Put simply: It's no secret that the tech industry offers a lot of benefits, one of which is usually a great salary. However, a recent report found that just under half of tech workers are satisfied with their pay, and 93% are actively looking for a new job or are open to new opportunities. Ta. Why the dissatisfaction? Much of this is related to the continued and significant layoffs that employees have to deal with.
The Dice Tech Salary Report, conducted by IT and engineering recruitment website Dice.com, surveyed 6,166 registered users and visitors late last year to provide insight into the industry and its workforce. I did.
Importantly, technician salary growth slowed from 2022 to 2023, and average dissatisfaction with current compensation increased year-over-year. In 2022, 55% of technology professionals were satisfied with their pay, which dropped to 49% in 2023. His 35% of workers were found to be “somewhat” or “very” dissatisfied with their pay, an increase of 5% from the previous year.
What is the main reason for your salary reduction?
Young tech workers in the early stages of their careers were the group most dissatisfied with their pay. Interestingly, tech professionals are significantly more satisfied with their pay than non-tech professionals (49% vs. 34%), with many tech professionals not feeling they're getting paid what they're worth. It suggests that.
Dice attributes this dissatisfaction to a combination of rising costs due to inflation and other economic factors, and the flattening of average salaries for engineers. Only 6% of tech workers said their pay would decrease in 2022, but that number doubled to 12% in 2023.
According to the study, tech workers earned an average of $111,193 a year in 2023, nearly double the U.S. average of $59,384, according to the U.S. Bureau of Labor Statistics.
Average Technician Salary by State – Top 25
No other industry is grappling with more layoffs than technology and gaming. 57% of survey respondents have been fired (10%), seen a team member fired (22%), or are worried/expect to be fired Yes (25%).
U.S.-based technology companies will lay off more than 263,000 workers in 2023, and about a quarter of them will take more than six months to find another job, compared to a national average of 9.2 weeks. It becomes. We're only in the third month of 2024, but the industry has already seen 49,000 layoffs.
The increasing use of generative AI, the amount of money companies are pouring into the space, and the growing obsession with streamlining and rigor suggests that concerns about technology worker layoffs are justified. . Perhaps more people would be happy just by getting a six-figure job.
