Are you happy with your current compensation? We recently surveyed our network to gather market intel on trends and sentiment around compensation and benefits in niche technology industries. There were a few interesting takeaways from the survey.
Work/Life balance was the number one priority for respondents followed by workplace culture and compensation. The pandemic and its subsequent economic disruptions have prompted many to re-assess the role work plays in their lives and to seek more balance, according to a study by Deloitte. A recent report by Gartner indicated that employees in 2023 were looking to gain more personal value and purpose in their jobs, with pay being far from the sole motivator at work.
30% of respondents felt their job security was at risk in the next twelve months. This concern could be due to several factors, such as the mass layoffs in tech and fears that AI could replace jobs. One in three respondents in PwC’s annual global workforce survey were worried that their job could be replaced by technology in the next three years.
However according to Revelio Labs, over 70% of laid-off software engineers secured new jobs within three months, while a McKinsey report states that tech businesses in Europe still face a talent shortage. European Recruitment has first-hand experience with this, with specialised tech talent in semiconductor, renewables and other growing industries remaining in high demand.
26% of those surveyed felt they were not fairly compensated in their current role, despite the fact that 64% received a pay increase in the last 12 months and 47% received a cash bonus or equity in the last twelve months. Dice recently released a report which shows that tech professionals are more dissatisfied with their salaries, despite the fact that the average tech salary continues its upward trend in 2023.
29% of respondents work 100% remotely, while 37% work hybrid roles and 18% are flexible. Only 16% are required in office full-time. Some of the biggest tech giants are continuing to wind back remote work, including Google, Meta and Salesforce, mandating minimum in-office days to boost productivity and collaboration.
Take a look at the survey results and feel free to reach out to your European Recruitment Consultant to discuss the findings, including salary benchmarks, job opportunities and other market intel - firstname.lastname@example.org