Tech Salaries Plateau in 2023, 93% of Tech Professionals Open to New Opportunities

In a year characterized by ups and downs for those in tech, one thing remained flat in 2023: the average salary for technology professionals. In its 19^th annual Tech Salary Report, tech career marketplace Dice (a DHI Group, Inc. brand; NYSE: DHX) reports an average tech salary of $111,193 in 2023 (compared to $111,348 in 2022).

“This plateau in salary growth represents a correction more than a red flag, especially given the huge surge we saw in compensation coming out of the pandemic,” says Dice CEO Art Zeile. “Most companies are being very cautious about expenses in general, and most companies’ business model revolves around people. So, when they think about managing their expenses carefully, it means managing what they’re doing to compensate their people; but compensation is just one component of an employment contract. Benefits are another component technology professionals prioritize, as are the ability to work from home and flexibility in general.”

Most Tech Professionals Are Interested in Change

Another key finding in this year’s Tech Salary Report is that 93% of employed technology professionals are either looking for a new job or willing to hear about a relevant new opportunity.

That is likely driven by a decline in salary satisfaction: In 2022, 30% of tech professionals were dissatisfied with their salaries, and that rose to 35% in 2023. Not surprising, considering the percentage of tech professionals who reported their salaries had decreased in 2023: 12%, double the percentage who reported a decrease in 2022 (6%).

Dice predicts that 2024 will be a year of significant turnover as tech professionals entertain new roles, especially ones in non-tech industries that may provide more stability and security. The aerospace and defense industry had the highest average salary for tech professionals in 2023 ($130,574), along with the second-fastest salary growth rate (7.4%).

Rounding out the top five industries for highest average tech salary were:

2. Software ($130,559)
3. Medical / Pharmaceutical / Biotechnology ($128,141)
4. Banking / Finance ($126,226)
5. Consulting ($125,160)

For recruiters outside the tech industry who are responsible for attracting and hiring skilled tech talent, now is the time to source and land the talent they’ve been seeking for years.

Tech Leaders Aren’t the Only Workers With High Salary Growth

As with previous years, companies are still willing to pay top dollar to tech professionals who can use their combination of technical and soft skills to guide teams in driving significant change: CEO / CIO / CTO positions, as well as solutions architects, principal software engineers and program analysts.