2010 Job Market Improves…but Salaries Lag…
Ed Pollock, February 14th, 2010 
At least the patient has a heartbeat!
As we previously mentioned, the job market in the Bay area has definitely improved, but with a slight glitch: salaries (on an average) have either gone down or not kept up with inflation, as reported by a Dice.com salary survey of 1,260 Silicon Valley based technology professionals.
A key example is the IT field, where salaries were down 1%. With inflation running about 3%, that’s a loss of 4% in buying power.
The good news is that here in the Silicon Valley we still lead the nation in average IT salaries at $96,299, with the average national salary being $78,845. The major area for salary growth was in Washington, DC (that figures), which had a jump of 4.3% to an average of $89,014.
Another interesting number was the increase in compensation for consultants, with an increase in Silicon Valley to $106,366 (nationwide average $98,964), and at an hourly rate of $67.67 (national average $61.56). This correlates well with what we’re seeing at AA-Careers. We’ve seen an increase in job offers for consultants, with companies being cautious about adding regular employees with the economic situation being as it is at present.
The article also quotes Tom Silver, Senior VP, North America at Dice, “Today, Silicon Valley has more available jobs than at this time last year”. We agree, this is an improved market for technology job hunters. The report went on to say, that in the survey, 46% stated they were satisfied with their compensation and only 37% were dissatisfied. The Conference Board estimates a 2.8 wage increase in 2010, headlining “wage increases will barely cover inflation“. At least covering inflation is better than losing ground, so that’s progress.
I think also we have to take in consideration that in some cases people have seen a reduction in rent, and for those who had the opportunity to re-fi their homes, that monthly payment has been reduced… that should also help to get thru these times.
Copies of both these reports can be found in the Client’s lounge at AA-Careers.
As always,
Good Hunting!
Categories: Hiring Trends, Job Hunting Hiring Trends, salaries
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