how and why IT firms pay huge salaries to their employees?
342343
In all industries, as well professions like law and medicine, there are plenty of experienced personnel from whom to choose - and these are very much a Buyers' market, where the employers have a clear-cut idea [based on their own past experiences] of how much a candidate deserves.\n...But IT is a relatively new field - and very few have any worthwhile experience. And so many new IT firms are sprouting-up each day - launched by totally inexperienced owners !\n...They too hope to get some of the 'best brains' that are available - and offer large pay-packets that match [or come close to] those offered by IT market leaders, in the hope of attracting the right candidates. So, it becomes a Sellers' marketplace !\n...But all these 'new' employers get are mostly 'freshers', and they have little choice but to appoint them - and pay them whatever they had advertised they would.\nSome of the 'freshers' are indeed bright - and as they are keen to keep on drawing their fancy salaries, they work overtime to hone their skills and make-up for their lack of experience through their extra-enthusiasm. \nAnd as returns in the 'trade' are extremely high, the owners are often forced to pay these 'bright ones' even more - to make sure that they don't leave !\nSo, it seems [to onlookers only !] that the IT salaries are huge : But the price [in terms of an absence of any personal life, very little mental rest, and physical ailments caused by constantly sitting before their PCs and staring at their screens] the employees pay for these, is no less either !\nOne last comment : For the few who succeed and rise, there are many who (a) prove unable to generate the quantity and quality of work-output that is expected, (b) ruin their health by blowing-up their fancy salaries on all the usual vices and turn unproductive, or (c) turn 'too big for their breeches' by trying to throw their non-existant 'weight' around. \nThese guys and gals find themselves 'out' even before they could get really 'in' !
751181
because they get paid good money DUH
91808
There is a storied group of people out there known to be laughing all the way to financial institutions. And while it may come as no surprise that these high-income types enjoy their trips to the bank, you might be interested to learn that when these folks see each other on the street, dragging their loot, the greeting is often the same:\n\n\n“Doctor.”\n“Doctor.”\n\n\nHow did we get this inside information? The government told us. In an effort to provide Monster readers with the 10 jobs the Department of Labor says are likely to pay you enough to bankroll a diamond mine, we found out seven of the 10 jobs were in the medical field. Realizing our list was helpful only to people with an inclination for diagnosing diseases, we shamelessly backpedaled and started over.\n\n\nWe quickly found that the people just outside the top 10 were employed in much more varied fields, offering more options to those looking to use a top-10 list to find work in a fortune-building profession.\n\n\nAccording to the 2001 Occupational Employment Statistics Survey conducted by the Department of Labor's Bureau of Labor Statistics (BLS), the top 11 to 20 highest-paying professions in the US are:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n11. Podiatrists\n\n$45.43/hr\n\n$94,500/yr\n\n\n12. Lawyers\n\n$44.19/hr\n\n$91,920/yr\n\n\n13. Optometrists\n\n$42.35/hr\n\n$88,100/yr\n\n\n14. Computer and information systems managers\n\n$40.33/hr\n\n$83,890/yr\n\n\n15. Physicists\n\n$40.26/hr\n\n$83,750/yr\n\n\n16. Air traffic controllers\n\n$40.07/hr\n\n$83,350/yr\n\n\n17. Petroleum Engineers\n\n$39.33/hr\n\n$81,800/yr\n\n\n18. Nuclear Engineers\n\n$38.56/hr\n\n$80,200/yr\n\n\n19. Judges, magistrate judges, and magistrates\n\n$38.24/hr\n\n$79,540/yr\n\n\n20. Marketing Managers\n\n$37.70/hr\n\n$78,410/yr\n\n\nFigures reflect mean hourly pay projected out to a year-round, full-time annual average.\n\n\nWhile you may have expected lawyers to show up on the list, others may have come as a surprise, so we checked them out.
316353
Can they?  Yes.  Can they rationalize it?  Sure, by saying employee A produces higher quality work or something like that.\n\nFor many jobs, your pay is set based on experience, education, and other things that aren't directly related to the actual job.
278583
You should also consider not just the wage, but the number of jobs available.  For example being a CEO of a top 100 company pays A LOT, but there are only 100 such jobs, so just knowing the average salary is very misleading.  In highly desired jobs, the salary can be high, but the competition is huge.  Get lots of good experience along the way and work at good resume content!
1056857
That's a good question.  Although the tech industry is booming, the rest of the economy is less than enthusiastic.  The main reason is that more than a third of the nation lives at or below the poverty level.  So until that changes and other industries begin to grow (opening up new venues for skilled labor), then not much will change.  \n\nThe IT industry can't do it on its own.
482173
Depends on the firm and depends on luck.  For pure CS firms, probably 70+.  It's a lot easier to outsource these jobs.  For more finance firms where you'll be doing CS, there's a wider range, probably 60-200+, after bonus, if you're lucky.\n\nCheck salary.com like the person said above.  It's not a bad site.
237274
It would help if you said more specifically you are looking for in an IT company. But any of the larger firms will have offices in multiple cities. Check link for example:
1005264
To get better paying jobs.
760203
i got a 15% increase once hired on full time. You can discuss salary with them. Your current company doesnt now what u get paid. find out what people in your position get paid and work from there. Salary has to be discussed when going permanent.
1142799
This happens because idealy employers are looking for people who will be with the company for many years to come. Also, younger people are coming in with new inventive ideas and have the technology backround that is now needed.
628256
Here's a tip for you.\n\n\nProfessionals don't discuss their salaries.  It's often viewed as rude to ask another what they earn.
135703
One would want an instant increase on the paycheck but thats not how it works. Continuing increase of productivity though, in the long-term will have as a result an increase of responsibilities from your employer (has more trust in you), and after that, a raise and maybe a promotion.
600771
Because it makes them millions and millions of dollars!
102435
Investment bankers (bonuses can be very hefty), fund managers, CEO of fortune 50 firms, top traders (top trader at Goldmans in the Uk made over 128 million pounds in bonuses last year - I kid you not!), top sales people.
1161399
it might be passe to suggest looking into this industry.\n...but those who've failed before usually jumped on the wrong company...or at the wrong time...or associated with the wrong leadership / co-workers.\n\nits definitely higher $/hour of work done compared to any traditional "work".\n\nget involved in a successful organisation (preferably a public corporation) that itself is involved in the 3 Power Trends driving the world right now:\n- the Internet\n- products used by the "Baby Boomer" population\n- & true GLOBAL Distribution!!\n\nhttp://www.teaminmotion.net/guest.html\n\ncheck it out and email me (click Nick on left)\n\nyour time spent on it, may set you up for a long time to come.\n\ni'm the only one in sg involved at the moment...& legally.\njoin in Early for endless possibilities.\n(in fact, many countries/states are virgin markets!)\n\nonly once in every 10-20 years does one chance upon a company going into momentum phase of this magnitude!\n...like buying into Microsoft stock before Windows was invented!
1146266
Yes and no, I think it depends on the person just as much as it dose on the job market. Some people even though they are very computer savvy having a IT type job might just drive them crazy. Sometimes it is better to make $40,000 a year and love your job then make $100,000 a year and be miserable.