Salaries for IT personnel have stagnated in 2008, according to a recent study from Park City, Utah-based management consulting firm Janco Associates Inc. Polling more than 800 companies, including insurers throughout the United States and Canada, Janco’s “2008 Mid-Year IT Salary Survey” also found that hiring is now limited to key replacements, and discretionary spending is falling. In many cases, it is being eliminated.

The survey reveals that hiring demand in IT is at its lowest level since 2004, with many enterprises not hiring at all, save for replacement personnel at lower salary levels. To go along with this, in the past year, increases in IT professionals salaries were lower than the increases in the cost of living. Moreover, companies have reduced discretionary spending by the IT department, resulting in fewer projects being initiated, lesser use of consultants and a slowing of previously approved projects.

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