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In this article, we explore how the shift from the hottest-ever hiring market to the current macroeconomic environment has changed the relationship between demand for senior developers and the average salaries they can command.
The developer job market has shifted and now favours employers
During the recent tech boom following the Covid-19 pandemic, demand for developers skyrocketed. This caused developers’ salaries to spike and companies offered more benefits, like remote work, to keep their people happy.
Now, the market has cooled and the balance of power has shifted back towards favouring companies. We’re starting to see more companies take back control they lost during the hottest-ever hiring market. This is impacting everything from more developers losing their fully remote status to senior developers losing some of their negotiating power.
Developers are responding to the shifting power dynamics by thinking the grass is greener elsewhere: 1 in 3 developers say they’re looking for a new role in 2024. Their main driver? A better salary.