Israeli high-tech companies raised an impressive $1.19 billion in the third quarter. IVC figures show that this was the second best quarter in the past decade. This big money is flowing to hundreds of startups striving to recruit the best employees in the market. This ongoing boom in recent years has caused a slow, but consistent, rise in high-tech salaries.
Figures from the Matchup Placement personnel agency show that the high-tech gross monthly salaries averaged NIS 23,750, more than double the average for all workers. Despite this substantial remuneration, more than half of the participants in a survey said they were dissatisfied with their jobs. 81% of those questioned said they would consider changing jobs, and 57% are seriously considering a job change. The survey sample included 630 employees in both large and medium-sized companies and small startups.
Salaries up 5.4% this year
Monthly salary is not the only parameter in high-tech employees' basket of benefits. In addition to the generous terms offered by many employers, 47.7% of the employees also receive substantial bonuses. The most common bonus, one month's salary, is received by 18.1% of employees. 9.3% of employees receive a bonus of two months' salary, and 6.2% receive three months' salary. At the top of the pyramid are the 2.1% of employees receiving four months' salary. The figures also show that 11.9% of employees receive a bonus in the "miscellaneous" category.
The intense competition in the technology sector is pushing workplaces to pursue new employees and make an effort to retain current employees. This aim is leading 65.4% of companies to conduct salary discussions every year. 5.4% of workplaces hold such discussions every six months, while 14.4% of the employees take part in salary discussions every two years. 44% of the respondents said they had received a raise in the past year, and the average salary rose 5.4% in the space of a year.
The respondents were also asked whether they had received a company car from their employer. 39.1% said yes, and 32% had stock options or company shares. Another question in the survey concerned the number of years of seniority in high tech (not necessarily with the current employer). 41.8% have worked in high tech for over a decade, compared with 17.9% with 1-3 years of experience.
The survey examined salaries for a variety of jobs, and found that development personnel had an average monthly salary of NIS 21,200. QA workers earned NIS 16,500 a month, product managers NIS 27,450, and chief development officers NIS 39,700.
Commenting on these figures, Matchup Placement CEO Moran Straschnov said, "High-tech employees are different from the rest of the market; they are constantly searching for new opportunities and higher pay for their abilities and experience. In addition, it is much easier now for employees to be exposed to new opportunities, and for companies to find employees who exactly match their needs. In many cases, these companies offer very high salaries and enticing conditions."
Straschnov added, "The current situation in the high-tech market is that while companies are paying a salary that is significantly higher than the salary offered in other industrial sectors in Israel, they are unwilling to compromise by investing resources in training candidates. The result is that companies are looking for candidates who exactly fit their requirements. Our challenge is to find the candidate who is a perfect fit for their requirements, and finding such candidates no longer relies on passively obtaining CVs."
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2016
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