Shulou(Shulou.com)11/24 Report--

In the face of an uncertain job market environment, what kind of engineers are willing to reduce their wages the most in order to keep their jobs or in exchange for a more relaxed working environment?

The technology industry has traditionally been one of the industries with the highest average pay, and has often topped the list.

Average annual salary of the US industry in 2021, in US dollars

But it is also the industry most vulnerable to layoffs.

Since the second half of last year, there have been tens of thousands of established layoffs among large and small technology companies at home and abroad.

According to foreign media reports, the number of layoffs in the technology industry increased by 649% in 2022, the highest level since the dotcom bubble decades ago.

More technology workers will be laid off in 2022 than in 2020 and 2021 combined.

In order to keep their jobs, the technology industry has taken the initiative to cut wages according to the latest technology industry wage trend report released by Blind, a foreign salary platform.

In the face of an uncertain job market environment, 56% of software engineers are willing to accept a pay cut.

The main reason for accepting a pay cut is to keep your job.

But in addition, taking into account the company culture, job development opportunities, work-life balance and other factors are the reasons why employees are willing to accept a pay cut.

Anonymous Meta employees who have been certified on the Blind platform said they "want to make less money, but can work happier".

On the other hand, by providing better job development opportunities and a better corporate culture, employers are likely to obtain higher-quality employees at lower costs.

The impact of the job market on engineers with different working years

Software engineers are divided into entry, junior, intermediate and senior engineers according to the criteria of 0-2 years, 2-5 years, 5-10 years and 10 years +.

According to the survey, junior and intermediate engineers saw the fastest drop in salary expectations, reaching 10% and 8%, respectively.

Blind believes that the main reason for this is that the supply of intermediate engineers exceeds demand in the job market.

For senior talent, such as the reduction in salary expectations of project managers reflected in the chart above, the job market is less affected, with the average salary falling by 3 per cent and the median by 5 per cent.

The income level of machine learning engineers is still the highest in the industry.

Finally, for junior engineers, perhaps what they are most concerned about is how to grow quickly and establish their position in their work.

So their wage bargaining power is the worst, which makes their wage expectations change little, falling by only 3%.

Engineers in first-tier cities are the most affected. Salaries for software engineers in major technology centers such as the San Francisco Bay area, Seattle and New York are expected to fall sharply, with a median drop of 10 per cent, or an average drop of 9 per cent.

This situation corresponds to the domestic situation, that is, the first-tier cities of Shanghai, Guangzhou and Shenzhen.

In this group, scientific and technological workers with five to 10 years of work experience are the most affected, down 13 per cent from a year earlier, indicating that the impact of job market conditions on these highly developed intermediate engineers is more pronounced.

The salary of engineers from low-and medium-cost cities is expected to fall by only 3% compared with the same period last year, compared with a 9% drop for engineers in top city science and technology centers.

The difference in the impact of regions on income expectations is still obvious.

The difference between gender and wage requirements is quite obvious.

At the entry-level engineer stage, women tend to have higher salary expectations than men, but with the development of their careers, women's salary expectations are much lower than those of their male counterparts.

There may be two reasons for this phenomenon.

First of all, it is because entry-level employees (mainly those born after 2000) have more direct requirements for fair pay.

Moreover, with the improvement of salary transparency in job postings, the gender pay gap between entry-level employees continues to narrow.

But for experienced engineers, gender has an increasing impact on income expectations.

Reference:

Https://www.businessinsider.com/tech-workers-willing-pay-decrease-high-salaries-remote-layoffs-survey-2023-6

This article comes from the official account of Wechat: Xin Zhiyuan (ID:AI_era)

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