Tech workers in high demand are insisting on sizable salaries despite a slowdown in hiring, according to a recent report by Lorien, an IT staffing provider. The Technology and Digital Salary Survey 2023 North America report reveals that even as wage inflation levels off, tech professionals are standing their ground on salary negotiations. The report highlights that the demand for tech skills remains strong, as many companies continue to invest in digitalization and transformation.
One of the key drivers of demand is the proliferation of artificial intelligence (AI) tools and platforms. The report cites an increase of 450% in AI-related skills on job boards, indicating the growing need for talent that can optimize the use of AI technologies. The average salary for an AI engineer is $157,643 per year, rising to $165,037 in high-demand areas such as Silicon Valley and New York City. Chief data officers also command sizable salaries, with an average of $324,272 per year and $350,875 in high-demand areas.
Cybersecurity is another field experiencing a surge in demand and corresponding high salaries. The report highlights that salaries for cybersecurity professionals are notably high, reaching an average of $349,856 per year for chief information security officers and $372,590 for heads of cybersecurity. In high-demand areas, these figures rise to $380,036 and $409,770, respectively.
Despite these high salary demands, the TechServe Alliance reported a relatively flat IT employment rate in August, with only a slight decline of 1,300 jobs compared to July. This suggests that while tech workers may be able to negotiate sizable salaries, the overall hiring landscape is experiencing some slowdown.
The results of the report indicate that employers need to recognize the ongoing demand for tech skills and the importance of investing in specialized talent. As companies ramp up digitalization efforts and seek to maximize the potential of AI technologies, the need for skilled tech workers will continue to grow. Moreover, the report emphasizes that cybersecurity remains a crucial area for organizations, highlighting the significant salaries being offered to attract top talent.
In conclusion, tech workers in high demand are holding firm on their salary expectations, despite a slowdown in hiring. As companies invest in digitalization, AI, and cybersecurity, the need for specialized tech skills remains strong. While the overall IT employment rate may have slowed, the demand for tech talent shows no signs of waning.