Fri Sep-29-2023: Tech Salary Declines and the Impact on Providers, Q3 2023 Diversity Report: Big Ideas and Insights

In this episode of the Business of Tech podcast, Dave Sobel discusses the pressures faced by IT professionals today. With the expansion of corporate networks and the rise of hybrid work and cloud adoption, IT and security teams are taking on more responsibilities. A study commissioned by CloudFlare reveals that over half of IT security professionals are now responsible for the security of both on-site and remote workers, compared to five years ago. Additionally, almost half of them have taken on the task of managing and securing applications in public cloud platforms or data in SaaS environments, which was not part of their role in the past. However, these new tasks have made it increasingly difficult for IT professionals to manage, with 30% describing it as significantly more complex today than in 2020. In addition to these challenges, the tech industry has seen a decline in salaries, with a 3% drop in local roles and the lowest salaries in the past five years. Junior talent with less than four years of experience has been hit the hardest, with a nearly 5% decrease in salary. Despite this, the tech industry still offers an average salary of $158,000, almost double that of a U.S. knowledge worker. The growth in IT has also led to increased burnout among professionals, with excessive workloads, long hours, lack of recognition, and lack of challenges being major contributors. Incidents and glitches demand their attention, causing frustration for both IT teams and end users.

Three things to know today

00:00 Overworked and Underpaid: What Tech Salary Declines Mean for Providers

03:51 Return-to-Office or Not: The Struggle for Management to Make the Case

07:26 The Q3 2023 Diversity Report, and some big ideas


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