USA Software Engineering Professionals' Salary Insights: A Comprehensive Survey Revealing Earnings Across the Industry
In 2023, we saw several large banks and hedge funds restructure their compensation models; increasing the bonus component and reducing base salaries. This is due to the surplus of talent we’re currently seeing in the market in the wake of the widespread redundancies. This is proving to be beneficial to firms as they can become more selective in their hiring choices.
But when considering top talent, the situation remains unchanged. Highly skilled candidates remain in high demand, and command the highest packages.
We’re finding those that have just been made redundant, or entering the job market for the first time, are the ones that are accepting of the new, lower salaries— even accepting less than their previous role.
I would caution employers to avoid taking advantage of the current situation. The market may be in your favor now, but when this changes, candidates who are dissatisfied with the low salaries will be the first to seek new opportunities.
We’ve reached a new balance for salaries in the post-COVID era. It’s anticipated that this equilibrium will remain relatively stable in the coming months— and potentially extend into next year. But when the marketplace regains its strength, businesses must re-evaluate compensation strategies to retain the top talent.
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