Last year was a turbulent one for the tech industry: driven by fears of a potential recession, companies everywhere cut workers and tightened budgets. How did that impact tech professionals’ compensation, as well as their urge to seek new and better jobs?
According to the latest edition of Dice’s Tech Salary Report, last year’s average tech salary was $111,193, down very slightly from $111,348 in 2022. That’s a significant difference from a few years ago, when the average salary rose 9 percent between 2019 and 2021. However, widespread cutbacks in tech spending, combined with mass layoffs in late 2022 and early 2023, put some pressure on salary growth.
Meanwhile, the industry has enjoyed some “green shoots” of growth when it comes to salary and benefits. For example, although compensation has stagnated somewhat in well-established tech hubs such as Silicon Valley and Seattle, it’s grown in up-and-coming tech centers such as Houston and San Diego (up 4.8 percent and 6.4 percent, respectively). The average tech salary has also risen in key industries such as aerospace and defense (up 7.4 percent) and healthcare (up 4.5 percent).
For tech professionals everywhere, the Report’s data offers some positive takeaways. For example, you don’t need to move to a well-established tech hub such as Silicon Valley if you want to secure solid compensation and benefits; there’s a good chance a robust tech scene exists right in your backyard. For those currently on the job hunt, you may want to expand your search to other industries, even ones you don’t necessarily associate with tech—companies everywhere are more than happy to pay for tech talent.
And no matter what your job-hunting strategy is, always keep in mind that a job is more than just a salary: You should always consider a variety of factors, including benefits and company culture, as these can produce a great working experience and a satisfying work-life balance.
For your reading pleasure, the Report is broken down into the following sections:
Whether you’re hunting for a new job, planning on asking your boss for a raise, or just curious about what a particular tech profession pays, the Report has you covered.
