Despite the mass layoffs in Silicon Valley, tech workers in the US still earn exorbitant salaries, and the demand for tech skills doesn’t seem to be waning.
Many tech workers in the US still earn US$120 an hour, far above the average wage in the country, according to recruiters consulted by Bloomberg.
The report comes at a time when big tech companies like Google, Microsoft and Meta are laying off thousands of employees, sparking panic among Wall Street investors with large stakes in tech stocks.
The US tech industry has lost more than 30,000 jobs this year alone, the most since the dot-com bubble burst. That’s a small number compared to the 600,000 professionals the industry absorbed over the past two years, when the pandemic triggered sudden demand for digital transformation services globally.
Tech employment is still 7% larger than before the pandemic, despite big cuts in recent months, according to CompTIA, a trade group that keeps tabs on the U.S. tech industry.
A report from recruitment platform Indeed also confirms that there is a huge demand for professionals with skills in software development and data science. According to the platform’s numbers, about 10% of employers are looking for remote workers.
Industries in which tech skills are in high demand include retail, finance, professional services, travel, government, aerospace and healthcare.