The Pandemic Boom: 2020-2023

During the pandemic, the demand for tech talent surged as companies rapidly transitioned to remote work and digital solutions. This resulted in a significant rise in salaries, with certain positions experiencing increases of up to 20-40%. The competition for skilled professionals was fierce, and employers were willing to pay a premium to secure top talent. This was NOT normal

The Return to Normalcy: 2024 and Beyond

However, as we continue through 2024, we’ve all seen the market correcting itself. This IS normal. The inflated salaries of the pandemic era are coming back down to more sustainable levels. Recent data indicates that, on average, tech salaries in Philadelphia have seen a modest increase of 1% in 2024. This stabilization reflects a more balanced supply and demand dynamic in the tech job market.

Realistic Salary Expectations

For job seekers, it’s crucial to adjust salary expectations to align with the current market conditions. While the high salaries of the past few years were enticing, they were NOT sustainable in the long term. Candidates should focus on the overall value of job offers, including benefits, work-life balance, and career growth opportunities, rather than just the salary figure.

Navigating the Job Market

To successfully navigate the current job market, consider the following tips:

1. Research Current Salary Trends: Stay informed about the latest salary data for your role AND region. Leverage tools such as technology salary guides (or just call/email me if you’re located in the area!) to gain insights into the offerings of employers.
2. Highlight In-Demand Skills: Focus on developing and showcasing skills that are in high demand. Employers are still willing to pay a premium for specialized expertise.
3. Remember that your resume is your key marketing instrument: Steer clear of ambiguous language, avoid making others guess your technical expertise, and refrain from creating unclear bullet points. Instead, transfer your skills from the skills section directly into your job descriptions. The clarity and precision of your resume are crucial in unlocking opportunities, thus it deserves your focused effort.
4. Be Flexible (and Realistic!): Embracing hybrid work is essential as it becomes a permanent fixture. Let’s shift our perspective; a few days in the office and a 30-minute commute aren’t catastrophic events. Have we become overly sensitive to minor inconveniences which used to be NORMAL?
5. Consider the Full Package: Evaluate job offers based on the total compensation package, including health benefits, retirement plans, and professional development opportunities.

Remember, the Philadelphia tech job market is hitting its stride, yet there remains space for the astute job hunter. Maintain realistic salary expectations and refine your job search strategies, and you will successfully maneuver through the tech employment dance.