He Global Compensation Survey of Robert WaltersA leading global search and selection consultancy specializing in middle, executive and executive management explains key hiring and salary trends for the technology sector in 2024. Report It contains salary information, hiring advice, analysis of the labor market based on the processes carried out by the Robert Walters Group's search and selection teams worldwide, as well as forecasts from its innovation department and specialist office.
What happens to technicians' salaries?
The job market for professionals working in technology is definitely going through turbulent times. On the one hand, massive layoffs at large tech companies by the end of 2022 have dragged down other layoffs at smaller firms. All of this slowed hiring for much of 2023.
„In this scenario, we have seen many professionals start looking for jobs in the job market, where previously, there were few professionals. Also, aspects of the new job challenge, such as financial stability, now take precedence over the attractive salaries that start-ups can offer.” This paradigm shift directly affects wage inflation. , which has moderated this year.”says Luis Cespedes, Senior Manager of Special Search and Selection IT Profiles in Robert Walters.
This has led to growth in salaries for technical profiles at a lower rate than other years. On the other hand, when talking about non-cash salaries, there is an increasing trend of returning to the office. For many professionals in environments like software development, this means „stepping back” on their working conditions and company benefits.
According to him Global Compensation Survey By Robert Walters A third of tech professionals don't expect to get a raise at their next review. The main reasons were that their sector had been negatively affected by inflation (48%) or that their company had made layoffs (17%).
„These professionals, who usually have bargaining power while enjoying higher salaries or greater flexibility, now face a very unfavorable situation for them, which is why many decide to change sectors. To improve their conditions”Céspedes argues.
The same survey showed that 76% of tech professionals intend to change jobs in 2024 compared to 53% who reported the same intentions in 2023. 81% feel that they have attractive opportunities in the labor market.
Fields with ideal conditions for IT profiles
Financial environments can be vastly altered by technology. The emergence of Fintech and Insurtech is attracting tech talent globally. In particular, data engineering and cybersecurity positions are currently in high demand in these areas.
Online shopping and home delivery are redefining the way we consume, and this is driving major technological advances in all aspects of the transport chain, from simplifying transport to improving the procurement of raw materials globally.
While the threat of AI ending the jobs of software developers is very real, this profile continues to be in demand by all types of businesses and sectors to develop e-commerce related tools.
