Do I have to return the Porsche? If you believe the hype, AI is poised to eventually replace humans in the future. But one only needs to look at the present to see AI's impact today: shrinking salaries. None are feeling it more than tech workers in the Bay Area, once the epicenter of high six-figure salaries and perks galore. Tech workers have seen it all. After more than a decade of being wooed by companies big and small, the tech workforce has been treated like yesterday's newspaper (ask publishing companies for context as needed). From Google and Meta to high valuation startups and mom-and-pop companies, widespread layoffs have become the norm. Not surprisingly, tech pay dropped an average of 12.1 percent in 2023, from $207,000 to $182,000. For tech workers in the Bay Area who received the highest average tech pay of any American metro, the decline is even more significant with the largest year-over-year drop at 15.25 percent. Even-Steven is an unwelcome guest. Not surprisingly, women are negatively impacted the worse. Women, whose compensation grew faster than men’s from 2019 to 2022, saw a sharper fall-off last year. Call it a reckoning, but that's one step forward and two giant steps back. The great reshuffling is breeding the next great resignation. While companies cut salaries and staff, that may wind up coming back to haunt them. One study found more than a quarter of workers plan to switch jobs because they feel overworked and underpaid. More importantly, the lack of upskilling and professional development are increasingly contributing to quiet quitting. The salary rollback may only be temporary. While company staffing remains lean, that's also increasing stress and anxiety for workers. AI or not, something has to give. For employers believing that AI will solve those problems, keep in mind that it will be years before AI even begins to approach its promise. In the meantime, you're still going to need humans to keep the lights on for your business and AI in line https://lnkd.in/gXy33gjg #workforce #salary #talent #hiring #artificialintelligence #employees #siliconvalley #humanresources
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📉 Bay Area tech's 'layoff surge' has slashed salaries📉 🔻 Tech workers across America saw their salaries shrink in 2023, and those in the Bay Area were hit especially hard, according to new data from a study conducted by the advocacy group Women Impact Tech 🔻 Tech pay dropped an average of 12.1% in 2023, from $207,000 to $182,000 🔻 Workers in the Bay Area received the highest average tech pay of any American metro but also withstood the largest year-over-year drop at 15.25%, according to WIT’s data 🔻 Jobs were still being available. They just weren’t paying as lucratively as we saw people paying right after the pandemic 🔻 The layoffs seemed to have been harder-hitting for women and people early in their careers, and she suggested it’s because they’re less likely to have extensive networks 🔻 American tech workers with less than six years of experience saw around 15% pay decreases on average in 2023 🔻 Tech jobs in the real estate, software, retail, ecommerce, construction and consumer products industries saw the largest salary drops year over year https://lnkd.in/gRfmV9mH
Bay Area tech's 'layoff surge' has slashed salaries, report says
sfgate.com
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Silicon Valley Salaries Are Shrinking, Leaving Workers In the Lurch: An anonymous reader quotes a report from the Mercury News: Krista DeWeese has been laid off four times in the last eight years. She wakes up every morning feeling anxious. Will I lose my job today -- again? Will I have enough to pay the rent? Even though she's an educated, experienced marketing professional, worrisome thoughts trail the 47-year-old Fremont native's every waking moment. Currently a contract worker at a health science company, she has been struggling to find secure work that pays enough to keep up with the exorbitant cost of living in the Bay Area. She has a lot of company. The past year has been tough for the Bay Area, as thousands of layoffs skittered across the region. Even workers at Silicon Valley's tech titans -- including Meta, Apple and Google -- have faced job cuts. Since 2022, tech companies in the region have slashed roughly 40,000 jobs. And with each layoff, workers are entering a market that is less friendly to job seekers than it used to be. New research from tech advocacy organization Women Impact Tech, which examined job and salary data nationwide from 2020 to 2023, affirmed what many people already know: companies are tightening their belts -- slicing jobs and salaries alike -- and many people are struggling to find work that pays enough to live comfortably in the Bay Area. Despite having the highest tech salaries in the country, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15% from 2022 to 2023, according to Women Impact Tech. And with inflation, DeWeese and others are watching their spending power shrink. More than 10 years ago, she was earning over $100,000 in total compensation. That amount has dropped 15% since she was laid off from Yahoo in 2016, and has not increased since. "I feel like my career has been frozen in time," DeWeese said. "Things have been at a standstill." Paula Bratcher Ratliff, president of New York-based Women Impact Tech, said that the shrinking pay hits especially hard for women, given the continuing gender pay gap. "The Bay Area took one of the largest hits," Ratliff said. "Women make up about 28% of the entire workforce in tech. When you're seeing an overall decline at 15%, and for pay equity, women have not made much traction." [...] Despite the trend of shrinking salaries in the world's tech capital, Ratliff, with Women Impact Tech, doesn't believe it's necessarily a race to the bottom. "Today, about every company is a tech company, whether they're in retail, consumer goods or hospitality," Ratliff said. "There's so many opportunities in tech without having to focus on those jobs with the tech organizations alone. We're seeing great companies emerge." While it's still unclear where the light is at the end of the tunnel for DeWeese, she remains hopeful her situation will improve. "You have to have hope or else you're just going to live in fear of being let go, again a
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Silicon Valley Salaries Are Shrinking, Leaving Workers In the Lurch: An anonymous reader quotes a report from the Mercury News: Krista DeWeese has been laid off four times in the last eight years. She wakes up every morning feeling anxious. Will I lose my job today -- again? Will I have enough to pay the rent? Even though she's an educated, experienced marketing professional, worrisome thoughts trail the 47-year-old Fremont native's every waking moment. Currently a contract worker at a health science company, she has been struggling to find secure work that pays enough to keep up with the exorbitant cost of living in the Bay Area. She has a lot of company. The past year has been tough for the Bay Area, as thousands of layoffs skittered across the region. Even workers at Silicon Valley's tech titans -- including Meta, Apple and Google -- have faced job cuts. Since 2022, tech companies in the region have slashed roughly 40,000 jobs. And with each layoff, workers are entering a market that is less friendly to job seekers than it used to be. New research from tech advocacy organization Women Impact Tech, which examined job and salary data nationwide from 2020 to 2023, affirmed what many people already know: companies are tightening their belts -- slicing jobs and salaries alike -- and many people are struggling to find work that pays enough to live comfortably in the Bay Area. Despite having the highest tech salaries in the country, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15% from 2022 to 2023, according to Women Impact Tech. And with inflation, DeWeese and others are watching their spending power shrink. More than 10 years ago, she was earning over $100,000 in total compensation. That amount has dropped 15% since she was laid off from Yahoo in 2016, and has not increased since. "I feel like my career has been frozen in time," DeWeese said. "Things have been at a standstill." Paula Bratcher Ratliff, president of New York-based Women Impact Tech, said that the shrinking pay hits especially hard for women, given the continuing gender pay gap. "The Bay Area took one of the largest hits," Ratliff said. "Women make up about 28% of the entire workforce in tech. When you're seeing an overall decline at 15%, and for pay equity, women have not made much traction." [...] Despite the trend of shrinking salaries in the world's tech capital, Ratliff, with Women Impact Tech, doesn't believe it's necessarily a race to the bottom. "Today, about every company is a tech company, whether they're in retail, consumer goods or hospitality," Ratliff said. "There's so many opportunities in tech without having to focus on those jobs with the tech organizations alone. We're seeing great companies emerge." While it's still unclear where the light is at the end of the tunnel for DeWeese, she remains hopeful her situation will improve. "You have to have hope or else you're just going to live in fear of being let go, again and
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Silicon Valley Salaries Are Shrinking, Leaving Workers In the Lurch: An anonymous reader quotes a report from the Mercury News: Krista DeWeese has been laid off four times in the last eight years. She wakes up every morning feeling anxious. Will I lose my job today -- again? Will I have enough to pay the rent? Even though she's an educated, experienced marketing professional, worrisome thoughts trail the 47-year-old Fremont native's every waking moment. Currently a contract worker at a health science company, she has been struggling to find secure work that pays enough to keep up with the exorbitant cost of living in the Bay Area. She has a lot of company. The past year has been tough for the Bay Area, as thousands of layoffs skittered across the region. Even workers at Silicon Valley's tech titans -- including Meta, Apple and Google -- have faced job cuts. Since 2022, tech companies in the region have slashed roughly 40,000 jobs. And with each layoff, workers are entering a market that is less friendly to job seekers than it used to be. New research from tech advocacy organization Women Impact Tech, which examined job and salary data nationwide from 2020 to 2023, affirmed what many people already know: companies are tightening their belts -- slicing jobs and salaries alike -- and many people are struggling to find work that pays enough to live comfortably in the Bay Area. Despite having the highest tech salaries in the country, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15% from 2022 to 2023, according to Women Impact Tech. And with inflation, DeWeese and others are watching their spending power shrink. More than 10 years ago, she was earning over $100,000 in total compensation. That amount has dropped 15% since she was laid off from Yahoo in 2016, and has not increased since. "I feel like my career has been frozen in time," DeWeese said. "Things have been at a standstill." Paula Bratcher Ratliff, president of New York-based Women Impact Tech, said that the shrinking pay hits especially hard for women, given the continuing gender pay gap. "The Bay Area took one of the largest hits," Ratliff said. "Women make up about 28% of the entire workforce in tech. When you're seeing an overall decline at 15%, and for pay equity, women have not made much traction." [...] Despite the trend of shrinking salaries in the world's tech capital, Ratliff, with Women Impact Tech, doesn't believe it's necessarily a race to the bottom. "Today, about every company is a tech company, whether they're in retail, consumer goods or hospitality," Ratliff said. "There's so many opportunities in tech without having to focus on those jobs with the tech organizations alone. We're seeing great companies emerge." While it's still unclear where the light is at the end of the tunnel for DeWeese, she remains hopeful her situation will improve. "You have to have hope or else you're just going to live in fear of being let go, again a
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Bay Area tech's 'layoff surge' has slashed salaries, report says Tech workers across America saw their salaries shrink in 2023, and those in the Bay Area were hit especially hard, according to new data from a study conducted by the advocacy group Women Impact Tech. Per the study, after speedy compensation growth during the early days of the pandemic and moderate gains in 2022, tech pay dropped an average of 12.1% in 2023, from $207,000 to $182,000. To compile the new data, published in March, WIT compared a November and December survey of 1,600 tech professionals with prior years’ surveys and then combined the findings with recruiting data and public records. The researchers defined a tech worker as someone in a hands-on technical role at any company; the survey didn’t include marketers, salespeople or customer service reps from tech companies. #EALife #executiveassistant #administrativeassistant #administrativeprofessional #ceolife #administrativeassistant #administrativeprofessional #admin #ceo #csuite #humor #laughter #cos #startup #tech #ea #executiveassistant #administrativeassistant #administrativeprofessional #administrativeassistant #administrativeprofessional #admin #hr #humanresourcesjobs #humanresources #headoftalent #opentowork #job #recruiting #sourcer #sourcing #talentpartner #talentacquisitionjobs #corporaterecruiter #opentowork #finance #financejobs #jobs #citizens #jobapportunity #tech #techcareer #ceo #csuite #vc #vcfunding #venturecapital #coo #cmo #cro #connections #linkedincommunity #linkedinconnections #linkedin #hrgeneralist #recruiter #talentacquisition #talentacquisitionjobs #hr #hrcareers #recruiting #recruiters #chiefofstaff #cos #vc #venturecapital #startup #seedfunding #seed #funding #partner #culture #hiring #recruittrax #business #resume #interview #networking https://lnkd.in/gdugaX37
Bay Area tech's 'layoff surge' has slashed salaries, report says
sfgate.com
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Ageism Haunts Some Tech Workers In the Race To Get Hired: An anonymous reader shares an excerpt from a Wired article: The U.S. economy is showing remarkable health, but in the tech industry, layoffs keep coming. For those out of work, finding a new position can become a full-time job. And in tech -- a sector notoriously always looking for the next hot, new thing -- some people whose days as fresh-faced coders are long gone say that having decades of experience can feel like a disadvantage. Ageism is a longtime problem in the tech industry. Database startup RelevantDB went viral in 2021 after it posted a job listing bragging, "We hire old people," which played off industry stereotypes. In 2020, the US Equal Employment Opportunity Commission found that IBMhad engaged in age discrimination, pushing out older workers to make room for younger ones. (The company has denied engaging in "systemic age discrimination.") A recent LinkedIn ad that shows an older woman unfamiliar with tech jargon saying her son sells invisible clouds triggered a backlash from people who say it unfairly portrayed older people as out of touch. In response, Jim Habig, LinkedIn's vice president of marketing, says: "This ad didn't meet our goal to create experiences where all professionals feel welcomed and valued, and we are working to replace the spot." [...] Tech companies have laid off more than 400,000 workers over the past two years, according to Layoffs.fyi, which tracks job cuts in the industry. To older workers, the purge is both a reminder of the dotcom bust, and a new frontier. The industry's generally consistent growth in recent decades as the economy has become more tech-centric means that many more senior workers -- which in tech can sometimes be considered to mean over 35 but includes people in their late forties, fifties, or sixties -- may have less experience with job hunting. For decades, tech workers could easily hop between jobs in their networks, often poached by recruiters. And as tech companies boomed during the Covid-19 pandemic's early days, increased demand for skills gave workers leverage. Now the power has shifted to the employers as companies seek to become efficient and correct that over hiring phase, and applicants are hitting walls. Workers have to network, stay active on LinkedIn, join message boards, and stand out. With four generations now clocking in to work, things can feel crowded. Read more of this story at Slashdot.
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Ageism Haunts Some Tech Workers In the Race To Get Hired: An anonymous reader shares an excerpt from a Wired article: The U.S. economy is showing remarkable health, but in the tech industry, layoffs keep coming. For those out of work, finding a new position can become a full-time job. And in tech -- a sector notoriously always looking for the next hot, new thing -- some people whose days as fresh-faced coders are long gone say that having decades of experience can feel like a disadvantage. Ageism is a longtime problem in the tech industry. Database startup RelevantDB went viral in 2021 after it posted a job listing bragging, "We hire old people," which played off industry stereotypes. In 2020, the US Equal Employment Opportunity Commission found that IBMhad engaged in age discrimination, pushing out older workers to make room for younger ones. (The company has denied engaging in "systemic age discrimination.") A recent LinkedIn ad that shows an older woman unfamiliar with tech jargon saying her son sells invisible clouds triggered a backlash from people who say it unfairly portrayed older people as out of touch. In response, Jim Habig, LinkedIn's vice president of marketing, says: "This ad didn't meet our goal to create experiences where all professionals feel welcomed and valued, and we are working to replace the spot." [...] Tech companies have laid off more than 400,000 workers over the past two years, according to Layoffs.fyi, which tracks job cuts in the industry. To older workers, the purge is both a reminder of the dotcom bust, and a new frontier. The industry's generally consistent growth in recent decades as the economy has become more tech-centric means that many more senior workers -- which in tech can sometimes be considered to mean over 35 but includes people in their late forties, fifties, or sixties -- may have less experience with job hunting. For decades, tech workers could easily hop between jobs in their networks, often poached by recruiters. And as tech companies boomed during the Covid-19 pandemic's early days, increased demand for skills gave workers leverage. Now the power has shifted to the employers as companies seek to become efficient and correct that over hiring phase, and applicants are hitting walls. Workers have to network, stay active on LinkedIn, join message boards, and stand out. With four generations now clocking in to work, things can feel crowded. Read more of this story at Slashdot.
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Exciting findings from "Unveiling Tech Talent Trends 2024." Key takeaways: Money Matters: Salary challenges, loyalty concerns, and shifting entry-level expectations are reshaping compensation dynamics. Industry Terrain: Remote, hybrid, or on-site? 65% prefer hybrid. Seniority paradox emerges—optimizing talent acquisition across all levels is crucial. Diversity & Inclusion: Progress but challenges persist. Blind recruitment and inclusive cultures are vital for a 25% female, 9% neurodiverse, and 44% Asian industry. The future of tech hiring is at a crossroads. Organizations prioritizing higher salaries, flexible work, talent development, and diversity will set the standard. 🚀 #TechTrends #Hiring2024 #DiversityInTech
Tech Talent Has Growing Expectations: Will Employers Rise to the Challenge?
https://recruitingdaily.com
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Companies across various industries — including healthcare, retail, and manufacturing — are expanding their workforces with a diverse range of roles. Tech employment in the European Union increased by 5 percent every year from 2010 to 2019, according to the International Labor Organization. In the United States, tech employment rose at a yearly rate of 3.3 percent from 2011 to 2021, according to the U.S. Bureau of Labor Statistics. That’s almost 10 times the growth rate of general employment in the country. READ MORE >>> https://lnkd.in/gTsX3wGE
Older Employees Could Be the Answer to Tech's Workforce Problem
triplepundit.com
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Silicon Valley salaries are shrinking, leaving workers in the lurch amid economic recalibration. - 📉 Tech salaries dropped by 15% from 2022 to 2023. - 📈 Unemployment rate rose slightly to 3.7%. - ✂️ Tech companies cut 7% of their workforce in 2023. - 🏠 Median home prices remain high at $1.76M. - 💰 Persistent income and wealth disparities. #SiliconValley #TechSalaries #EconomicTrends Additional Details: - 🚀 Despite salary declines, Silicon Valley's market cap reached $14.3 trillion. - 💼 Tech jobs still make up 28% of the total workforce, highlighting the sector's dominance. - 💸 The high cost of living continues to strain residents, especially new entrants to the workforce. - 🤖 Investment in generative AI saw a 220% increase, showing ongoing innovation and future growth potential. - 🏘️ Housing affordability remains a critical issue with high median prices and a significant shortage of new permits, further driving up costs. - 🔄 The region's economic health shows resilience despite these challenges, driven by its adaptability and innovation. - 🌍 Silicon Valley remains a hub for diverse talent, with 40% of residents being foreign-born, contributing to a vibrant and innovative workforce. - 📊 Income inequality is stark, with the top 10% of households holding 70% of the collective wealth, creating significant economic divides. - 💼 Many workers are experiencing longer commutes and higher living expenses, impacting their overall quality of life and job satisfaction. https://lnkd.in/gsN6v_tU
Silicon Valley salaries are shrinking, leaving workers in the lurch
https://www.mercurynews.com
"Yes, to keep up with inflation and more, we need to raise the price of our widgets... but the people who help create, market, sell and track our widgets? Ah yes, pay them less or ignore inflation"