May 11, 2011, 10:35 AM — Working life is looking up for CIOs in 2011, according to findings from the latest Harvey Nash Global CIO survey, which the executive search firm released yesterday.
More IT leaders report greater fulfillment in their jobs this year (83%), compared to last year (72%). Consequently, only 23% say that they hope to land a new job in the next 12 months.
Bob Miano, CEO of Harvey Nash USA, attributes CIOs' job satisfaction to the impact of the improving economy on their roles. "When you get into a position where you're innovating, bringing out new products and services, have more flexibility in your budget, and you're doing things to help move the company forward, you're going to have more job satisfaction," he says.
CIOs' job satisfaction is also a result-albeit to a lesser degree, according to Miano-of improved compensation. According to the Harvey Nash survey, 39% of global CIOs' base salaries grew in the past year. Last year, only 27% of global CIOs saw their base salaries increase. Today, the average base salary for a global CIO is just under $200,000, according to the survey findings. Miano says the number of companies looking to hire CIOs is driving up their pay.
Other factors influencing CIOs' job satisfaction include an expansion of their roles and improved standing inside their companies. The number of CIOs with global responsibilities increased to 37% in 2011, from 32% in 2010. Nearly 70% of IT leaders believe they're perceived more strategically inside their organizations this year (69%), compared to last year (64%). Their role on their companies' executive management teams backs up their perceptions: Half of respondents are members of the executive management team, up eight percent from 2010.
Despite the growing number of CIOs who think their peers view them as strategic business partners, the majority still don't report to the CEO: Only 32% call the CEO their boss, though that number is up three percent over last year. Approximately one in five CIOs (18%) reports to the CFO.
Another area where CIOs have room to grow is on the innovation front. While an overwhelming majority of IT leaders surveyed (74%) view innovation and embracing new technology as a key to preserving their companies' market share as the economy recovers, only 34% say their IT organizations are focused on innovation. Indeed, 67% of respondents list managing costs and maximizing savings as their top priority for 2011. Contributing to top-line revenue growth ranks as the number one priority for slightly more than one-third (37%) of global CIOs.