While demand for qualified technical professionals is higher than ever, the average technical professional salary seems to have reached a near standstill. This stabilization of salaries for technical professional may come as a relief to many companies who are stretching their budgets to attract the right talent to their organization but it’s important to dive in a little deeper.
The current average tech pro salary, as found by the most recent Dice Salary Survey, is $93,244. For reference, this is $84 less than the average tech pro salary four years ago which was $93,328. From 2015 to now, technology may have changed drastically but salaries remain a bit stagnant.
However, salary stabilization isn’t consistent across the board. Age plays a factor, with technical professionals under 36 making an average of $71,191, technical professionals between the ages of 36 and 49 making an average of $96,894, and technical professionals 50 and over making an average $104,117. Experienced technologists are still more expensive and earning more every year but the junior and mid level jobs are leveling-off.
How are the technical professionals taking this stabilization? 68% say they’re ready to leave their job and earn more money. Additionally, 34% are eager to have more responsibility and earn a promotion. If they can’t find advancement opportunities within their current position, technical professionals are eager to find higher paying opportunities elsewhere or positions where they can grow within the company and grow their salary over time.
And, while salary stabilization may be driving increased technical turnover, the average work-life balance of technical professionals is improving across the board. According to a new study from Stack Overflow, 51.7% of Developers work an average of 40 to 44 hours per week. The trope of tech pros working long nights and coding all day long is starting to disappear and it is becoming the norm to work a more stable, balanced load of 40 to 49 hours per week on average. This also means that technical professionals who feel overworked at their current company may be more likely to find an opportunity with an organization that expects a more stabilized workweek of 40 to 49 hours.