Compensation for chief information officers is rising by double digits as companies seek out leaders who can exploit tech's growing business possibilities, a trend that only accelerated during the pandemic.
For this year, average CIO salaries leapt 21% to $287,500 from last year, according to data from staffing firm Mondo. Experienced CIOs at large companies, however, can expect to earn $350,000 in base salary, up from $300,000 last year, the data shows.
Experts attribute the salary hike to the increasingly critical role of the CIO within business. Since the onset of COVID-19, corporate tech leaders have had to accelerate initiatives around the cloud, automation, and the supply chain, while smoothing the shift to remote and hybrid work.
"More companies are realizing the value of bringing technology and deeper technology into their companies," says Scott Spradley, chief technology and automation officer at Tyson Foods. "And so they're willing to pay more because they realize it affects the bottom line."
From The Wall Street Journal
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