Technology Wages Rise 1% in First Quarter
PHILADELPHIA, May 14, 2003 – Wages for technology workers rose 1% in the first quarter, compared to the same period in 2002, according to the Yoh Index of Technology Wages.Pay rates increased for workers in the telecommunications (4.1%), engineering (3%) and scientific (2.5%) sectors. Wages for information technology workers dropped by 9.2%. Overall, the Yoh Index of Technology Wages ended the quarter at 105.72, when indexed to January 2001.
"Due to dramatic global uncertainty in the first quarter, it's no surprise that wages remained soft," says Joseph J. Ucciferro, President & CEO of Yoh Company. "As economic activity picks up, we believe wages will respond accordingly."
Activity in the Pacific Northwest is a prime example of the inconsistency of current wage trends. Compared to 2002, pay rates in the region rose 1.7% in the first month of the year, dropped by 3.5% in February and rose by 1.5% in March. According to Emmett B. McGrath, Regional President for Yoh Company, "The Pacific Northwest's variability is due to several factors, with overall customer caution and apprehension being the lead wage driver."
According to Scot Melland, President & CEO of Dice, the leading provider of online recruiting services for technology professionals, "Although the economy still appears sluggish, we are seeing stabilization in the technology labor market. The demand for a number of different tech specialties, including medical/pharmaceutical and defense/government positions, is improving."
About Yoh Index of Technology Wages
The Yoh Index of Technology Wages is based on a quarterly sample of the
temporary technology labor pool being utilized by more than 1,000 businesses in the aviation, engineering, IT, manufacturing, scientific, telecommunications and utility communities. This quarterly sample encompassed more than 5,000 technology workers. 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.
Intended for reference only. Yoh does not make any warranty, expressed or implied, or assume any legal liability or responsibility for the completeness, usefulness, accuracy or quality of the information provided. While reasonable efforts have been made to ensure the accuracy of the information provided, the information is subject to change without notice and cannot be guaranteed to be current.
