Resource Data

Oct 31, 2023

Image Credit: Getty Images Amidst a turbulent job market and rising inflation, new data is showing that tech workers in the U.S. are experiencing a drop in salaries. Hired’s 2023 State of Tech Salaries report has revealed that while those seeking tech jobs in the U.S. seemed to maintain their salary expectations, once this figure is adjusted for inflation the reality is that salaries have dipped to their lowest point in five years. Why U.S. tech salaries have declined Though average tech salaries hover at the $158,000 mark (nearly double the average U.S. knowledge worker), the combined impact of layoffs in the tech sector, hiring freezes, inflation and the explosion of generative AI have resulted in salary stagnation across the board. The survey of more than 1,300 tech professionals reported that 54% of workers haven’t seen their salary rise at the rate of inflation. Once it’s factored in, salaries are down 6% for remote workers and 9% for those in-office roles, compared to 2022. Experienced employees were less likely to see their salary decrease, while junior staffers (those with less than four years of experience) are seeing the most dramatic dip at nearly 5% year on year. This, alongside a drop in demand for less experienced roles (down from 45% in 2019 to 25% in the first half of 2023), means this cohort will be feeling the pinch the most. Smart strategies for increasing your earning potential As if they weren’t already tricky enough, salary negotiations can be even more challenging during times of big market changes or uncertainty. So how can you earn more money? Read on for some tips on increasing your earning potential Know your worth Information is power, so make sure to research your role and industry’s average salaries (taking into account experience and location) so that you know your worth before entering into any salary conversations. You can use online salary calculators, scour competitors’ hiring pages for salary band info (many states, including California, Washington, Colorado and New York City, mandate the inclusion of a salary range in job postings), or simply ask colleagues and friends who are in similar fields. Look beyond tech companies for tech roles As the tech landscape has developed and matured, so too have the variety of roles, with almost every single industry needing tech workers of some kind. To widen your pool, explore job openings at places beyond traditional tech companies. Industries whose core offering isn’t technology-based would have been less affected by recent volatility. Consider relocating to a lower-cost-of-living location Earning more money isn’t just about salary but about actual living expenses. The Hired report showed that, once you adjust for the cost of living, workers in cities like Houston, Atlanta, Philadelphia and Phoenix were offered $40K more than their counterparts in San Francisco. Many employers have decreased the number of open roles in high-cost-of-living markets. For example, positions based in San Francisco dropped from 38% in 2020 to just 19% in the first half of 2023. In the meantime, jobs in lower cost-of-living markets more than quadrupled, from 2% in 2020 to 9% in the first half of 2023. If you find yourself considering a move, the VentureBeat Job Board features thousands of tech jobs from across the U.S., including the three below. .NET Software Engineer, Noir Consulting, Phoenix Noir Consulting is seeking a .Net Software Engineer to work with a well-established national marketing firm, creating a product that leaves a significant and enduring impact on people’s marketing endeavors. In this hybrid role, you’ll need a good grasp of C#, .NET Core, and SQL Server, as well as a thorough understanding of Agile methodologies. The role also offers the opportunity to avail of industry-recognized training in .NET6+, Azure, Microservices and Angular/React. See all the requirements for this role . Senior Site Reliability Engineer, First American, Remote Named one of the Fortune 100 Best Companies to Work For, First American has grown from a small family-run business in 1889 to a $9 billion organization spanning more than 700 offices and 20,000 employees. As a Senior Site Reliability Engineer , you will support mission-critical software systems and work to automate IT infrastructure tasks. At least five years’ experience and a strong understanding of site reliability engineering best practices –  including incident response, release management and capacity planning – are required for the role. Interested? Apply for this job now . Senior Software Engineer, Resource Data, Inc., Houston Resource Data serves as a technology partner to businesses across the U.S., offering IT business consulting, software services, systems engineering as well as data and analytics services. As a Senior Software Engineer , you’ll work on a diverse range of projects spanning different industries, tech stacks and systems. You are known for being an innovative and decisive problem solver, adept at balancing business needs, client budgets and user demands. Explore the role here . VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings. VentureBeat's Data and AI Insider's Event Join us for key insights and networking with leaders in the Data and AI spaces at VB's exclusive after hours event this November!