It pays to be in the technology field.
The average annual salary for the industry increased in 2015 to $96,370, a 7.7 percent rise over 2014. It is the largest yearly increase ever, according to a survey from technology job site Dice.
Bonuses and contract rates were also up over 2014, and tech salaries in seven urban areas hit the six-figure mark for the first time since the survey began more than 10 years ago.
The average bonus last year was $10,194, up seven percent from 2014. Thirty-seven percent of technology professionals received a bonus last year, but they were all employees with more than two years of experience under their belts.
The hike in tech wages suggests a “solid environment” for tech professionals with 62 percent earning more in 2015. Nearly 50 percent of the 16,000 respondents said they had received a salary increase as a result of upward mobility at the same company. Thirty-eight percent received a merit increase and 10 percent received an internal promotion. The No. 2 reason (23 percent) for a salary increase was due to a professional changing employers.
“The competition for tech talent today is undeniable,” Dice president Bob Melk said in a statement. “Demand for skilled talent and low unemployment rates for tech professionals aren’t making the hiring landscape any easier. Employers realize offering competitive pay is a necessity.”
A little more than half — 53 percent — of the technology professionals polled were satisfied with their compensation, compared to 52 percent last year.
“Our survey shows many tech pros seem to be satisfied with their salaries,” Melk said. “But that still leaves a portion of tech pros who are less satisfied with their compensation. Now it’s time for highly skilled tech professionals to ask for more or find new jobs. Opportunities await.”
Respondents’ confidence in job prospects was high with 67 percent saying they could find a favorable new position. Thirty-nine percent said they intended to change employers this year.