Tech workers hit with layoffs and decreasing salaries

The US labor market cooled noticeably last month after the US added 175,000 jobs in April, less than the 240,000 economists expected, but let's focus for a second on the

tech

nology sector, in which that the industry is experiencing sharp slowdowns in hiring in recent years, as well as cuts. Hundreds of thousands of jobs this year, in April alone, some of the world's largest companies, including Tesla, Google and Apple, collectively cut more than 20,000 jobs, according to the latest data released by L. FYI , to learn more about this, I'm joined by Paula Brater Ratliff, who is the CEO of Women Impact Tech.

It's great to have her here with us today, let's talk about some of the broader

layoffs

that we've seen within Tech and what they are noticing. especially as it affects women in the workforce, thank you very much for having me today Brad, the implications of the data are quite surprising, we have had four years of significant volatility for

tech

nology

workers

, the most affected are wages, as we are starting to see Things are getting better, it cannot be ignored that there has been a significant decline in wages across the United States. Our data shows that tech worker wages have decreased by approximately 12.1% and the markets that are most drastically affected are the markets where we see tech hubs like Silicone Valley.

They probably had the biggest impact at around 15%, followed by other tech hubs like New York and Seattle at 11 and 12%. Yes, you are showing the best news of the information we are collecting and it is that some smaller ones. Areas less known for tech hubs are gaining pay increases, so in the markets where we are ENC we are encouraging women in tech to focus on our markets like Houston, Austin and Phoenix, where we are seeing pay increases for men. tech

workers

across the US, yes. It's really remarkable and I remember visiting all these cities over the last few years and talking to people about the number of tech roles and companies that were setting up camp.

I mean, Austin naturally grew up with Google or Alphabet, of course, downtown. area and then the number of technology companies and jobs that brought that direction. Tesla also established a factory there. Considering all of these things, what are the types of roles that you really see emanating from a lot of the inclinations that companies have right now to grow? your business is right, that's a great question and what we're seeing, we're seeing some increases this year that have been a really positive influence, so we're seeing about a 20% increase over the trajectory of previous years. and the hiring of tech workers and a lot of that has been driven by AI, so there has always been a concern that AI will cause us to lose more tech workers and we are seeing the opposite effect.

AI and other innovations are driving greater technological need for organizations and we are seeing an improvement in hiring. and better hiring in the human capital space for technology because of artificial intelligence and the impacts of resumes and resume writing, so I think for the technology sector artificial intelligence is definitely seen as a positive trend for them and we expect that to continue through 2024. year, you know you started touching on this, I just want to bring up again the pay disparities that we're seeing right now in the tech sector, what's the root cause of that based on your analysis and what's your study, yes, unfortunately, we saw Unfortunately, over the last year, those small improvements that we saw have now leveled off to where, when you look at the overall data for the last four years, women in the workforce have actually made improvements in equity. gender.

We still see that women earn around 16.5% less in technology than their male colleagues across the board.