Tech workers are dissatisfied with their six-figure salaries, worried about industry layoffs

[midian182]

In brief: It's no secret that the tech industry offers plenty of benefits, one of which is usually an excellent salary. But a recent report reveals that slightly less than half of tech workers are satisfied with their compensation, with 93% either actively seeking a new job or open to new opportunities. Why the dissatisfaction? Much of it is related to the constant and significant layoffs employees have to deal with.

The Dice Tech Salary Report, conducted by the IT and engineering job website Dice.com, surveyed 6,166 registered users and visitors at the end of last year to provide insight into the industry and its workforce.

The key takeaways were that tech salary growth slowed between 2022 and 2023, with average dissatisfaction regarding current compensation increasing year-on-year. Fifty-five percent of tech professionals were satisfied with their compensation in 2022, but this dropped to 49% in 2023. It was found that 35% of workers were "somewhat" or "very" dissatisfied with their pay, up 5% YoY.

What is the main reason for your salary decrease?

Young tech workers at early points of their careers were the group most dissatisfied with their compensation. It's interesting to note that salary satisfaction among tech professionals outpaced their non-tech counterparts by a significant margin (49% vs. 34%), suggesting many tech professionals don't feel that they're getting paid what they are worth.

Dice puts this dissatisfaction down to a combination of rising costs caused by inflation and other economic factors, as well as the flattening of average tech salaries. While only 6% of tech workers said their salaries decreased in 2022, that figure doubled to 12% in 2023.

The study found that tech workers made an average of $111,193 per year in 2023, almost double the US average of $59,384 (according to the US Bureau of Labor Statistics).

Average Tech Salary by State – Top 25

No industry has been dealing with as many layoffs as tech and gaming. Fifty-seven percent of survey respondents said they had either been laid off (10%), seen a team member laid off (22%) or were worried about/expected to be laid off (25%).

More than 263,000 workers at US-based tech companies were laid off in 2023, about a quarter of whom needed more than six months to find another job – the national average is 9.2 weeks. We're only in the third month of 2024, and there have already been 49,000 layoffs in the industry.

The increasing use of generative AI and the amount of money companies are pouring into the area, as well as their increasing obsession with streamlining and belt-tightening, suggests tech workers' fears of being laid off are justified. Maybe more should be happy just to have their six-figure jobs.

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https://www.techspot.com/news/102215-tech-workers-dissatisfied-their-six-figure-salaries-worried.html

 

[nnguy2]

What exactly is a tech worker? Anyone that works at a tech company even though theyre not part of research or software? Like a data scientist or software engineer vs sales or marketing or accounting?

Anecdote: I used to work for a software company that gave everyone "engineer" in their title: secretary = clerical engineer, janitor= custodial engineer, sales= sale engineer, customer service= support engineer.

 

[Hexic]

What exactly is a tech worker? Anyone that works at a tech company even though theyre not part of research or software? Like a data scientist or software engineer vs sales or marketing or accounting?

Anecdote: I used to work for a software company that gave everyone "engineer" in their title: secretary = clerical engineer, janitor= custodial engineer, sales= sale engineer, customer service= support engineer.

I know "Tech" workers, working at small MSPs making 20-40/hr doing somewhat simple IT solutions, and then there are the other "Tech" workers making 50-70+/hr, all with under ten years of experience.

Depends on your tech industry, company, department, boss.... Very nebulous.

 

[Superconductor]

I laughed... I am still laughing

 

[yRaz]

I know "Tech" workers, working at small MSPs making 20-40/hr doing somewhat simple IT solutions, and then there are the other "Tech" workers making 50-70+/hr, all with under ten years of experience.

Depends on your tech industry, company, department, boss.... Very nebulous.

I remember working at Bayer building the magnets inside MRI machines, they payed $22/hr and treated you like crap. They said the package was worth $34/hr but I don't believe it. Healthcare was crap and I had $400 in my 401k after 6 months. I had to have my fillings removed to work there because "they will rip those out of your mouth from across the room."

I lasted 6 months. Drove past the old building recently, it's no longer there. The work was cool but management sucked.

 

[NicktheWVAHick]

What exactly is a tech worker? Anyone that works at a tech company even though theyre not part of research or software? Like a data scientist or software engineer vs sales or marketing or accounting?

Anecdote: I used to work for a software company that gave everyone "engineer" in their title: secretary = clerical engineer, janitor= custodial engineer, sales= sale engineer, customer service= support engineer.

What exactly is a tech worker? Anyone that works at a tech company even though theyre not part of research or software? Like a data scientist or software engineer vs sales or marketing or accounting?

Anecdote: I used to work for a software company that gave everyone "engineer" in their title: secretary = clerical engineer, janitor= custodial engineer, sales= sale engineer, customer service= support engineer.

What exactly is a tech worker? Anyone that works at a tech company even though theyre not part of research or software?

Similarly, what exactly is a “health care worker”?
An orderly? A cardiac surgeon? A nurse practitioner?

The left has done a great job labeling all of us as equivalent parts of an ever-expanding state-run entity all working toward a common goal
(Tune-in later….). The exact same “worker” terminology that was used in Stalin’s Soviet Socialist republic and Hitler’s German People’s Workers Party.
Glad I’m on the way-out and not on the way-in. I’ve had enough already.

 

[Neatfeatguy]

Entry level tech jobs are usually crap in pay. I should know, I remember doing one. Started at $12.50/hour (this was 12 years ago). After 90 days I got an awesome $0.50 bump to $13/hour! Only upside to the lower pay was being able to put in 50-52 hours a week. The overtime helped pad the paycheck a bit, so that helped, but then the 10-12 hour days were kind of brutal to work.

By the time I spent a few years and moving up in the company I was making $18.50 as the lead Tier II technician (handle all the stupidity of the Tier 1 techs and keep the T2 techs on point all while handling the problem customers and training when I could because the actual trainer was worthless). Eventually the company didn't want to pay for the experience and wanted to phase out the higher end techs like myself to bring in lower paid inexperienced help. Once the experienced techs got wind of the plan that the company was looking to axe most of us we all found other jobs and left. For about 12 months after leaving the company hounded me to come back and help because all their experienced techs were now gone and they were struggling. I went back on a part time basis (15-20 hours a week) for $28/hr and gave them about 6 months to help train up people. I actually designed them a basic training program using MS Access that would guide you through troubleshooting issues, links to SOPs, hardware diagrams and personal tips/tricks for resolving the more convoluted issues that crop up that don't have SOPs.

I like tech, but the field just isn't for me. Too many stupid people that aren't tech savvy and too many stupid people that say they are. Always going behind others to fix their issues when they should be able to do the work sucks. No thank you.

Some of the senior techs that I worked with I keep in touch with them. Most have left the tech field after a handful of years. The last two in the tech field, one just recently got out of it about a year ago even after landing a $200K+ job in the tech field, he got tired of the stupid people. The other guy doesn't make nearly that much, but he still likes it and is still doing it.

 

[yRaz]

Entry level tech jobs are usually crap in pay. I should know, I remember doing one. Started at $12.50/hour (this was 12 years ago). After 90 days I got an awesome $0.50 bump to $13/hour! Only upside to the lower pay was being able to put in 50-52 hours a week. The overtime helped pad the paycheck a bit, so that helped, but then the 10-12 hour days were kind of brutal to work.

By the time I spent a few years and moving up in the company I was making $18.50 as the lead Tier II technician (handle all the stupidity of the Tier 1 techs and keep the T2 techs on point all while handling the problem customers and training when I could because the actual trainer was worthless). Eventually the company didn't want to pay for the experience and wanted to phase out the higher end techs like myself to bring in lower paid inexperienced help. Once the experienced techs got wind of the plan that the company was looking to axe most of us we all found other jobs and left. For about 12 months after leaving the company hounded me to come back and help because all their experienced techs were now gone and they were struggling. I went back on a part time basis (15-20 hours a week) for $28/hr and gave them about 6 months to help train up people. I actually designed them a basic training program using MS Access that would guide you through troubleshooting issues, links to SOPs, hardware diagrams and personal tips/tricks for resolving the more convoluted issues that crop up that don't have SOPs.

I like tech, but the field just isn't for me. Too many stupid people that aren't tech savvy and too many stupid people that say they are. Always going behind others to fix their issues when they should be able to do the work sucks. No thank you.

Some of the senior techs that I worked with I keep in touch with them. Most have left the tech field after a handful of years. The last two in the tech field, one just recently got out of it about a year ago even after landing a $200K+ job in the tech field, he got tired of the stupid people. The other guy doesn't make nearly that much, but he still likes it and is still doing it.

Something that I love about commercial construction over tech is that it isn't filled with people who think they're all geniuses, they know they're stupid. It's actually looked down on to be "smart" in my field. It's all, "Jimmy, you ****ing that fat ***** again?"

"Who told you?! Was it Steve, I bet it was steve!"
"I was just messing around but I guess it's true!"

Meanwhile, this is all taking place 200 feet up in the air hanging off the side of a building.

 

[Karlos95]

I am quite happy where I am. Working in a high school, so I get $65k a year ($1kAUD after tax every single week) and 3 months holidays a year with a leave loading, sick leave, FACs leave and 12 weeks maternity leave on top. I don't think I'll ever leave, I know it's not the best pay but I value my time more than money.

 

[daffy duck]

Probably a lot of Gen whY bother clowns that live in fairy land thinking they should all be titans of industry on graduation making squillions in very quick time, despite being utterly clueless. Amazing how people are legends in their own lunch time.

 

[BuckarooBonzaii]

Not happy with their six figures? Some places offer great pay but with reduced benefits. Companies figure it's an even compromise.

 

[BuckarooBonzaii]

Something that I love about commercial construction over tech is that it isn't filled with people who think they're all geniuses, they know they're stupid. It's actually looked down on to be "smart" in my field. It's all, "Jimmy, you ****ing that fat ***** again?"

"Who told you?! Was it Steve, I bet it was steve!"
"I was just messing around but I guess it's true!"

Meanwhile, this is all taking place 200 feet up in the air hanging off the side of a building.

Yep in the trade you EARN your respect, it's not given to you that easily.

 

[human7]

Clicked on the article and was disappointed to not see the dude going down the slide anywhere.

 

[RudyBob]

Yep in the trade you EARN your respect, it's not given to you that easily.

I like your thought. So often I told the new techs that it isn't the profesion that commands respect it's the person. Even 30 years ago I got googy eyed by the listener. It's pervasive and never ending

 

[llamapanda]

There are a few threads to this:

1. "I should be earning more for this". How do you know? Tech has so many different skills and stacks that it's hard to know what you're worth as very few direct comparisons exist.

2. "I should be earning more for this (for the skills I have and the niche I'm in)". Based on how hard it's proven for the company to find new staff for my team, I should be able to demand a useful amount more pay. However my generic job title produces endless search results for vacancies that undercut me.The only thing that matters to our HR team is the headline with no concern given as to what those low-ballers are actually paying for.

3. "I should be earning more for this compared to how much that person gets for what they do". Some of the 'tech' people I work with give the impression that they don't know which way round to sit on a toilet and wouldn't learn from getting it wrong. Those who have critical thinking, diagnostic and problem-solving skills spend as much time doing others' work as their own, and the difference in reward packages doesn't reflect the significant value difference between these people, or the relative results to the company if either of them were no longer there.

I'm sure there are more factors to consider as well, but there's a limit to how much of my underpaid time I should be spending moaning here!

 

[Soulburn74]

I tell this to everyone, if you aren't satisfied at your current employer : Whatever you do for a living, there is a company out there that will pay you more, you just have to go find it. Last job change I had was a near 50% pay increase doing the same thing for a different industry and company (moving from insurance industry to healthcare).

 

[redgarl]

I am not unhappy with my pay, but I am discouraged to see the shear amount of ignorance surrounding technology and IT... even if everyone around the table are SMEs. Basically I don't enjoy what I am doing anymore.

I am a Project Manager in Cyber project implementation. Next year I will earn 135k$ Canadian and I have a LoE that is way below a job in the industry. I am in golden handcuffs and I know it.

By the way, let's add insurance, pension and job security... so you understand that I cannot leave my position.

 

[Theinsanegamer]

I am not unhappy with my pay, but I am discouraged to see the shear amount of ignorance surrounding technology and IT... even if everyone around the table are SMEs. Basically I don't enjoy what I am doing anymore.

I am a Project Manager in Cyber project implementation. Next year I will earn 135k$ Canadian and I have a LoE that is way below a job in the industry. I am in golden handcuffs and I know it.

By the way, let's add insurance, pension and job security... so you understand that I cannot leave my position.

The ignorance is truly outstanding. I remember a decade ago, joining the industry, thinking that the newer generation growing up with tech would eventually bring an end to the constant "Why cant I get to my Internet" questions from people who dont know what a browser is, or what office is, or how to turn off their PC.

BOY I WAS WAY OFF.

My bigger issue is management. The PC world a decade ago was fairly advanced, but things were still designed to operate on their own, like the 90s. Today, everything is cloud managed, and these platforms require a lot more training and active management to maintain. Which the higher ups wont pay for. So we end up with half arsed undertrained solutions and simple things, like corporate windows imaging or software management, have gone from fairly straightforward to a bureaucratical nightmare of wait times and unanswered questions.

Lets not get into how HARD it is to repair things anymore. God I miss the early 2010s laptops we used to have. Sometimes I wonder if I should bite the bullet and switch careers, but everyone else is either complaining about the same things or getting outsourced to some third world country where $2 an hour is a dream come true.