The Dice recently published their 2023 edition of the Tech Salary Report. With their collection of data and analysis, they were able to establish an executive summary for tech professionals’ salary.
Here is a brief rundown of their findings:
- The average tech salary continues to increase.
- Organizations are aware of the competitive salary increases. From 2021 to 2022, the average tech salary increased 2.3%.
- Tech professionals are more dissatisfied with their salaries year-over-year.
- Professionals in the technology sector continue to demand more compensation. Although the average salary for these positions has gone up in recent years, there is still dissatisfaction. Most tech employees believe they are underpaid. This continues to make it challenging for businesses to find tech candidates.
- Tech professionals are seeking better work-life balance through benefits.
- With the competitive staffing environment, more and more tech professionals are looking for positions that offer flexibility and vacation days. Along with this, wellness programs are becoming more popular as a benefit too. If a business is able to offer these benefits, it will drive much more talent to them.
- Data-related tech skills demand higher pay with growing salaries.
- Tech skills such as Elastichsearch, Apache Kafka, Teradara, and Redis receive some of the highest salaries, averaging $142,000, because of their data-related skills. Although this can come as a huge expense for organizations, it is necessary because of the high importance in data management and security. These tech professionals can be hard to find, and hard to satisfy if they don’t see higher pay year after year.
With the 2023 findings, businesses should consider how they go about choosing salaries for tech positions. Many of these top tier tech professionals demand better salaries and benefits because of their great importance in data and security skills. Factors such as salary satisfaction, benefits and perks, and a proper salary by skill, can make or break a candidate’s decision on your company. On top of hiring managers struggling to find talent at all, it’s grown even harder for businesses to please the candidate’s salary needs to keep them from leaving or declining a position.
Source; Dice