San Francisco, September 24: A recent report has highlighted a significant decline in local tech salaries in the United States, including both fully in-person and hybrid roles, following a year marked by record-breaking inflation and market volatility. The report, conducted by AI-driven marketplace Hired, revealed a year-over-year drop of 3 percent in tech salaries in the US, with figures falling from $161,000 to $156,000.<\/p>\n\n\n\n
When adjusting for inflation, the data paints an even more startling picture, as local US salaries hit their lowest point in the past five years, experiencing a 9 percent decrease from $141,000 to $129,000 between 2022 and mid-2023.<\/p>\n\n\n\n
In contrast, the UK saw a 4 percent increase in tech salaries year-on-year, rising from \u00a382,000 to \u00a386,000. Despite economic turbulence, jobseekers in both the US and the UK have maintained their salary expectations at $146,000 and \u00a382,000 per year, respectively.<\/p>\n\n\n\n
However, the report noted that these figures may not have the impact that candidates would expect when accounting for current market conditions.<\/p>\n\n\n\n
Junior talent, defined as those with less than four years of experience, experienced the most significant salary decrease, nearly 5 percent year-over-year. The demand for such roles, as posted on the tech hiring platform, dropped from 45 percent in 2019 to 25 percent in the first half of 2023.<\/p>\n\n\n\n
Josh Brenner, CEO at Hired, commented on the changing landscape: “Compared to last year, we are witnessing a seismic shift in tech employee and employer preferences. The surging demand for experienced tech talent on our platform and employers’ increasing reliance on AI tools point to an ever-growing skills gap.”<\/p>\n\n\n\n
This challenge is expected to intensify as companies reduce their hiring locations with the return to the office, potentially limiting their access to qualified talent.<\/p>\n\n\n\n
As a result, employers have reduced the number of open roles in high-cost-of-living markets by 19 percent and have nearly quadrupled the number of roles in low-cost-of-living markets to 9 percent since 2020.<\/p>\n\n\n\n
The report also highlighted the high demand for experienced engineers who can efficiently address issues, especially with the introduction of AI tools and growing cybersecurity challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
San Francisco, September 24: A recent report has highlighted a significant decline in local tech salaries in the United States, including both fully in-person and hybrid roles, following a year marked by record-breaking inflation and market volatility. The report, conducted by AI-driven marketplace Hired, revealed a year-over-year drop of 3 percent in tech salaries in […]<\/p>\n","protected":false},"author":1,"featured_media":9061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,22,14],"tags":[729],"class_list":["post-9043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-employment","category-international","tag-techsalaries-usjobs-uktech-salarytrends-inflationimpact-techindustry-jobmarket-aiintech-skillsgap-economictrends-employmenttrends"],"yoast_head":"\n