For tech candidates, job switch doesn't pay what it used to; average hikes halve
Salary increases for tech recruits have decreased by more than half in the past year due to a hiring slowdown across the tech industry. Companies are no longer desperate to hire candidates with high-end niche tech skills at any cost. Average salary increases have fallen to 35-40% from 50-100% for roles such as full-stack engineers, data engineers, front-end engineers, SRE/DevOps, data scientists, and back-end engineers. This marks a significant slowdown from a year ago when candidates had multiple competing job offers.
Anshuman Das, CEO of Longhouse Consulting, said niche skills still command a premium over the other tech skills due to the continuing demand and lack of supply. However, he said, the salary inflation seen in 2021-22, when there was a war for talent among tech companies, from IT services to startups, is no longer there. While IT services companies have rolled back the negotiation bandwidth as they focus on utilisation, startups too are no longer willing to pay any cost due to the funding slowdown.