Tech salaries are, as we all know, increasing. And, like the blood pressure measurements in a coaches meeting before the Super Bowl, there is no telling how high it will go. In February of this year, Amazon increased the base salary for its tech staff from $160k per year to $350k. Todd Bishop at GreekWire wrote that Amazon’s decision to more than double the base salary will have a “likely impact on other companies and their employees.”
Amazon’s prior base salary had been significantly lower than that of Facebook & Google. This helped to offset the high salaries of Amazon’s peers and keep the overall market for tech talent in check. Amazon’s move will inflame the inflationary increase in salaries that we have already seen, but perhaps another effect will be that it will help companies overcome the so-called “Great Resignation” due to the incentive of an even higher average salary. Nevertheless, it’s never been more important for smaller companies, particularly start-ups, to get creative with their efficiency. If there is anything that can be outsourced, it’s worth looking into it. Because the reality is that most outsourcing companies will usually be able to do the job cheaper and better.
Click here for more information.