October 5, 2022

CloudsBigData

Epicurean Science & Tech

CIO Pay Jumps as Tech Moves Closer to Core of Business enterprise

4 min read

Compensation for main facts officers is increasing by double digits as providers find out leaders who can exploit tech’s expanding company prospects, a craze that only accelerated through the pandemic.

For this year, typical CIO salaries leapt 21% to $287,500 from final yr, according to information from staffing firm Mondo. Skilled CIOs at massive providers, nevertheless, can count on to make $350,000 in foundation salary, up from $300,000 past calendar year, the facts reveals.

Mondo pulls and analyzes knowledge from 2,500 U.S. placements it can make every single 12 months, and then pairs that facts with insights from talent experts in the field.

Mondo estimates that salaries for chief information and facts security officers rose at the exact level as these for CIOs—21%—between this yr and final. By contrast, it estimates that salaries for chief marketing officer roles enhanced 15% in the exact period.

Specialists attribute the income hike to the progressively vital part of the CIO inside business. Considering that the onset of Covid-19, corporate tech leaders have had to speed up initiatives close to the cloud, automation and the provide chain, while smoothing the shift to distant and hybrid function.

“More businesses are realizing the worth of bringing technology and deeper technologies into their corporations,” explained

Scott Spradley,

executive vice president and main technologies and automation officer at

Tyson Foods Inc.

“And so they’re prepared to pay out more for the reason that they understand it influences the base line.”

Marianna Tessel,

executive vice president and chief technology officer of

Intuit Inc.

since 2019, said the pandemic accelerated the craze. “Technology was pushed extra into the spotlight,” she stated.

Trends about cloud computing have also taken the CIO part out of the back again office and “closer to the nature of the small business alone,” stated

Edward Stadolnik,

a lover and chief of the North The united states technological innovation and electronic officer apply at Spencer Stuart.

Milind Wagle,

CIO of digital infrastructure company

Equinix Inc.,

reported that CIOs now are predicted to be the two tech and business enterprise leaders. “There’s a convergence of business and IT technique extra than ever ahead of,” he reported.

“Definitely [these] roles are turning out to be extra strategic,” reported Ms. Tessel. That’s because “technology is turning out to be part of everything we do.”

Though Ms. Tessel’s base wage dropped to $700,000 in fiscal 2021 from $726,923 in fiscal 2020, her overall compensation elevated to $12,692,385 from $11,016,322, mainly owing to an enhance in stock awards, public filings with the Securities and Exchange Commission show.

Community corporations are required to report the payment of their optimum-paid executives to the SEC. CIOs and other tech chiefs increasingly are appearing in these filings, reported

Dennis Baden,

world controlling companion of the technologies officers practice at

Heidrick & Struggles.

Proxy filings from

Visa Inc.

exhibit total payment for

Rajat Taneja,

president of technology, was $17,131,764 in fiscal 2021, up from $14,322,301 the previous year and $11,810,570 in fiscal 2019. His base salary about the two many years rose to $1,100,019 from $900,047.

“As a person of the core pillars of our company strategy, the technology firm is an important blueprint for Visa’s prolonged-phrase accomplishment,” Mr. Taneja said.

Rajesh Kalathur,

president of John

Deere

Monetary and CIO of Deere & Co., acquired $6,307,975 in full compensation in fiscal 2021, in accordance to SEC filings, a little bit under the $6,512,641 he attained in fiscal 2020, but up from the $5,437,459 he earned in fiscal 2019. His foundation salary rose to $818,855 in 2021 from $721,732 in 2019.

The enterprise mentioned Mr. Kalathur was not readily available for comment.

Disparities in between offer and demand are also driving up CIO salaries, recruiters explained.

“Candidly, I have never ever seen a marketplace like the one we’re in right now,” stated

Craig Stephenson,

Korn Ferry

senior client partner and managing director, North The usa CIO/CTO Apply, adding that CIOs are becoming offered wage will increase of about 30% to jump from one corporation to yet another.

Tyson’s Mr. Spradley says the range of recruiter calls has “gone up substantially.”

Prasad Ramakrishnan,

CIO at software package business

Freshworks,

explained he gets two to 3 recruiter phone calls a thirty day period. “Some of them are so persistent,” he mentioned.

When

Tom Peck

still left his submit as chief information and facts and electronic officer at Ingram Micro Inc. to choose up the very same career at

Sysco Corp.

in January 2021, he clinched a base salary of $325,000, according to SEC filings. His overall compensation final 12 months was $3,526,544 and included $39,306 in fees for relocation to Houston.

The company mentioned Mr. Peck was not readily available for remark.

Mr. Stephenson stated the better valuation organizations are placing on CIOs is trickling down to tech talent through the group. Salaries for cybersecurity roles and chief info security officers are rising at rates equivalent to those for CIOs, he mentioned.

In accordance to

Emmeline Kuhn,

who co-qualified prospects the functions and IT exercise at govt lookup firm Leathwaite, “These roles are undoubtedly getting more valued.”

Produce to Isabelle Bousquette at [email protected]

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