Today, the era of dividends for technology practitioners may be coming to an end. Mass layoffs appear to have made many tech workers willing to accept lower salaries, according to a recent study of U.S. companies.
In a survey conducted by a foreign recruitment website, about 56% of American technology practitioners said that they would accept the same or lower salary in new positions, and about 45% of the respondents said that due to layoffs in the technology industry The market is depressed and they are willing to accept the same or less salary.
Although it is difficult for American tech workers to find a sense of security in the job market, they still want to work in a healthy environment. The main reasons for accepting the same or lower pay also included concerns about corporate culture and work-life balance, as well as employees’ preference for telecommuting as many companies continue to push employees back into the office, the report said.
“I’d rather earn less and be happier,” wrote one Meta employee in response to the survey.
Another Meta employee said that companies that offer high salaries “are in layoff mode, and their corporate culture is like a pile of garbage.” Thousands of employees were laid off.
The “Engineering Salary Expectations Trends Report 2023” released by the recruitment website is the result of a survey of more than 7,300 US technology practitioners in April, as well as the platform from more than 50,000 people who use the company’s talent marketplace. data collected from employees.
The report pointed out that since the beginning of this year, the average salary expectation of the entire technology industry has dropped by about 5%. Salary expectations for junior and mid-level engineers have seen the largest declines, around 8% to 10%, respectively. The platform believes that the biggest drop in salary expectations for mid-level engineers is due to the “excess mid-level talents” in the market.
Additionally, the survey found that tech workers in major tech hubs with higher costs of living, such as San Francisco, New York and Seattle, will be hit the hardest by an expected drop in the minimum wage. The annual salary of mid-level engineers in these technology centers has dropped by about 13% year-on-year.
At the same time, minimum salary requirements for machine learning engineers remain among the highest among their peers, thanks to today’s surge in interest in AI products.
The study echoes the concerns of tech practitioners on social media. Over the past few months, hundreds of tech workers have debated on job sites whether mass layoffs and fears of AI replacing software engineers mean the end of the era of $500,000-plus salaries.