Tech Workers Willing to Take Pay Cuts Amid Mass Layoffs: Survey

A new report from anonymous job posting site, Blind, suggests that many tech workers are willing to give up high salaries for a healthier and more secure work environment. The report found that 56% of tech workers surveyed would accept equal or less pay in a new role, with 45% citing a lacklustre job market amid a series of layoffs across the tech industry as a reason for accepting equal or lower pay. Other factors included concerns about company culture and work-life balance. In particular, mid-level engineers in San Francisco, New York City and Seattle, where the cost of living is high, have experienced a year-over-year salary drop of about 13%, the survey said. Furthermore, the study suggests that salary expectations have dropped 5% in 2021 with a higher impact on mid-level tech workers due to an oversupply of mid-level talent in the market.