8 notes on CIO pay and employment

While health system CIO pay continues to rise, turnover for IT chiefs has also been accelerating.

Here are eight things to know:

1. More than 1 in 5 healthcare CIOs now earn more than $600,000 annually, while 15% make between $451,00 and $500,000 a year, according to an October report from executive search firm WittKieffer.

2. However, more than half of healthcare CIOs started at their roles in the past three years, the report found.

3. Big health system CIO exits in the past year-plus have happened at Nashville, Tenn.-based HCA Healthcare, Cleveland Clinic, New York City-based Mount Sinai Health System, Renton, Wash.-based Providence, Salt Lake City-based Intermountain Health, and Clearwater, Fla.-based BayCare Health System.

4. One reason for CIO turnover: When healthcare IT chiefs moved to their most recent roles, a quarter reported that their pay increased by more than 20%, according to the WittKieffer report

5. Across industries, CIO compensation is up 7.48% at large organizations and 9% at midsize enterprises over the past year, according to data from consulting firm Janco Associates cited in July by the Wall Street Journal. One explanation? The rise of interest in artificial intelligence.

6. CIO pay has climbed more than 20% since 2019, according to IT recruitment firm Heller Search Associates data mentioned in a September CIO story. IT chiefs' pay is now catching up to CFOs'.

7. CIOs' median base pay increased to over $220,000 for large enterprises and neared $210,000 for midsize organizations, with new CIO compensation packages ranging from $1.5 million to $1.8 million at those enterprises, according to the Journal.

8. CIOs are also taking on more responsibility: More than half now report directly to the CEO, compared to five years ago, when at least 60% reported to lower-level leaders, according to Heller Search Associates data cited by CIO.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Articles We Think You'll Like

 

Featured Whitepapers

Featured Webinars