Tech salaries have been on the rise for a long time, but what can we expect in the future? With the continued growth of the tech industry and the increasing demand for skilled workers, it’s likely that tech salaries will continue to increase in the coming years. However, there are also other factors at play that could affect the future of tech salaries. In this article, we’ll explore current trends in tech salaries, share predictions for how they will change in the coming years, and provide advice for candidates on how to negotiate a fair and realistic salary.
Current Trends in Tech Salaries
First, let’s take a look at the current trends in tech salaries. According to the 2022 Tech Salary Guide by Dice increased by 2.3% and highlight the following trends:
- Remote work is here to stay, and it’s impacting salaries. With the pandemic shifting many companies to remote work, tech workers now have access to jobs from all over the world. This increased competition has led to higher salaries, as companies compete to attract top talent.
- The demand for cloud computing and cybersecurity skills is driving up salaries. As more companies move their operations to the cloud and face increased cybersecurity threats, workers with skills in these areas are in high demand. The Tech Salary Guide reports that cloud architects, cloud engineers, and cybersecurity engineers are among the highest-paying tech roles in 2022 and 2023.
- Data science and AI are also in high demand. As companies continue to collect and analyze vast amounts of data, workers with skills in data science and AI are highly sought after. The Tech Salary Guide reports that data scientists and machine learning engineers are also among the highest-paying tech roles
Predictions for the Future of Tech Salaries
So, what can we expect for the future of tech salaries? According to a report by Glassdoor, the median base pay for tech workers in the US is expected to increase by 4.3 this 2023 while was 3.6% in 2022. This is in line with the trend of steady increases in tech salaries over the past several years.
However, there are also other factors that could impact the future of tech salaries. For example, a report by McKinsey & Company suggests that the shift towards remote work and the increased use of automation could lead to a flattening of wages in certain tech roles. On the other hand, the continued growth of the tech industry and the demand for skilled workers could drive salaries even higher.
Advice for Negotiating a Fair Salary
So, how can candidates ensure they’re getting a fair salary in this rapidly-evolving landscape? Here are a few tips:
- Do your research. Before negotiating your salary, do some research to determine the average salary range for your role and location. Websites like Glassdoor and Indeed can provide valuable salary data.
- Highlight your skills and accomplishments. Make sure to emphasize your skills and accomplishments during the negotiation process. This can help demonstrate your value to the company and justify a higher salary.
- Be flexible. While it’s important to negotiate for a fair salary, it’s also important to be flexible. Consider other benefits that may be negotiable, such as remote work options, flexible hours, or additional vacation time.
In conclusion, the future of tech salaries is looking bright. With continued growth in the tech industry and increased demand for skilled workers, it’s likely that tech salaries will continue to rise in the coming years. However, it’s important for candidates to do their research and negotiate for a fair salary to ensure they’re being paid what they’re worth in this rapidly-evolving.
52% of tech professionals are considering their options and have said they are likely to change employers in this year.
Talking about companies, leaders can attract and retain top tech talent by offering a holistic suite of benefits including remote and flexible work schedules, work-from-home stipends, bonus opportunities, professional development, encouraging employees to take PTO, and investing in wellness programs.
