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It hasn't been the easiest year to be working in the tech industry. Layoffs came thick and fast from the second half of 2022, and in the early part of this year tech giants such as Google, Amazon and Microsoft announced job losses. So too did numerous smaller companies, startups, and a raft of financial services firms. While more than 240,000 jobs were lost in 2023, the majority of those layoffs had eased by September, and the last quarter of the year has seen a much calmer environment.
Despite all of those redundancies, many within the sector weren't too worried about their jobs. That's because when you crunch the numbers, a significant tally of the roles laid off were in the areas of recruitment, marketing and sales – non-technical, in other words.
Those with key skills such as Python and Java programing, artificial intelligence and machine learning capabilities, data analysis skill sets, along with DevOps, cloud and cybersecurity professionals, remain in demand. And just as they did during the pandemic's "Great Resignation," Americans with valuable skills are voting with their feet. If they're not happy, they'll go elsewhere and get a better deal – whether that's a salary bump, better benefits or remote working options.
Money is a motivator
Unsurprisingly, money is one of the biggest motivators for a career move, with 60% of U.S. workers saying their incomes haven't kept pace with inflation over the past 12 months, according to a Bankrate study. And even among those who did get a pay raise, 53% said their incomes still haven't kept pace with inflation.
It's long been accepted that in order to make more money, you really need to switch jobs. In fact, the Atlanta Federal Reserve Bank's wage growth tracker, which uses data from the U.S. Bureau of Labor Statistics, shows that those who switched jobs have consistently out-earned those who've stayed at one employer since 2011. The message seems to be that loyalty doesn't pay off. But those with longer tenure do often experience consistent annual pay bumps, even though these tend to be smaller in percentage terms.
Into 2024, the Congressional Budget Office predicts inflation will slow to 2.6%, and with a Payscale survey finding that workers in technology can expect an average 4.1% pay increase, things are starting to look a little better for employees who want to stay put.
While some employers will offer workers a bigger raise, 4.1% is typically what you can expect if you stay in your current job. However, if you look elsewhere, you can expect to bank between 10-15% more money in your paycheck. If that sounds good, then explore the TechSpot Job Board for exciting roles all across the country. Discover three of those below...
AI Architect, Salesforce, Dallas
Earn up to $355,900 annually for this AI Architect role at Salesforce. You will bring a strong emphasis on machine learning (ML) design, solutioning, and generative AI to play a pivotal role in shaping the technological landscape of the organization. You will have the opportunity to be responsible for the organization's ML and Gen AI initiatives, drive innovation, and ensure that solutions are not only innovative, but also strategically aligned with business objectives.
You'll need a related technical degree, proven experience as an enterprise architect or in a similar senior technical role, and a track record of building large-scale innovative AI products and solutions. See all the requirements.
Software Developer, Leidos, Chantilly
Earn from $97,500 to $176,250 a year in this Software Developer role at Leidos. You will be a member of a seven-person developer team, participating in Lean Agile scrums, sprints and grooming sessions.
You'll perform Commercial-Off-The-Shelf (COTS) product integration and development efforts, ensure tasks are completed on schedule, and consult and coordinate appropriately for problem resolution, task scheduling, new resource requirements, and task clarification. Apply here.
Director of Data Science & Machine Learning - Pricing, Xometry, North Bethesda
Xometry's on-demand digital manufacturing marketplace gives manufacturers the critical resources they need to grow their business, while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity.
The Director of Data Science & Machine Learning will manage ML and data science research and development, and evolve the services that make up the backbone of the business. You will bring experience as a data scientist and machine learning leader working for a company where AI is considered core to the company's success. Get full information.