Tech salaries in US decline

Washington, Sept 25:  Following a year of record-breaking 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 per cent 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 per cent from $141,000 to $129,000 from 2022 to mid-2023. In contrast, salaries in the UK have seen a 4 per cent 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 per cent year-over-year. The demand for such roles, with posted roles on the tech hiring platform lowered from 45 per cent in 2019 to 25 per cent in the first half of 2023.