Healthcare organizations are investing heavily in their CIOs, with 22% of CIOs now earning over $600,000 annually, an Oct. 29 report from WittKieffer found.
WittKieffer, an executive search firm, surveyed healthcare chief information and digital officers to explore the scope, compensation and more details pertaining to the role.
Here are eight things to know from the report:
- Forty-one percent of CIOs earn annual salaries between $301,000 and $500,000.
- CIOs are seeing significant pay increases when moving into their new roles, with 27% reporting a boost of over 20% in compensation.
- Bonuses and long-term incentives are also key components of CIO compensation, with all CIOs eligible for bonuses and 68% qualifying for long-term incentives or supplemental executive retirement plans.
- Twenty-eight percent of CIOs can earn bonuses exceeding 30% of their base salaries.
- Despite high turnover rates, 78% of CIOs report feeling satisfied in their roles, with 38% expressing strong satisfaction.
- While 41% of CIOs are required to reside near the office and work onsite full-time, an equal portion (44%) have moved to hybrid schedules, working onsite only a few days per week.
- Only 39% of organizations currently have a CIO succession plan in place, and 36% are developing one.
- Meanwhile, 25% lack any succession strategy.