Technology firms have become one of the biggest giants. Two decades ago, no one ever imagined about the growth of IT up to such a massive extent. Big firms like Google, Facebook etc are considered as one of the highest paying employers. However, a recent data revealed pay varies widely and employers are not as generous as expected by people.
Recently, Emolument website, which is a free crowd sourced salary benchmarking tool released the report related to highest paying technology firms. The data was analyzed for 1145 employees. 641 were entry level employees, while 504 were experienced employees. Amazon, Apple and Google topped the list. It was interpreted that these three firms pay excess to employees in order to attract the best talent. Telecom companies which were once considered as the high paying enterprises have been left behind according to the study. They pay modest salary, but they are no closer to innovation giants.
As per research data, bonuses and innovation goes side by side. Large technology companies that are driven by innovation create so much value that they can provide large bonuses and high pays. The top 3 paying companies nearly pay bonus to their employees that equals to 1/5th of their total annual salary.
Research also drew another interesting conclusion. The technology companies are closing the pay gap with banks. It is expected they might leave the banks behind. Bonuses however remain smaller in technology companies as compare to banking. However, other privileges that technology companies offer are better work-life balance and flexible working environment.
The high pays for junior employees are attracting college graduates who once preferred banking. The deterioration in banking reputation has also caused some negative impact. Banks are now trying to change their stressful working culture and are struggling top notch graduates.
Following are the top IT companies with their respective Median pays and bonuses:
- Amazon is the leader according to data and is paying a median pay of $1,09,000/year for its entry level position. The bonus on average is $22000 per year.
- Apple is paying $1,04,000/year. The addition of bonus makes the total pay package to $1,20,000.
- Google surprisingly came on third number, despite being on top of the list for best employer for fresh graduates. However, it promises great job perks. The median salary of Google entry position jobs is $86000.
- Cisco system ranked 4th according to employee response. Its median salary is $67000
- Oracle is ranked after Cisco. It is paying nearly $67000. However, it do not offer any bonuses to its junior employees.
- Microsoft ranked on 6th and is paying $58000 median wage. The bonus on average is $9000.
The three other companies that topped the list included Telefonica, IBM and SAP. Their pay at entry level are $45000, $48000 and $44000 respectively.
In the future, these pays are expected to rise. The Artificial Intelligence technology is bringing the role of IT to a great level in all fields.