Salaries offered to tech job hopefuls remain at their highest point in history, driven upwards mainly by the growth in the salaries of experienced professionals (more than 3 years of experience) since before, even, the beginning of the pandemic. Among the different roles included in this category, those of engineering management are at the top in salary material.
Also, in most markets analyzed (data from a study limited to the US, UK and Canada) salaries for remote jobs exceed face-to-face ones. The one exception is the area that already has the largest number of tech professionals, the San Francisco Bay Area (which includes Silicon Valley).
And yet, nearly 65% of remote employees and 82% of face-to-face employees who participated in the survey they say they do not feel that their wages have risen at the same rate as the increase in inflation and the cost of living.
These are some of the most relevant data revealed by Hired, an intermediary platform between technology companies in search of talent and developers job seekers, who just released their 2022 report on the current state of the world of software engineers.
These findings are based on analysis of more than 907,000 interview requests for more than 47,000 active positions advertised on the Hired platform between January 2019 and June 2022.
Uncertainties, convergences and the Great Renunciation
To weather what Hired CEO Josh Brenner called a “storm of uncertainty” (in which have frequented both aggressive hiring and mass firings), states that companies should seek to move away from “hypergrowth” and bet on “more efficient growth”.
The ‘Great Renunciation’, the growing tendency to give up jobs in the face of the imposition of a return to office work, is one of the elements that is most altering the labor market in the technology sector in this countries.
In fact, according to the study, when employees are asked if they would be willing to return to the office in exchange for greater job security, 54% of candidates said yes…
…but who would then start looking for other jobs with more flexible remote work options: only 1 in 3 respondents would trade their remote job for a 100% face-to-face job with a higher salary.
Another of the big trends revealed by the Hired report is wage convergence between big tech hubs (Silicon Valley, NY) and medium (Boston or Seattle), as well as between startups and technology companies with more than 300 employees.