Tech companies are constantly vying for the best talent, but it is also important to assess why a majority of workers in the industry still feel underpaid. Despite the average tech salary reaching six figures for the first time in almost two decades, almost half the workforce feel their salaries fall short, according to the Dice Tech Salary report.
If you are in that 48% cohort of underpaid professionals, here are seven ways to boost your tech salary in 2023.
1. Discover Your Market Value
If you’ve been with your employer for several years you may be earning less than current market value for tech professionals with your skillset, particularly as supply continues to outstrip demand across the job market.
If you intend to negotiate a salary increase, then you need to understand what your skills are worth on the open market, which will be worth more to your current employer as you already have historical knowledge and context on projects.
The best way to discover your value is to browse job opportunities across your sector–– keeping in mind how up-to-date your skills are.
2. Ask For An Increase
When was the last time you asked your employer for a salary increase? If it’s been over two years, then it’s time to broach the topic with your manager.
Rather than leading the conversation with the rising cost of living and that you need more money, calculate what you made the company over the past year (or perhaps what you saved it), and put forward a concise case. Also, consider how much it would take to replace you in your current role. Be informed, and put your case forward.
3. Level Up
Are you willing to take a step up and take on extra responsibility for an increased salary, either with your current employer or with a new company?
In fact, research shows that new hires across the tech sector can expect to see their salaries increase by up to 30% when moving jobs, and there is a shortage of senior tech staff which means there are plenty of senior positions available.
4. Develop Specialised Skills
If your skills are commonplace, look to upskill in growth areas such as cloud, AI or ML. The rise of no-code and low-code AI has put artificial intelligence on the list of tech specialties expected to grow rapidly over the next three to five years.
European investment in the area, which was $7 billion in 2019, is set to double, yet 3% of all AI jobs remain unfilled due to a gap in the labour market.
5. Look For Non-Financial Compensation
Pension contributions, flexible working, health insurance and mental health support are all benefits that won’t increase your take-home salary, but will impact your day-to-day life, and should be included as potential bargaining chips to boost your salary.
Many tech companies offer compensations that other workers simply don’t experience. Paris-based fintech startup PayFit offers employees health insurance, paid sabbatical opportunities, unlimited paid time off and pension contributions as standard. Payfit is currently hiring for a number of roles including Senior Data Engineer, Chief Technical Officer and Senior Product Data Analyst.
6. Explore Stock Options
Stock options among tech companies, especially startups, is common as companies continue to raise investment or aim to keep costs low while still attracting and maintaining key talent.
Stock options mean you have the opportunity to buy a specific number of shares at a pre-set price, and is a useful way to add value in addition to, or in lieu of a salary increase.
London-based fintech company Blockchain.com offers an employee stock purchase plan and is currently hiring for a number of roles including a Senior Backend Engineer Finance and Risk and Senior Backend Engineer for Payments. Blockchain also provides pension contributions and health insurance.
7. Widen Your Net
If you’ve exhausted all options with your current employer and don’t feel your contribution is being valued, it might be time to find a new job. The Tech.eu Job Board is full of companies looking for tech professionals, with salaries and responsibilities worthy of your experience and aspirations.