Motion Recruitment, a U.S. provider of IT Staffing Solutions, has published Motion Recruitment’s 2023 Tech Salary Guide, the annual report featuring salary data, industry trends and market expert advice in technology hiring and job searching. The 2023 edition highlights the insights and salary information needed to go past the headlines into what to know about navigating this hyper competitive IT hiring landscape in uncertain times. A few key takeaways of the Guide:
- Despite layoffs, it’s still a candidate-driven market. In 2022, tech employers hired almost 70 percent more than last year, and most IT talent in layoffs is quickly re-absorbed by other employers. With more than 200,000 U.S. tech jobs unfilled at any given time, it’s no surprise 97 percent of IT leaders think digital transformation will take longer than expected because of abundant tech staff shortages.
- Market-value compensation still climbing. Overall, tech salaries have increased 6.7 percent over 2022. Certain sectors like Mobile even saw increases of up to 30 percent, while most areas saw more regular gains compared to the stratospheric rises of 2021. If they don’t receive raises, 9 out of 10 tech professionals would start job searching or expect to negotiate other benefits.
- The Hybrid Workplace ascends in popularity. Only 4 percent of developers are looking to work in an office daily, but most are open to returning to the office in some capacity. 60 percent said they want to work somewhat in the office, which may lead to a regional “bubble” hiring approach.
- Companies are increasing spending on emerging tech. Emerging tech talent demand has grown by more than 209 percent since 2016, with cloud security, machine learning and Blockchain leading the way in investments. With some of these sectors at 0 percent unemployment, businesses are struggling to fill roles in these spaces with qualified talent – which creates opportunities for those able to upskill.
- Work-life balance rivals salary requirements. Over half of all IT professionals are thinking about leaving their jobs, so tech talent retention and attraction will depend on how well employers listen and strengthen their market IQ. The biggest reasons why tech workers are leaving? Tied for first is lack of work/life balance at 42 percent, alongside not enough compensation.
“While not currently at height of early 2022, tech hiring, and job postings remain near peak levels. Candidates are still receiving multiple offers, and three-quarters of IT employers are having difficulty finding the skills required for their open roles,” said Matt Milano, president of Motion Recruitment. “Businesses are more thoughtful on how to best spend their resources, but there’s still opportunities for career growth.
“It’s also clear that for top talent, companies have to think beyond salaries,” Milano continued. “Flexibility when it comes to hours and time in the office, a culture that goes beyond words to tangible action, the opportunity to upskill and grow…all of these things are vital to attract the best IT candidates in 2023.”
Motion’s Tech Salary Guide gives employers and tech professionals the latest data, reporting and insights to better understand the market value of IT positions across cities and technology stacks. The information is based on thousands of technologists and verified against other industry leaders’ reporting to provide salary data for mid to senior level technologists, whether hiring or for their career growth.
Motion Recruitment is part of Motion Recruitment Partners, LLC, parent company of leading global talent solutions providers and industry game-changers.
