There's good earnings news for U.S. members: Salaries are rising. Base salaries increased by about 5 percent from 2022 to 2023, according to the IEEE-USA 2024 Salary and Benefits Survey Report.
Last year's report showed that inflation had outpaced earnings growth but that's not the case this year.
In current dollars, the median income of U.S. engineers and other tech professionals who are IEEE members was US $174,161 last year, up about 5 percent from $169,000 in 2022, excluding overtime pay, profit sharing, and other supplemental earnings. Unemployment fell to 1.2 percent in this year's survey, down from 1.4 percent in the previous year.
As with prior surveys, earned income is measured for the year preceding the survey's date of record—so the 2024 survey reports income earned in 2023.
To calculate the median salary, IEEE-USA considered only respondents who were tech professionals working full time in their primary area of competence—a sample of 4,192 people.
I suppose it is good news for many of our members. Interesting analysis of salary trends ...
[Source]: IEEE SPECTRUM
(Score: 5, Insightful) by pkrasimirov on Sunday October 20 2024, @06:07AM (1 child)
Correct me if I'm wrong but the USD inflation for 2022 was 8% and for 2023 4.1%.
(Score: 3, Informative) by darkfeline on Sunday October 20 2024, @07:32PM
The inflation numbers are dubious at best. There are so many flaws it's hard to know where to begin.
The standard grocery basket doesn't account for shrinkflation; if consumers buy fewer cookies because cookies are more expensive, then inflation is not affected because the standard basket is adjusted downward "because people aren't buying cookies".
If you've actually shopped for groceries, you'll know that real inflation (what the average person pays) is up way more than 4.1%.
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(Score: 3, Interesting) by Anonymous Coward on Sunday October 20 2024, @12:10PM
My pay increases in megacorp were generally in line with inflation from 2014 through 2019, starting in 2020 they were both smaller in absolute terms and significantly lower than inflation.
In 2023, I received a "double bump" of both a promotion with significant pay increase, and the base pay increase also jumped a little ahead of the past year's inflation.
Seems like megacorp was getting concerned about the rising exodus of their engineers. They have also been very accepting of our non RTO behavior, which is like a huge raise in itself.
(Score: 2) by ese002 on Monday October 21 2024, @02:05AM
As an engineer who has been job hunting for a while (Job sucked but didn't actually end until May), I can say with confidence that job market is notably worse in 2024 than it was in 2023. And yes, I got a small bump at the end of 2022. Now it wasn't *good* in 2023 as reflected in the survey showing wages barely besting inflation but was noticeably better than it is now. Low ball wages are common and even getting hybrid is a tall order.