The role of a CIO is one of the crucial building blocks towards an organization’s growth. Reason being the ownership and passion that a CIO shows in leveraging the recent technology innovations, modernizing the legacy applications, driving an aligned business vision and strategy, and creating the competitive edge essential for further progress. In this article at The Enterprises Project, Carla Rudder states that though CIOs are well-compensated for their business acumen and efforts, their salary trends might vary based on different circumstances.
Why Does It Differ?
Some of the common factors that affect the salary drifts for CIOs could be the place where they live, experience gathered over years, and the extent of accomplishments in the present role. Here are some trends and statistics shared by Rudder that give us a better insight into these variation trends:
Some common speculations are listed below:
- On an average, a CIO’s salary is expected to be $121,780 annually. This estimate is based on a survey report of Indeed.com that comprised the viewpoint of 4,151 employees spaced across 36 months.
- However, according to Glassdoor, the average CIO salary is slightly higher at $157,934.
- Then again, PayScale states that a VP-IT earns an average of $146,000.
These assumed salaries depict a wide range. Recent industry reports suggest that an experience level of 20 years is appropriate to earn the best possible salary in this role. A 20-year seasoned CIO is expected to earn $64,000 more than a new CIO annually. Further, CIOs of top Fortune 500 companies can be at a better earning position than this.
Location-wise, Los Angeles, CA fares the best with an annual average of $220,000 closely followed by Minneapolis, Boston, and Seattle with $207,000, $199,000, and $198,000, respectively. Cleveland is the lowest scorer here with $23,440 less than the national average.
CIO.com opines that perks must also be accounted for while computing the CIO’s compensation. Recently, Rajat Taneja of Visa was listed as the top-earning CIO on CIO.com’s Fortune 500 CIO salary comparison with a total income of $9,712,796, mainly attributing to his achievements in product engineering and IT infrastructure.
Wall Street Journal, Korn/Ferry International analyzed that the income for Fortune 500 CIOs has scaled up 37 percent in the last two years. But this report also highlights the compensation risk factor for about 68 percent of CIOs if they fail to move along with digital changes. To read the original article in full, visit the following link: https://enterprisersproject.com/article/2018/3/10-cio-salary-trends