Tech salaries are on the rise. According to information reported by Computer World in January 2023, a combination of factors — including a talent shortage and an improving economic environment — are inspiring tech companies to offer considerable pay increases. Some experts believe that increases in 2023 could be as high as 8 percent, putting an end to a trend that saw tech salaries failing to keep up with inflation in recent years.
What does it take to be one of the tech employees who will see a sizable salary increase in 2023? Experts point to a number of steps that tech pros can take to stand out as an employee who deserves to be paid at the top end of the salary range.
“Being able to do your job well is critical for increasing your salary, but you will need to deliver more than just technical ability to become a top earner,” explains Michael Gibbs, CEO of Go Cloud Careers. “To be identified as an elite tech professional, you need to show that you have elite skills that will improve the overall value of the organization.”
Gibbs launched Go Cloud Careers to provide students with the kind of training that would help them achieve high-paying positions in the field of networking and cloud computing. For more than 20 years, his students have received unparalleled technical instruction combined with training in essential business skills. His unique program allows Go Cloud graduates to have an exceptionally high success rate at securing six-figure jobs.
New certifications are not the key to a higher salary
Pursuing new certifications is the path that many tech professionals choose when they are seeking to earn a higher salary. The experts, however, would argue that it is the wrong path.
“A long list of certifications communicate that you are a jack-of-all-trades, but a master of none,” says Gibbs. “That is not how you want to brand yourself if you are seeking to increase your salary. This is especially true when the certifications you are adding to your resume are associate-level certifications.”
Business acumen is the skill that sets you apart
A particular certification, such as Google Cloud or Amazon Web Services, will show that you know how to work with that technology. However, it does not communicate that you know how that work can have a positive effect on the business as a whole. That is where business acumen comes in.
Business acumen is what allows an employee to understand business issues. It involves an understanding of how budgeting and other financial practices affect business performance. It allows for strategic thinking and an understanding of the long-term ramifications of business decisions. It empowers an employee to develop and deploy solutions that benefit the entire organization and increase overall productivity.
Business acumen also allows a tech professional to understand what is important to the C-suite. A CEO, CFO, or CIO is not focused on the technical aspects of tech-related projects. They want to know the business impacts of those projects. Those who understand and can explain how a tech project will improve business will be seen by the business’s leaders as valuable employees.
Those with business acumen have the skills to identify and deploy improvements that increase revenue. If you consider that a 1 percent increase in revenue for a $20 billion company results in an additional $200 million, it is easy to see why tech professionals with business acumen are highly sought after.
“The technology space has an abundance of professionals who know how to code or configure networks,” Gibbs explains. “What the field is lacking are professionals who know how to use technology tools to improve a business’s performance. Those who have business acumen can identify business problems and design technology solutions. They are the type of professionals for whom businesses are willing to pay top salaries.”