Tech Sector In US Sees A Downfall In Salaries!
The sensational report says that the salaries of the tech employees went down by three percent from $161,000 per year to $156,000.
By: Tupaki Desk | 25 Sep 2023 9:08 AM GMT
We are in a tech-driven world and it is one of the biggest sectors in the world. Technology has been contributing to the economy and creating a big number of job opportunities. Experts say that information technology is among the top five sectors across the globe and managed to withstand the Covid outbreak.
However, the tech sector in the United States appears to be not in a good place as the employees are seeing a dip in their salaries. A recent report from a leading firm sheds light on the fall in the salaries of employees in the tech sector. The report traces the dip of the tech employees.
The sensational report says that the salaries of the tech employees went down by three percent from $161,000 per year to $156,000. Observers say that the local US salaries are at the lowest point in the last five years. It is said that the local salaries went down by 9 percent.
In 2020 the salaries were $141,000 and in mid-2023, they fell to $129,000. Experts are claiming the dip is the least in recent years and this tells us the problems faced by tech employees.
While the United States saw a dip in salaries, another Western nation, the United Kingdom, is seeing a different scene. The report said that the salaries in the tech sector saw a rise of around 4 percent. From £82,000, the salaries went to £86,000. It is said that only the juniors are in danger.
The contrasting situation in both nations gives birth to the question of what are the factors that are responsible for this. Record inflation and market turbulence are the big reasons behind this. Inflation is raising many concerns and fears that many global giants have sacked their employees to cut expenses. Market turbulence is also a big concern in the economy and the two left a big impact on the salaries of employees.
Observers say that employees not improving their skills is a big concern. Employees in the tech sector need to upskill themselves to stay relevant. New tools hit the market at regular intervals and the employees should be well versed with them.
Another big concern in this is the growth of AI and its tools. We are seeing what ChatGPT is doing. The tool is creating shackles in the world and experts warned that AI can replace people in a few jobs. So the employees need to upskill themselves.
