Mindworx Consulting in conjunction with Interact RDT has recently launched a new salary survey providing valuable career info for business analysts and project managers.
The results of the first Mindworx Salary Survey were released last month. Some key findings include:
Business analysts earn well early in career but by 35, earning potential slows
Over the duration of their career, project managers earn considerably more than colleagues in other jobs surveyed.
The telecommunications sector pays, on average, the highest salaries.
Tertiary education is key to higher salaries.
Transformation of this niche is directly related to age with most black professionals surveyed younger than 35.
Newly qualified business analysts (in the age group 21-25) earn, on average R60 000 more than colleagues of the same age in other jobs. This is according to the first Mindworx Salary Survey, conducted by the research consultancy, Interact RDT. The survey also shows that between the ages of 30 and 35, the exit rate from this job is high, probably because the earning potential flattens after age 35. In addition, the early career experience gained allows business analysts to move into other, higher paying roles.
By contrast, the earning power of project managers is age-related, with those aged 50+ earning, on average, more than their younger co-workers. In addition, over the duration of their career, project managers earn considerably more than colleagues in the other job types surveyed. At more senior levels, project managers reported earning significantly higher salaries than the other jobs surveyed.
The Mindworx Salary Survey, launched in July this year, which surveys the compensation and employment trends for individuals working as business analysts, project managers, process engineers and business intelligence professionals in South Africa. The survey will be conducted annually to provide the market with much-needed workplace trends and related insights.
“While these job types are often included in broader surveys, it was important for us to get a more detailed understanding of this particular industry niche,” says Martin Pienaar, director of Mindworx Consulting the specialist recruitment business. “The survey findings will benefit the professionals working in this niche too. Respondents were asked if they felt their salary was market related and more than half said no. But when asked why, it became clear that there is no known industry norm to use as a benchmark. We are now in a better position to advise clients and candidates about salary ranges and benefits with the information collected from the survey.
So, what's in the package? The most popular benefits included in the average salary package are pension fund (26%), more than 15 days leave (25%), medical aid (23%) and a bonus or 13th cheque (23%). 3G access is also widely included in the package of these professionals.
And who's paying what? The industry paying the highest average annual salary across all job types and levels of experience is the telecommunications sector (just over R500 000) followed by civils/construction, insurance, IT and financial services.
Education requirements 97% of respondents have an education beyond matric. 57% of all respondents report having a degree, honours or doctorate and 36%, a diploma or post-graduate diploma. The results show that business analysts and project managers with higher levels of education are paid more across all ages. The same does not apply to process engineers or business intelligence professionals.
Industry transformation The survey results show that transformation within this sector is based almost entirely on age. Across all job types, the survey sample is represented by younger black and older white respondents.
“Representation of black and white respondents in the 31-35 age bracket is about the same but anything younger is dominated by up-and-coming black professionals,” says Pienaar. “We are thrilled to report that 15 years into democracy, there is such obvious transformation in this sector.”
About the Mindworx Salary Survey 2009 marks the launch of the Mindworx Salary Survey. The survey was conducted online by Interact RDT, an independent research consultancy. This year's survey was conducted during July and a total of 750 responses were considered valid for use. Of those, less than 10% of respondents were process engineers and business intelligence professionals, a small and statistically irrelevant sample. So, in almost all cases, these job types have been excluded from the results, resulting in a core focus on business analysts and project managers.
A presentation of the survey results is available on the Mindworx Slideshare site just Click Here