The tech industry is vast and contains multitudes of career options. Its constantly evolving structure also makes it difficult to generate general averages of what careers in the industry make since each one can vary drastically. To bypass this, let’s examine only one area—Information Technology (IT)—and narrow that even further by looking at a single country: Portugal.
Within the IT field in Portugal, the average salary per month is a little under 3,000 euros. The spectrum of salaries from lowest average to highest average is about 1,500-4,500 euros. To get any more specific than this, an analysis of individual careers must be examined.
How Does Experience Play a Part?
The obvious answer to what experience does in regard to salary is that the more experience someone has, the higher his or her salary can be. Compared to developers fresh out of college with little to no experience, developers with between two to five years of relevant experience can make about thirty percent more. More than five years could indicate around up to 40% more money made.
Where Should Education Come In?
Diplomas and special certifications will vary between careers, which makes comparisons of salaries harder. Receiving a diploma just above high school level can earn a developer under 20% more money. On the other hand, developers who have obtained a Ph.D. can make nearly double the salary than developers with only a diploma.
Gender & Salary
Next to men in the IT field, women make five percent less at an average of 2,700 euros. Beyond the tech industry, through a general salary comparison, men still make more than women in all industries within Portugal.
Raises, Promotions, & More
IT developers are likely to see some kind of salary increase through raises, promotions, or by some other means at a rate of about 15 months. The combined natural average every year is approximately eight percent compared to the IT field’s increment of ten percent. Similarly, worldwide salary increases come around usually within 16 months. However, the global salary increment rate is less than five percent.
Regarding bonuses, the averages are nearly 50/50. They are handed out more often than most other industries due to the level of skillsets, experience, and demand developers are given. Portugal sees from a three to a five percent bonus from a developer’s current salary. Bonuses are typically also given out for a few different reasons:
- End of the year/Christmas bonuses
- Individual &/or group performance
- Goal achieving bonuses
Every field of the tech industry is in demand. This means that developers are more likely to find higher-paying jobs in this industry versus others. With a higher salary comes an increase in competition as well. Careers may pay well at first, but most employees may run into the obstacle of wanting to work their way up the salary ladder. Receiving financial incentives such as raises or bonuses improves morale and work ethic. Companies in the tech industry should consider all of these factors yet also make sure they don’t offer low salaries that deter developers. It should be noted that developers looking long-term may prefer slightly lower salary rates for the satisfaction and personal achievement of receiving them later.