Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Salaries are down 2% to 15% since January 2007 for IT managers and executives, reports recruiting company Janco Associates. Many companies have laid off staff and outsourced IT work, reduced bonuses and eliminated IT contractors.
Midlevel and upper-level tech jobs are continuing to take a hit as the economy languishes.
The just-released 2009 Mid Year IT Salary Survey from Janco Associates, a recruiting company, shows that the decline in IT salaries that began more than two years ago continued through June. The hardest hit: planners and administrators. Salaries for directors of IT planning at mid-sized enterprises have fallen 15.5% since the start of 2007, to an average of $97,588 from $115,434. Salaries for vice presidents of administration have dropped 10.3% to $90,459 from $100,820, Janco reports.
Janco also reports that jobs continue to be hard to find as companies cut positions and don’t fill the spots of departing employees. Many have stopped hiring altogether,
"The current economic climate with its cost-cutting mind-sets, business closures and extensive outsourcing has put such a great pressure on the IT job market that overall pay has been impacted," says Victor Janulaitis, CEO of Janco. "Added to that, many baby boomers who had planned on retiring in the next few years are not leaving the job market and you have more potential employees than positions available."
Janco reports the following salaries at mid-sized companies as of June and their change since January 2007:
- Vice president/CIO: $162,937, -5.1%
- Vice president security - $143,284, -3.3%
- Vice president consulting services, $137,021, -7.9%
- Vice president technical services, $128,254, -5.1%
- Director, production/data center, $110,451, -1.9%
- Director, systems & programming, $128,044, -2.6%
Janco says more than 200 IT professionals in the metro New York area who earned well into six figures are looking for work because of mergers, bankruptcies, and layoffs.