Ways CIOs and IT Managers can reduce IT expenditures and control costs
CIOs and IT managers are challenged to maintain high quality service in a 24x7 environment in an economy that is troubled at best. In interviews with a number of top IT executives, Janco has identified five areas where costs are increasing beyond acceptable levels and proposed solutions to help manage those costs. The areas where cost is increasing are:
- Mandated compliance requirement management - Numerous laws and regulatory mandates focus on corporate governance and accountability around sensitive. The cost of this continues to explode.
Mid-Year IT Salary Survey Released
Our observations for the 2011 Mid-Year IT Compensation Study are as follow:
- Overall IT compensation has remained flat for the last 12 months. The totalmean compensation for all IT Professionals has decreased modestly by 0.39% to $78,078 from $77,773 at the beginning of 2011. This puts overall compensation back at the levels they were at in January 2008.All levels of IT professionals continue to feel a salary crunch.
- Mid-sized enterprises are now starting to hire programmers, mid level infrastructure managers and supervisors as well as staff workers with salaries in this sector increasing slightly - Mean compensation is up bless than 1% since June of 2010.
- IT hiring is up - since January of 2011 55,500 IT jobs have been added in the United States according to the Bureau of Labor Statistics (BLS).
- Layoffs seem to have tapered off, however some companies continue to cut the size of the IT organizations.
- On shore outsourcing has peaked and companies are looking to bring IT operations back into their direct control and reduce operating costs.
- Cost reduction is still the rule of the day; however we have seen an increase in the number of “part-timers” and contractors who are focused on particular critical projects.
- Companies are continuing to reduce the benefits provided to IT professionals. Though benefits such as health care are available, IT professionals are now paying a greater portion of that cost.
- CIOs compensation is mixed over the last 12 months. The mean compensation for CIOs in large enterprises is now $175,363 (an increase of 2.05%) and $162,250 (a decrease of 0.59%) in mid-sized enterprises.
- Mean compensation across all IT professionals has increased by 0.39% (from $77,773 to $78, 078).
- In mid-sized enterprises, the mean total compensation for all positions has increased by 0.57% from $74,016 to $74,435.
- In large enterprises, the median compensation has risen slightly from $81,531 to $81,722.
A robust hiring trend for IT Professionals - the recovery is slowing however, there are a number of jobs unfilled by IT Pros. The primary culprit is the lack of qualified individuals to fill the open positions. In our opinion, the IT Job Market is currently at no growth!
Based on BLS data analyzed by Janco in the first 3 quarters of 2022 an average of 200K IT jobs remained unfilled due to a lack of qualified individuals. In 2023 the number of unfilled jobs has fallen to around 100K.
The number of unfilled jobs trend line is down as the economy softens and CIOs and CFOs look to control costs and eliminate requisitions for positions that cannot be filled. There was a major pullback of the number of excess jobs for IT Pros occurred in December - layoffs have impact on number of unfilled jobs available for IT Professionals.
Security Manual Template Updated to cover Mobile Device Access and Use
Janco has just updated its Security Manual Template to address issues faced by enterprises by defining acceptable access and use policies that can be implemented quickly . It addresses issues such as how to manage in today's threat driven environment.
Record Classification, Management, Retention, and Destruction policy Updated
Template includes citation for federal and selected state record retention requirements
All business are required by law to keep confidential client information, as well as employee or company data for a minimum amount of time. There are numerous business records that should be held on to for a minimum of seven years, which can include employee agreements, business loan documentation, litigation records, as well as general expense reports and records including overhead expenses and professional consultation fees.
Other documents may be kept for shorter, longer or an indefinite period of time and it's important to know what legal requirements are enforced for your industry to not only stay compliant, but to also dispose of documents you may no longer need. Regularly maintaining filing cabinets and securely disposing of old documents can help minimize risk of sensitive information falling into the wrong hands. The risks of keeping old documents containing sensitive data can be high - resulting in identity theft, fraud and potential financial loss or reputation damage.