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Engineering and tech salaries are rising, but not keeping up with inflation

Engineering and tech salaries are rising, but not keeping up with inflation

August 01, 2023

Engineer Pros

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📊 The good news first: salaries for engineers and tech professionals continue to grow.

Now the bad news: They aren’t growing enough to keep up with inflation.

According to this IEEE article that references an extensive survey, even though average pay was up in total by more than $5,500, this increase “turns into a nearly $3,500 dip, however, when converted to real dollars.”

But that data was comparing 2022 to 2021. And just recently, the US Federal Reserve increased its key interest rate by 0.25 percent to 5.5 percent, the highest level in 22 years. This is in an effort to fight against inflation which currently sits at – 3 percent but was at 9.1 percent in June of 2022. 

📈 So, maybe in 2023, the rate of wage growth will keep up with the lowered inflation, but we’ll have to see when more data comes out.

Also, did you know ChatGPT can be trained on real-time data to provide real-time vulnerability reports that list all known and detected threats or vulnerabilities by asset across the organization’s network? Access ChatGPT Is Trending now to ensure compliance with data protection regulations and avoid unethical biases when using it.

No matter what, it’s always good advice to spend less than you earn and save/invest for the future!

Career tips

𐄳 Personal branding tips for engineers

For some, the thought of “personal branding” might seem cringeworthy. But personal branding in the context of career development isn’t the same as creating a brand you can market for. No need for Super Bowl commercials here.

The reality is, you have a personal brand whether you like it or not – so wouldn’t you rather have one you like?

💁‍♀️ Put simply, your personal brand is the way you present yourself to others and therefore how they perceive you. You want others to accurately and positively evaluate you on your expertise, experience, and personality. 

It can be a combination of what others already know about you, the impression they make of you based on what they learn about you online or through your personal network, what others say about you, how your in-person interactions go, and more.

In the end, they make up their mind about who they think you actually are.

Your task is to help guide them to understanding more of the truth about who you are, and how that can perhaps benefit them (especially in a career context).

So spend some time making your personal brand shine! 

✍🏽 Be able to answer questions like:

  • What do you want others to know about you? 

  • What are the top skills you want to highlight? 

  • What makes you different?

💻 Then find ways to weave those into conversations, your LinkedIn profile, your resume, and more.

Test out your ability to communicate your personal brand. Be aware of what seems to resonate with others and what doesn’t. 

But through it all, don’t try to be something you’re not. Make sure what you share with others is authentic and truthful. You don’t want to be someone who creates a whole persona that doesn’t even exist.

🙌🏽 So be yourself, just the best version of yourself!

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    book recommendation

    Leadership and Self-Deception: Getting Out of the Box

    I don’t exaggerate when I say that the principles of this book have changed my life. It’s a fun book to read because it’s written as a fictional narrative, meaning there are characters moving through the story, but you get to learn ideas and principles with them.

    The central insight is that the key to leadership lies not in what we do, but in who we are.

    You’ll follow a man facing challenges at work and at home in a way that exposes the many ways we blind ourselves to our motivations and even sabotage the effectiveness of our efforts to be happy. We trap ourselves in a “box” by justifying our actions constantly.

    But of course, there is a way out – by acting on our sense of what is right, and finding ways to improve all of our relationships. 

    This one is sure to upgrade your mindset! 

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