After you’ve decided when to hire a CIO, what to look for in a CIO, how to hire a CIO, and asked some exceptional CIO interview questions, you may feel like the hiring process is coming to a close. However, you still have to decide what to pay a CIO.
Lots of factors can influence a person’s salary – especially for a chief information officer. When you’re trying to decide what to pay a CIO, here are five things to consider.
1. The average CIO salary in your area and field
If you don’t know what to pay a CIO, it helps to get an idea of what a chief information officer in your location and your industry typically earns. Though online research may be helpful, speaking to people in your professional network will give you a better idea of what a CIO in your geographic area earns. Once you know how your location and your industry influences salary expectations, you’ll have a general idea of what to pay a CIO.
A CIO with valuable experience is more valuable as an employee. Experience in leadership, business, and technology is essential for a CIO. If a candidate has experience in all of these areas, he or she becomes more of an asset to your company. Since your company gains a lot of value from such a skilled employee, he or she can expect a higher pay.
An educated CIO, like an experienced CIO, brings a lot of value to your company. Degrees and certificates show that a candidate has demonstrated knowledge about the industry, which can be used to further your company. Since a candidate’s education can make them a more qualified employee, it is an important factor to consider when deciding what to pay a CIO.
4. Additional Benefits
When hiring a new employee, some companies offer benefits in addition to salary. Stock options, equity, bonuses, and other benefits all impact an employee’s final earnings. If your company offers such benefits to employees, consider their value when deciding what to pay a CIO.
5. What the candidate hopes to earn
Once you’ve selected a few final candidates, feel free to discuss salary during the final round of interviews. By starting an open dialogue regarding salary, you learn how the candidate values themselves as a contributor to the company. A discussion on salary will give you a better idea of what to pay a CIO and provide insight into how a candidate values their contributions in the workplace.
What factors did you use to decide what to pay a CIO? Let us know in the comments.
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