Navigating an Uncertain Hiring Market 2022 State of Tech Salaries

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Overview

What a difference a year makes. In the fall of 2021 we were climbing the mountain of post-pandemic recovery with teams scaling up to tackle ambitious hiring goals. Transparency increased as the candidate-driven market pushed employers to be upfront with total compensation and hiring processes. As a platform, we began to move away from a market-based model and by the spring, announced our expansion into serving candidates and employers around the world.

Companies embraced the benefits of remote hiring as it expanded their talent pools and helped them progress on DEI initiatives. Competition created equity because talent is everywhere, but opportunity hasn’t been.

Then, as inflation grew and a recession approached, hiring slowed or froze in many areas. The remote pendulum swung back a bit as some companies publicly announced a return to the office either full or part-time (hybrid). Media headlines shouted news of layoffs. There was talk of a “recalibration” from the rush to refill roles lost or suspended during the pandemic.

However…

The US economy added 528K jobs in July – more than double Wall Street’s forecast. The unemployment rate dropped to 3.5%, matching a 50-year low right before the pandemic. We’re still seeing vigorous activity on our platform, as employers still have roles to fill, innovate on projects, and as employees change jobs.

Employers continue to explore new markets and time zones for the best talent while valuing the efficiency of responsive, engaged candidates. Jobseekers still maintain a lot of power in the market. But hyper growth became efficient growth for businesses large and small.

Our annual State of Tech Salaries report combines our proprietary platform data with a talent survey. We analyze trends in compensation, demand, and location, as well as how tech talent feels about the current hiring climate.

As we go forward, we’re eager to assist employers and jobseekers alike, in making the hiring process more equitable, efficient, and transparent for everyone.

Josh Brenner, Hired CEO

A Few of the Key Takeaways

Jobseekers are still in the driver's seat…for now

While it may appear power in the current hiring climate is shifting to employers, it’s still a jobseekers’ market, according to our survey data. Will it stay the same?

For more details see page 11 when you .

Webinar: September 21, 2022

Navigating Market Uncertainty:
The State of Tech Hiring

Join speakers from BlackRock, General Assembly, and Hired for a panel discussion about salary trends, changes in industry benchmarks, the current impact of global remote on hiring, and more.

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Tech salaries continue to rise, despite factors like the pandemic and economic uncertainty.

Engineering management roles are on top, reflecting the people management responsibilities and (generally) greater years of experience.

For more details see page 17 when you .

Flexible work schedules remain most valued perk.

For the second year in a row, flexibility in one’s work schedule topped anything else for tech talent. Paid time off came in second with physical health, dental, vision insurance/benefits finishing third.

For more details see page 39 when you .

About Hired

Hired is the most efficient way to fill tech and sales roles today. With unbiased insights, DEI tools, skill assessments, and dedicated Customer Success Managers, Hired works with over 10,000 companies around the world to match thousands of active and qualified candidates to employ their full potential. With better data, curated matches, and higher acceptance rates, employers save an average of 45 sourcing hours per role with the Hired solutions suite. Backed by The Adecco Group, Hired is rated by G2 as a leader in Recruiting Automation, Job Search Sites, and Diversity Recruiting.

Methodology

Hired’s data science team collected, analyzed, and based this report on Hired’s proprietary data from real interview requests (IVR) and IVR salaries on the platform from companies to tech professionals. For this report, we focused on tech talent in 17 markets, in addition to those working remotely, and analyzed more than 907,000 interview requests across over 47,750 active positions facilitated through our marketplace from January 2019 through June 2022 (Q2 2022).

Age, race, and gender data was collected through an optional demographics survey given to Hired candidates and used only for aggregated research purposes. This data is not shared with Hired clients.

Where numbers have been adjusted to reflect the cost of living in a certain market, we used data from the site Numbeo, which factors in rent and real estate prices, groceries, transportation, utilities, local taxes, and more.

In addition to our proprietary data, we collected survey responses from more than 2,000 tech professionals across the world on the Hired platform to better understand how the current state of tech hiring has impacted their salary expectations, preference for benefits and flexible work, overall career plans, and more.

For more details, including terms and definitions, please .

 

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