—April 24, 2006—After hitting record levels in the fourth quarter of 2005, hourly wages for highly skilled technology professionals continue to rise in 2006, increasing even faster than non-farm hourly wages nationwide, according to the latest Yoh Index of Technology Wages, the quarterly compensation index used by Fortune 500 companies to determine salary scales since 2001.
Echoing recent positive employment reports from the Bureau of Labor Statistics, the Yoh Index of Technology Wages reveals that hourly pay for highly-skilled technology workers increased 4.8% by the end of the first quarter of 2006, when compared to the same quarter in 2005. The Bureau of Labor Statistics reported a 3.4% increase in overall wages for production or non-supervisory workers in March, 211,000 additions to non-farm payrolls, and a dip in the unemployment rate to 4.7 percent—a four and one-half year low.
The Yoh Index of Technology Wages ended the first quarter of 2006 at 110.03, when indexed to January 2001 (1/2001 = 100), the highest level it has reached since its inception.
"Wages for high-impact technology talent are clearly outpacing pay scales in other industries. It's the hottest place to work right now," says Jim Lanzalotto, Vice President of Strategy and Marketing for Yoh, a Day & Zimmermann company. "With the demand for technology talent growing, the industry will become an even more significant driver of progress in the overall employment market, presenting new opportunities for experienced professionals."
"Clinical research professionals in particular are seeing major jumps in wages, as orders for skilled workers in the biotech and pharmaceutical fields grow with industry demands and market dynamics for pipeline improvement," says Lanzalotto.
Compiled quarterly by Yoh, one of the world's largest recruiting services firms for high-impact technology and professional talent, the Yoh Index of Technology Wages is used by emerging technology and Fortune 500 firms as a guide for determining their quarterly salary scales. Each Yoh Index of Technology Wages identifies the top job titles in highest demand, and provides an index to compare current average wages over the same period last year.
The high-impact technology job titles in greatest demand nationwide during the first quarter of 2006, and their average hourly pay rates as determined by the Yoh Index of Technology Wages, are:
-Clinical Research Associate - $51.90
-Database Administrator - $55.42
-Drug Safety Specialist - $50.78
-Electrical Engineer - $35.94
-Embedded Engineer - $55.72
-ERP Functional Consultant - $81.58
-Hardware Engineer - $69.01
-Java Developer - $59.06
-Project Manager - $61.46
-SAS Programmer - $51.67
The Yoh Index of Technology Wages is not based on polls, surveys, projections, or other anecdotal evidence. It is built on solid data compiled by Yoh's 75 U.S. field offices, and uses actual employment activity of over 5,000 technology professionals outsourced on short- and long-term projects by over 1,000 of the nation's top employers in aviation, engineering, information technology, manufacturing, scientific, telecommunications, and utility industries.
About Yoh Index of Technology Wages
The Yoh Index of Technology Wages is based on a quarterly download of data based on actual wages of some 5,000 temporary technology labor pool hired by more than 1,000 businesses in the aviation, engineering, IT, manufacturing, scientific, telecommunications, and utility industries. The Yoh Index of Technology Wages provides a unique barometer of the changes in employer demand and supply of technology talent nationwide. For more information please visit yoh.com/yohindex.
About Yoh
Yoh is one of the largest providers of talent and outsourcing services to customers in the United States. With over 367 million USD in total sales, Yoh operates from more than 75 locations and provides long- and short-term temporary and direct placement of technology and professional personnel, as well as managed staffing services, for the information technology, scientific, engineering, health care and telecommunications communities. For more information, visit yoh.com. Yoh is part of Yoh Services LLC, a Day & Zimmermann Company.
About Day & Zimmermann
Day & Zimmermann accelerates customer success by delivering reliable managed services. Operating from more than 150 worldwide locations with 1.3 billion USD in revenues, the Day & Zimmermann family of companies employs 20,000 professionals and is currently ranked in the top one percent of private companies in America by Forbes. Founded in 1901 and headquartered in Philadelphia, PA, Day & Zimmermann is a former winner of the U.S. National Family Business of the Year award. For more information, visit dayzim.com.
