Working in the tech industry is all the rage these days. People from different walks of life are learning coding and other computational skills just so that they can have a slice of the international tech cake. Since the beginning of the Covid-19 pandemic, tech-related jobs have been among the few that have surged in demand. This is because every other industry depends on the tech industry for innovations that will keep them relevant. Since tech workers deal with codes and computers, they can work remotely from any part of the world. The coronavirus has affected tech salaries negatively or positively depending on the organization in question.
Working From Home Vs. Working in an Office
As stated above, tech workers were able to work from home effectively for safety reasons. Unlike other jobs that require hands-on attention, tech workers can work from home for years and still do a great job. While most of these workers reportedly made more money during the pandemic, those who decided to relocate from Silicon Valley and other major cities faced salary cuts.
Silicon Valley is the hub of technology in the United States. The highest-paid tech experts in the world set their roots in this hub. With high salaries comes an even higher cost of living. So, as the pandemic started and workers were asked to work from home, many of them decided to use this opportunity to relocate to more affordable cities within the country. After all, they can work from home and anywhere else for that matter.
The tech companies aren’t allowing people to relocate without consequences. Many companies have decided to cut the salaries of all tech gurus who decide to relocate. If you’re no longer staying in Silicon Valley, you shouldn’t earn like a Valley expert. The pay cuts range from 5 to 20 percent depending on the company in question and the choice of relocation. Still, the option to either work from home or work in an office after the pandemic ends will most likely be left to the workers. A significant percentage of these workers have said that they will like to keep working remotely indefinitely. Still, many workers prefer working from an office to working from home despite the numerous advantages of remote work.
Salary Rises Might be in the Pipeline for Some Tech Experts
While some tech workers are facing pay cuts because of their choice to relocate to more affordable locations, some others are expecting a salary surge of up to 10 percent. A few experts have already started enjoying the salary increase. However, there is still a significant disparity in salaries based on race. Reports from Hired revealed that Black tech experts earn way less ($10,000 less on average) than any other race in the industry, Covid-19 or not.
In the United States, there have been several initiatives aimed at bridging the gap and promoting inclusion in the tech industry. However, these initiatives are yet to yield meaningful results. Latinos also earn less than white tech workers. This doesn’t mean that they are less skilled though.
Tech Salaries Before and After the Covid-19 Pandemic
Before the pandemic started, tech experts around the world earned an average of $130,000, while experts in the United States earned about $146,000 yearly. In the wake of the pandemic, Silicon Valley continued to pay out the highest-tech salary, which was above $155,000 annually. This indicates a 7 percent disparity compared to other states.
Tech workers in healthcare have reported a surge in salaries. They earn over $151, 000 in the United States. During the pandemic, their salaries increased significantly as the demand for healthcare-related tech experts surged. It’s not clear if the salaries will keep rising, start falling, or normalize afterward.
Salary slash or not, tech-related careers are still the way to go. Whether you’re a newbie or a professional with years of experience, you are going to earn a lot more as a tech expert than you would if you were doing something else. Another great thing about tech jobs is that you will have many opportunities to grow. If you have a creative mind, getting a venture capitalist to fund your web development project will not be too difficult. Give yourself a few years of honest hard work and you’ll be one of the big tech gurus.