Insurance industry IT managers are doing relatively well, compensation-wise, compared to their peers in other industries, while insurance IT staffers are earning somewhat less. That's according to the recent InformationWeek Research National IT Salary Survey, which found the median annual pay for all managers was $97,000 and $71,000 for all IT staff. IT managers in the insurance/legal/real estate industry segment of the total sample reported total cash compensation of $107,906; staff reported $67,302.
Almost half of the insurance sample, regardless of if they were staff or management, said they were satisfied with their current compensation package. But about the same percent indicated they weren't happy-they were very dissatisfied, dissatisfied, or neutral, found InformationWeek, a sister magazine of Insurance & Technology.
Not surprisingly, compensation, while critical, is not the only factor in job satisfaction. For both management and staff within the insurance segment of the study, the areas of their jobs that matter most to them are "challenge of the job/responsibility," "flexible work schedule," and "job stability." This jibes with the total population of respondents; a challenging job (64 percent), flexible environment (57 percent) and job stability (47 percent) were identified as the most important job considerations.
Among the lowest-ranked considerations for the insurance segment were stock options (cited by 3.7 percent of staff, 3.2 percent of management), commitment throughout the company to quality work (4.1 of staff and 3.4 percent of management), regular coaching and feedback on performance (3 percent and 2.1 percent, respectively), and domestic partner benefits (1 and 2 percent, respectively).
Demographically, insurance-related respondents to the InformationWeek study were overwhelmingly male (83.1 percent. Managers reported they've worked in IT an average of 15 years, compared to 11 years for staff respondents. They've been at their current employers an average of 7.6 and 5.9 years, respectively. The insurance/legal/real estate industry segment of the total study totaled 863 respondents, reported InformationWeek.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio