Tech salaries still high despite mass layoffs — Bloomberg
NEW YORK CITY, UNITED STATES — Tech workers in the United States (U.S.) could still earn as high as $120 per hour despite massive layoffs in the industry.
According to a Bloomberg report, tech companies are doubling down on resources in mission-critical areas like artificial intelligence (AI), engineering, and software development.
Recruiters added that the “push into new frontiers and the need to maintain existing infrastructure” continues to fuel demand in key tech roles.
The report also stated that the tech industry had significantly contributed to the U.S. economy. The sector now claims the biggest market value share in the S&P 500, accounting for about one-quarter of the index, up 18% from a decade ago.
Tech accounts for about six per cent of the U.S. gross domestic product (GDP) and a similar share of jobs across the country.
However, Bloomberg noted that while companies are still recruiting additional employees, some may be willing to pay less.
Hang Xu of tech talent agency Collective Supply said, “Microsoft was paying $90 an hour for contractors during the height, and now you’re routinely seeing $45 an hour for someone with Ph.D. experience.”
