Tech salaries in US decline amid record inflation, market turbulence

economictimes.indiatimes.com:

inflation and market turbulence, local tech salaries in the US, including those for fully in-person or hybrid roles, have experienced their most significant year-over-year decline, dropping 3% from $161,000 to $156,000, a new report has revealed.

When adjusting for inflation, the data by AI-driven marketplace Hired revealed a staggering story — local US salaries have plummeted to their lowest point in the past five years, decreasing 9% from $141,000 to $129,000 from 2022 to mid-2023.

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In contrast, salaries in the UK have seen a 4% increase year-on-year, rising from 82,000 pounds to 86,000 pounds. Despite economic volatility, jobseekers in the US and UK have maintained their salary expectations at $146,000 and 82,000 pounds a year.

«However, these figures may not be as impactful as candidates would expect when accounting for current market conditions,» the report mentioned.

Amid the rise of generative AI and tightening of corporate budgets, junior talent (those with less than four years of experience) have experienced the most significant decrease in salaries — nearly 5% year-over-year.

The demand for such roles, with posted roles on the tech hiring platform lowered from 45% in 2019 to 25% in the first half of 2023.

«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