[HN Gopher] Will the current high tech salaries last?
___________________________________________________________________
Will the current high tech salaries last?
I've been reading a lot here about how high salaries currently are,
due to a shortage of engineers/the Big Quit/startups being showered
with funding/whatever other reasons. I see figures like 200k-300k
in the Bay Area, and maybe similar for remote positions. I'm
getting FOMO as a young engineer in deep learning/computer vision
at a small European company. My plan was to stay at my interesting
job with average pay until I stop growing, then hopefully jump to a
company that pays better when I feel like it. But what if the
market shifts and salaries go down? Is there any indication of
what the job market will become for tech employees in the next few
years?
Author : joconde
Score : 6 points
Date : 2022-02-02 22:15 UTC (47 minutes ago)
| jstx1 wrote:
| Let's say that people answer with a definitive yes or a
| definitive no - what would you do differently given that
| information?
| joconde wrote:
| If salaries are likely to go down significantly and for a long
| time soon, I'd double my job-searching efforts, to have to
| option of leaving within a year or two.
|
| If the current situation seems stable, I'd take it easy and
| enjoy the next couple years without the stress of having to
| move soon. I'm not that keen on turning my life upside down
| right now unless there's a significant gain to make. (The last
| few years were stressful so I'd like to take it easy for a
| while.)
|
| I'm not sure why you asked this, but I can assure you I'm not
| trying to waste anyone's time, and I have a rational reason for
| asking.
| qorrect wrote:
| I personally value an interesting daily work life over money.
| Unless you are woefully under paid, my advice is do what
| interests you.
| jstx1 wrote:
| I didn't mean to come across confrontational, I really don't
| think that you can do much either way. For example:
|
| > I'd double my job-searching efforts, to have to option of
| leaving within a year or two.
|
| Job searching doesn't work that way - if it goes well you'll
| end up with a bunch of offers that you'll need to accept or
| reject within some time frame; you don't get to bank all the
| offers you get and use them in two years.
|
| It's always good to be employable, have relevant skills, be
| able to interview well etc. - this applies to good and bad
| markets.
| joconde wrote:
| > I didn't mean to come across confrontational
|
| Me neither :)
|
| > Job searching doesn't work that way - if it goes well
| you'll end up with a bunch of offers that you'll need to
| accept or reject them within some time frame
|
| In that situation, I would be ready to accept leaving in a
| few months. I would prefer to wait, but not if it brings
| salaries down significantly.
|
| > It's always good to be employable, have relevant skills,
| be able to interview well etc. - this applies to good and
| bad markets.
|
| That's good advice. I'll keep looking, but there's a
| difference between keeping an eye on the market and
| preparing to leave quickly.
| WheelsAtLarge wrote:
| Labor shortages and inflation will keep the salaries high for
| years to come, especially, in high skill jobs. The real danger is
| that universities will start to crank out a large number of
| engineering graduates. But that's unlikely, since it takes a
| select few to enjoy engineering as a career. Everyone likes the
| pay but it's a hard career to enjoy long term. You should keep an
| eye on salaries outside your company to make sure you don't get
| too behind in pay relative to other companies. Don't count on
| your current employer to keep their wages competitive.
| Sevii wrote:
| Tech will continue grow.
|
| Real issue is brain drain from other industries.
| joconde wrote:
| Wouldn't brain drain strengthen engineers' position by causing
| even more labor shortage?
| Graffur wrote:
| If you're young and free (no kids no mortgage), switch now. That
| is advice I wish I followed :)
| j1mmo wrote:
| Switch to what? Any suggestions?
| joconde wrote:
| I like the spirit and want to :), but my life has been
| stressful in the last few years, so I'd like to delay the jump.
| I value stability and staying close to my current friends in
| the short-term.
|
| Unless there are significant opportunities I'd be missing out
| on by not leaving right now. That's why I asked.
| nostrademons wrote:
| Salaries yes, stock compensation not necessarily. It's very rare
| to cut salaries because you end up demoralizing employees, who
| then aren't productive, so why bother to pay them anything?
| That's why companies do layoffs, where they just eliminate jobs
| rather than pay less.
|
| Keep in mind that when everybody gets paid a lot, everything is
| expensive. That's the real way that high salaries return to the
| norm: everything else catches up. Bay Area is already the most
| expensive part of the U.S; you might get paid $200-300K, but
| taxes eat half that, rents are $2.5-3K/month, mortgage payments
| are $10K+, daycare is about $2-3K, restaurant meals are $30, etc.
|
| Not sure how that compares to your country - if you're coming
| from Eastern Europe you're going to get sticker shock, but a lot
| of central/western European regions (eg. Zurich, Paris,
| Scandinavia) are already there. It's a different type of
| expensive though: in general consumer goods, food, housing, and
| gas cost more in Europe, but healthcare, education, and childcare
| cost more in the U.S.
| ahevia wrote:
| > But what if the market shifts and salaries go down?
|
| If youre making decent pay & enjoy your job that sounds like a
| dream.
|
| Enjoy your life, work isn't everything. Bay Area isn't that nice.
| You are likely able to live somewhere better (or can move
| somewhere nicer). I regret moving away from family & friends
| (albeit I do like the area I'm in now). Spend time with them.
|
| You won't be worrying about your paycheck on your deathbed, but
| rather whether you lived a fulfilling life. I am certain more pay
| for less interesting work doesn't match that description ;)
| joconde wrote:
| I agree, but I also expect money to matter to these goals in
| the long run. For example, if I have kids someday, I'd be much
| happier if I have financial resources to live in a nice place,
| take more time off, and pay for travel.
|
| Money for the sake of it isn't the goal, it's more about being
| able to finance projects I find fulfilling.
___________________________________________________________________
(page generated 2022-02-02 23:02 UTC)