• Nearly all of tech employees in a Blind survey mentioned they’d settle for equal or decrease pay.
• Lots of these surveyed attributed their willingness to just accept decrease pay to an unsure job market.
• Tech employees have been questioning for months whether or not its the top of the period of $500,000+ pay.

It could be the top of a really profitable period in tech. Mass layoffs seem to have spooked many tech employees into being keen to just accept decrease salaries, in keeping with a brand new examine.

About 56% of tech employees in an official ballot from the nameless job posting web site Blind mentioned they might settle for equal or much less pay in a brand new position and a few 45% of these respondents mentioned they’d settle for equal or decrease pay as a result of a lackluster job market amid a collection of layoffs throughout the tech trade.

Whereas tech employees are struggling to search out safety within the job market, they’re additionally involved about working in a wholesome surroundings. Different prime causes for accepting equal or decrease pay included issues about firm tradition and work-life steadiness, in addition to employees who most well-liked to remain distant as many corporations proceed to push for employees to return to the workplace, Blind reported.

“I would moderately make much less cash and be happier,” one Meta employee wrote in a response to the survey.

One other Meta employee mentioned that corporations that supply excessive pay “are in layoff mode, and their tradition is a dumpster hearth.” For instance, Meta and Google, that are recognized for providing excessive compensation packages, have every laid off hundreds of employees over the previous few months. 

Neither firm responded to a request for remark forward of publication.

Blind’s 2023 Engineering Wage Expectations Tendencies Report is the results of an April survey of over 7,300 US tech employees, in addition to knowledge the platform pulled from over 50,000 employees that used the corporate’s expertise market, Expertise by Blind. Insider didn’t independently confirm the employment of customers cited on this story, however Blind verifies employees’ employment standing utilizing their work emails. 

The Blind report discovered that common expectations for pay in tech throughout the trade have dropped about 5% over the course of the 12 months. Although, wage expectations dropped on the highest charge for junior and mid-level engineers at about 8% to 10%, respectively, in keeping with the Blind survey. The platform attributed the upper affect on mid-level tech employees to an “oversupply of mid-level expertise” available in the market. 

What’s extra, tech employees in main hubs like San Francisco, New York Metropolis, and Seattle — the place the price of dwelling is way increased — have been hit the toughest by falling minimal wage expectations, the survey discovered. Mid-level engineers within the tech hubs have skilled a year-over-year wage drop of about 13%, Blind discovered.

In the meantime, minimal wage requirement for machine studying engineers have stayed the best amongst their friends, in keeping with Blind, which attributed the upper pay to the surge in curiosity in creating AI merchandise.

The examine echoes issues from tech employees on social media. Over the previous few months, a whole lot of tech employees have taken to Blind to query whether or not it is the top of $500,000-plus salaries as a result of mass layoffs and issues about AI changing software program engineers.

Do you’re employed in tech or have insights to share? Attain out to the reporter from a non-work system at gkay@insider.com