In transient: It’s no secret that the tech industry presents loads of advantages, considered one of which is normally a superb wage. But a current report reveals that barely lower than half of tech workers are happy with their compensation, with 93% both actively searching for a brand new job or open to new alternatives. Why the dissatisfaction? Much of it’s associated to the fixed and vital layoffs staff must deal with.
The Dice Tech Salary Report, performed by the IT and engineering job web site Dice.com, surveyed 6,166 registered customers and guests on the finish of final yr to supply perception into the industry and its workforce.
The key takeaways have been that tech wage development slowed between 2022 and 2023, with common dissatisfaction relating to present compensation growing year-on-year. Fifty-five p.c of tech professionals have been happy with their compensation in 2022, however this dropped to 49% in 2023. It was discovered that 35% of workers have been “considerably” or “very” dissatisfied with their pay, up 5% YoY.
What is the principle motive to your wage lower?
Young tech workers at early factors of their careers have been the group most dissatisfied with their compensation. It’s fascinating to notice that wage satisfaction amongst tech professionals outpaced their non-tech counterparts by a major margin (49% vs. 34%), suggesting many tech professionals do not feel that they are getting paid what they are price.
Dice places this dissatisfaction all the way down to a mixture of rising prices attributable to inflation and different financial elements, in addition to the flattening of common tech salaries. While solely 6% of tech workers stated their salaries decreased in 2022, that determine doubled to 12% in 2023.
The research discovered that tech workers made a mean of $111,193 per yr in 2023, nearly double the US common of $59,384 (in keeping with the US Bureau of Labor Statistics).
Average Tech Salary by State – Top 25
No industry has been dealing with as many layoffs as tech and gaming. Fifty-seven p.c of survey respondents stated they’d both been laid off (10%), seen a crew member laid off (22%) or have been worried about/anticipated to be laid off (25%).
More than 263,000 workers at US-based tech corporations have been laid off in 2023, about 1 / 4 of whom wanted greater than six months to search out one other job – the nationwide common is 9.2 weeks. We’re solely within the third month of 2024, and there have already been 49,000 layoffs within the industry.
The growing use of generative AI and the amount of cash corporations are pouring into the world, in addition to their growing obsession with streamlining and belt-tightening, suggests tech workers’ fears of being laid off are justified. Maybe extra needs to be blissful simply to have their six-figure jobs.
