Keith Joeris, MBA’s Post

What's going on with compensation? SV tech salaries lead the nation but have stagnated. Last week I summarized startup comp & hiring trends (TLDR: hiring halved last year, average salaries pretty flat, equity grants dropped, local candidates more likely hired for big startups). This week let’s look at tech comp in the US (per Dice, a tech career hub, based on 6000+ US survey respondents): -  Silicon Valley's average tech pay still leads the country at $141,618. Boston is #2 at $125,714, Denver #3 $122,913, Seattle #4 $122,599, Philadelphia #5 $121,187, NYC #6 $119,865, Tampa #7 $119,848, Houston #8 $119,423, Raleigh #9 $118,933, and LA #10 $117,096. - BUT tech comp in Silicon Valley fell 2.3% from last year. I hear turnaround could be later this year. I’m thinking that will depend on interest rates dropping (per WSJ on 3/20: "Fed Officials Still See Three Cuts This Year" woohoo!), geopolitical conflict diminishing, and politics/policy being stable.

🌐 Tech Exodus: Govt Emerges as Hotspot! 🚀 In a post-layoff tech landscape, the US government becomes an unexpected tech employer. With 400K+ global tech job losses, public sector roles offer stability and impact. https://bit.ly/3SLKiuo 💼 Govt Jobs, the New Wave: Amidst tech layoffs, the US Department of Veterans Affairs adapts pay scales, revamps recruitment, making 1,000+ hires, boosting salaries. 🚀 Govt's Tech Evolution: Despite challenges, government branches are making strides to bring in new tech talent. Significant cash influx from the $1 trillion infrastructure law fuels this shift. 🌟 Tech to Gov Movement: Events like Tech to Gov see 3,000+ registrations, reflecting a growing interest in government roles with salaries ranging from $40K to $240K. 🌐 Impactful Tech Shift: Tech workers rethink roles, making a positive impact. Smaller govt agencies benefit from tech expertise in customer experience and digital services. 🔗 Bright Future for Gov Tech: Cities and states invest in tech infrastructure. Pennsylvania leads with significant tech investments under its new governor. 💡 Tech Talent, Transforming Public Sector! Tech meets public service, offering stability, purpose, and societal impact. #TechTalent #GovernmentJobs #TechInnovation #CareerShift 🚀

Very interesting article on the trends in tech hiring in the gov space.

I mostly advise iBanks and BigTech now, but will still occasionally get pulled into the occasional public sector meeting. I strongly believe that the public sector is a great domain for young AI engineers to work on policy-centric AI use-cases. I began my career in the public sector and still have fond memories of my projects in Washington DC. #policyascode #ai

Silicon Valley salaries are shrinking, leaving workers in the lurch amid economic recalibration. - 📉 Tech salaries dropped by 15% from 2022 to 2023. - 📈 Unemployment rate rose slightly to 3.7%. - ✂️ Tech companies cut 7% of their workforce in 2023. - 🏠 Median home prices remain high at $1.76M. - 💰 Persistent income and wealth disparities. #SiliconValley #TechSalaries #EconomicTrends Additional Details: - 🚀 Despite salary declines, Silicon Valley's market cap reached $14.3 trillion. - 💼 Tech jobs still make up 28% of the total workforce, highlighting the sector's dominance. - 💸 The high cost of living continues to strain residents, especially new entrants to the workforce. - 🤖 Investment in generative AI saw a 220% increase, showing ongoing innovation and future growth potential. - 🏘️ Housing affordability remains a critical issue with high median prices and a significant shortage of new permits, further driving up costs. - 🔄 The region's economic health shows resilience despite these challenges, driven by its adaptability and innovation. - 🌍 Silicon Valley remains a hub for diverse talent, with 40% of residents being foreign-born, contributing to a vibrant and innovative workforce. - 📊 Income inequality is stark, with the top 10% of households holding 70% of the collective wealth, creating significant economic divides. - 💼 Many workers are experiencing longer commutes and higher living expenses, impacting their overall quality of life and job satisfaction. https://lnkd.in/gsN6v_tU

Techies, take note: The U.S. government is no longer just about red tape and slow processes. As Wired points out in "The Government Is Now the Hottest Tech Employer in Town," Uncle Sam is now a major player in the tech job market. With the tech industry shedding jobs left and right (we're talking 400,000 layoffs), government gigs are looking pretty good. Take the U.S. Department of Veterans Affairs: they're not just hiring, they're reinventing how they hire. Better pay, smarter recruitment, and a real shot at making a difference. It's not your typical government job story. Sure, working for the government can still feel like navigating a maze, but there's a new vibe. It's about using tech skills for the greater good, not just the bottom line. This shift could really shake things up – both for tech professionals and the way our government runs. 🤞 So, what's it going to be? Another corporate gig or a chance to reboot your career and maybe even make a real impact? #TechCareers #GovernmentJobs #TechForGood #CareerChange

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). #salary #salaryguide #techcareers #technology #compensation #techhubs #siliconvalley

Tech leaders, take note! Australian tech talent still demands Silicon Valley salaries, even as the market tightens and median pay slightly drops. With job openings dwindling and tech skills in varying demand, it's a critical time to strategize on talent acquisition and retention. Understand the dynamics at play in this shifting landscape. Read more 👇 about the evolving tech salary expectations and market trends https://lnkd.in/gX33Ju7b

That is the way the American capitalist system works,” said Mark Zandi, chief economist at Moody’s Analytics. “It’s ruthless when it gets down to striving for profitability and creating wealth. It redirects resources very rapidly from one place to another. Wall Street’s sell-off of tech stocks in 2022 pushed companies to win back investors by focusing on increasing profits, and firing some of the tens of thousands of workers hired to meet the pandemic boom in consumer tech spending. With many tech companies laying off workers, cutting employees no longer signaled weakness. Now, executives are looking for more places where they can squeeze more work out of fewer people. https://lnkd.in/gXrX4niw