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VOOZH | about |
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It’s an anxious time for The New Stack’s readers.
Only 17% of TNS readers who participated in a February VoxPop survey were confident enough to answer “No way I’m getting laid off” when asked about the possibility of losing their jobs in 2024. Few think their jobs are at risk because of a lack of skills (3%), lack of return on investment (ROI) on their technical projects (7%) or poor personal performance (9%).
By contrast, 64% fear they might be laid off as their employer seeks to cut costs. Indeed, “making too much money” was the top reason readers were concerned their jobs might be in danger, followed by missed revenue targets and a general feeling that investors are pushing for budget cuts.
After years of rapid growth, a year or two of budget tightening is probably both healthy and to be expected. However, in the long run, consistently high-interest rates mean tech companies will find it difficult to borrow money for technical projects unless they have a demonstrable ROI. This provides context into how tech industry layoffs are having an impact on developers.
Earlier this year in VoxPop, we asked readers if they would be able to find a new job with a similar pay level and quality of life if they were laid off. After we excluded the people who couldn't image the scenario, but among those who could, nearly half (49%) said it wasn't very likely that they would be able to find a comparable position within two months.
By contrast, only 20% of survey participants believed they would find a job where they would be able to maintain their salary and quality of life.
Only 48% of the more than 6,000 currently employed tech professionals surveyed for Dice Tech Salary Report's 2024 edition were satisfied with their 2023 salaries, a drop from 56% satisfied in 2022.
The dissatisfaction may be arising due to stagnant salaries. In fact, 45% of participants in the Dice survey reported unchanged or declining income in 2023, up from 34% in 2022.
The Dice report also found a slight drop in tech professionals' salaries, with the actual declines happening most often among those with three to five years of experience.
