Tech Workers Aren’t as Rich as They Used to Be

While tech incomes have continued to climb, a recent analysis from "Hired" shows that American tech workers are not as well-off as they once were. The survey found that although the cost of living has climbed by 24% over the previous five years, and average tech salaries have increased by 16%, tech workers' purchasing power has decreased.

The report also revealed that there is still a sizable gender pay disparity in the technology industry, with women in equivalent professions earning 8% less on average than males. The study also discovered that there are still racial wage discrepancies, with Black and Latino tech professionals making less than their white and Asian peers. In locations with the highest cost of living in the nation, like San Francisco and New York, the fall in the spending power of tech professionals is particularly severe. According to the study, this would make it more challenging for tech companies to find and keep talent in these locations, which might cause a move toward remote work or the emergence of tech hubs in lower-cost regions.

The results show that tech companies must deal with concerns of wage equity and cost-of-living adjustments, especially if remote labor becomes more common in the wake of the pandemic. Failure to act could result in a loss of talent and a reduction in the tech industry's competitiveness.

https://www.wsj.com/articles/tech-workers-arent-as-rich-as-they-used-to-be-d2292d64?mod=tech_lead_pos6