Briefly: It is no secret that the tech trade affords loads of advantages, one in every of which is often a superb wage. However a current report reveals that barely lower than half of tech employees are glad with their compensation, with 93% both actively looking for a brand new job or open to new alternatives. Why the dissatisfaction? A lot of it’s associated to the fixed and vital layoffs workers need to cope with.
The Cube Tech Wage Report, performed by the IT and engineering job web site Cube.com, surveyed 6,166 registered customers and guests on the finish of final 12 months to offer perception into the trade and its workforce.
The important thing takeaways had been that tech wage progress slowed between 2022 and 2023, with common dissatisfaction concerning present compensation rising year-on-year. Fifty-five % of tech professionals had been glad with their compensation in 2022, however this dropped to 49% in 2023. It was discovered that 35% of employees had been “considerably” or “very” dissatisfied with their pay, up 5% YoY.
What’s the fundamental cause on your wage lower?
Younger tech employees at early factors of their careers had been the group most dissatisfied with their compensation. It is 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’re value.
Cube places this dissatisfaction all the way down to a mixture of rising prices brought on by inflation and different financial components, in addition to the flattening of common tech salaries. Whereas solely 6% of tech employees mentioned their salaries decreased in 2022, that determine doubled to 12% in 2023.
The research discovered that tech employees made a median of $111,193 per 12 months in 2023, virtually double the US common of $59,384 (in response to the US Bureau of Labor Statistics).
Common Tech Wage by State – Prime 25
No trade has been coping with as many layoffs as tech and gaming. Fifty-seven % of survey respondents mentioned that they had both been laid off (10%), seen a group member laid off (22%) or had been frightened about/anticipated to be laid off (25%).
Greater than 263,000 employees at US-based tech firms had been laid off in 2023, a couple of quarter 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 trade.
The rising use of generative AI and the sum of money firms are pouring into the realm, in addition to their rising obsession with streamlining and belt-tightening, suggests tech employees’ fears of shedding their jobs are justified. Perhaps extra must be pleased simply to have their six-figure jobs.
