Tech companies are constantly vying for the best talent, but it’s also important to assess why the majority of workers in the industry still feel underpaid. According to the Dice Tech Salary report, nearly half of employees feel underpaid, even though the average tech salary hit six figures for the first time in nearly two decades.
If you belong to the 48% cohort of low-wage professionals, here are 7 ways to boost tech salaries in 2023.
1. Discover market value
If you’ve been with your employer for several years, you may be earning more than the current market value of a technical professional with your skill set, especially as supply continues to outstrip demand across the job market.
If you’re going to negotiate a raise, you need to understand what your skills are worth on the open market. This is more valuable to current employers as they already have previous knowledge and context about the project.
The best way to discover your worth is to browse job postings across industries. Keep in mind that your skills are up to date.
Tech.eu’s job board features many of the most impressive companies in the field, including Zilch, Playstation and Facebook apps, providing ample opportunity for comparison.
2. Ask for an increase
When was the last time you asked your employer for a raise? If it’s been more than two years, it’s time to open up the topic to your manager.
Instead of leading the conversation about rising costs of living or needing more money, calculate what you’ve built (or perhaps saved) your company over the past year and put forward a simple case. Also consider how much it would cost to replace you in your current role. Get notified and submit your case.
3. Level up
Are you willing to step up and take additional responsibility for your salary increase, either at your current employer or at a new company?
In fact, research shows that new hires across the tech sector can expect up to a 30% increase in salary when they switch jobs. Also, a shortage of senior technology staff means that senior positions are plentiful.
For example, Havas has hired many senior positions such as Performance Business Director, Associate Director of Operations, and Strategy Director.
4. Development of professional skills
If your skills are mundane, look to upskill in growing areas like cloud, AI, and ML. With the rise of no-code and low-code AI, artificial intelligence has entered the list of technical specialties that are expected to grow rapidly over the next three to five years.
European investment in the region, which was $7 billion in 2019, is set to double, yet labor market gaps leave 3% of all AI jobs unfilled.
5. Look for non-monetary compensation
Pension contributions, flexible working, health insurance, and mental health support all do not increase take-home pay, but have an impact on daily living and are potential bargaining chips for higher salaries. must be included.
Many tech companies offer rewards that other employees have not experienced. PayFit, a Paris-based fintech startup, offers its employees health insurance, paid vacation opportunities, unlimited paid holidays and pension contributions as standard. Payfit is currently hiring for a variety of positions including Senior Data Engineer, Chief Technology Officer, and Senior Product Data Analyst.
6. Explore stock options
Stock options have become popular among technology companies, especially start-ups, as companies continue to look to increase investment or keep costs low while attracting and retaining key talent.
A stock option means you have the opportunity to purchase a certain number of shares at a preset price and is a convenient way to add value in addition to or instead of a pay raise.
London-based fintech firm Blockchain.com offers an employee stock purchase plan and is currently hiring for a number of positions, including Senior Backend Engineer in Finance and Risk and Senior Backend Engineer in Payments. doing. Blockchain also provides pension contributions and health insurance.
7. Broaden your net
If you have exhausted all options with your current employer and do not feel that your contributions are valued, it may be time to find a new job. There are many companies looking for technical professionals with commensurate salaries and responsibilities.
For example, those with fintech experience can now look to Zopa, which is hiring a variety of roles, including backend QA engineer and treasure manager for fundraising and liquidity.
