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The San Francisco Bay Area had the highest median salary for technology workers in 2022, followed by Seattle and New York, which saw the highest compensation for engineering management roles.
These findings were reported in September by Rent, an online marketplace for tech talent, in it.
Navigating an Uncertain Job Market: The 2022 State of Tech Salaries Report it. The researchers collected data from January 2019 to June 2022 and analyzed data from more than 907,000 interview questions.
“This year’s hiring climate is full of contradictions and challenges,” said Josh Brenner, CEO of Hired. “We’ve seen wage hikes, aggressive hiring and layoffs. However, the hiring landscape remains competitive as companies create and diversify their teams to work remotely.”
The rise of remote work during the Covid-19 pandemic has “allowed employers to expand their talent pools and candidates to more opportunities outside their backyards,” Brenner said.
The average local salary for tech workers in the San Francisco Bay Area was $174,063, followed by Seattle ($168,069), New York City ($161,128), Boston ($158,548) and Austin ($157,612).
For mid-market candidates (such as Boston, Los Angeles, and Seattle), the average local salary is now on par with the salary in the largest tech hubs (New York City and San Francisco).
Premium for experienced workers
In the year By 2022, wages will increase across all technology roles, driven primarily by increases in wages for experienced professionals (those with more than three years of experience), according to the report. While the number of companies looking to hire remote junior-level talent has grown, salaries for entry-level candidates haven’t grown as quickly as employers are keen to hire more experienced talent.
Remote workers are paid above local-market rates
Remote salaries for tech workers continue to outpace local wages, with remote roles for firms in tech hub cities paying an average of $3,000 more than similar positions at local companies.
This year, the average telecommuter salary rose to $162,950, ranking third behind the San Francisco Bay Area and New York’s average local salary.
More findings
Other findings from the report include:
- Engineering management roles still pay the highest among technology roles across the US, UK and Canada. The US had the highest domestic salaries for these roles, averaging $196,000. Design, data analysis and quality assurance roles also saw significant salary increases this year.
- Employers have expanded talent pipelines by hiring across markets and time zones.. Businesses of different sizes are more open to soliciting technology candidates from other areas, the researchers said. Candidates showed an increased preference for remote-only roles, with 32 percent of all active job seekers open for “remote-only” roles on the hiring platform, up from 18 percent in January 2022.
- The time to find technology candidates is reduced. In the year In 2022, remote roles in the US took an average of 60 days to find tech candidates, 40 days to fill, up slightly from 39 days in 2021.
- The departure from traditional large technology centers has led to higher wages in smaller cities. Philadelphia (+12 percent), Dallas/Fort Worth (+11 percent) and Denver (+11 percent) saw the largest average local wage increases of all markets. Other top-grossing cities globally are Toronto and London, which are tied with Boston, New York, San Francisco Bay Area and Seattle this year in terms of year-over-year wage growth.
If expected raises are rejected in the next six months, a majority (90 percent) of tech workers say they will start looking for a new job.
Will the tech-pay bubble burst? Despite strong growth in tech workers’ wages this year, the threat of a severe recession in 2023 is starting to act as a brake on rising tech wages. On September 29, Meta, the owner of Facebook and Instagram, reportedly warned employees that it was freezing new hires and had to restructure and downsize. Bloomberg CEO Mark Zuckerberg announced the hiring freeze during a weekly Q&A session with employees, saying most of the group’s budgets would be cut. Other tech companies have cut their headcount in recent months as the US and global economies begin to slow as central banks try to control rising inflation. “A technology industry that has seemingly sprung up overnight, with explosive growth, hiring, perks, and unlimited opportunity to fire, hiring leaner and doing more with less.” Despite economic uncertainty, “many tech companies are still hiring” |
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