251–260 of 359 posts
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Contract rates are down though, less than what you would expect to earn as a FTE.
I haven't seen this at all, I'm currently contracting and I see rates anywhere from 63.50 per hour to 80+. Depending on the locale and whether we're talking FAANG or not those are pretty good rates. (130-150+ respectively)
This is likely to be the recession that halts the rapid inflation in tech wages. Rising risk free rate has hit growth companies the hardest, and there are likely to be a large swath of layoffs right as we have tons of people bootcamping and switching into the industry. Supply and demand of labor in tech will enter balance for the first time since ~2010. The FFR is looking to have a reasonable chance to go to 5% at th…
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Personally, myself and several others I know don’t care to work on the problems that the big tech corpos are working on, no matter the salary. I make well below what I could because the things I work on are important contributions to society rather than helping an advertising business or help a closed garden become more closed.
> Personally, myself and several others I know don’t care to work on the problems that the big tech corpos are working on, no matter the salary. While there are indeed people like you out there (don't care about the money) You have to remember that you're more of the exception than the rule. The average developer is indeed very keen on optimizing their salary, and the possibility of a 50-100% raise by moving to a FAA…
This is likely to be the recession that halts the rapid inflation in tech wages. Rising risk free rate has hit growth companies the hardest, and there are likely to be a large swath of layoffs right as we have tons of people bootcamping and switching into the industry. Supply and demand of labor in tech will enter balance for the first time since ~2010. The FFR is looking to have a reasonable chance to go to 5% at th…
Most high paying jobs pay well because of leverage. Private equity/investment bankers make decisions to invest huge sums of money. The people who make those decisions get a small cut. Similarly, consultants make decisions that steer entire companies, in exchange for a small cut.
Software is unique vs many other jobs because it has a lot of leverage. An afternoon where I write a few lines of code can impact billions of people - this is why software engineers get paid a lot.
Where it breaks down is that only select few software engineers work at Google. There is a lot of software that does not impact a lot of people.
I could see either
a) A shift toward long hours, like finance, where software engineering is a commodity and the highest paid engineers are simply the ones who are willing to work the most
b) A shift of the median downward, but comp among the 95+ percentile of engineers staying the same with competition among the highest leveraged companies.
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That's too noisy given inflation is 6.6%.
Real GDP We've only recently seen nominal GDP declines in 2008 and 2020.
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Tech workers are so highly compensated anyway that benefits aren't a huge percentage of the total cost of employment. The main reasons to prefer contractors in times of economic difficulty are: (a) contracts are fixed length, so it's easy to simply let a contract lapse rather than renewing it if conditions worsen/don't improve and you want to cut headcount without having a layoff, and (b) contractors frequently count…
tech workers are not highly compensated on average, lawyers, doctors etc are.
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This is a pointless battle. There is a US election this year so there is zero chance a recession will be admitted until mid November regardless of facts on the ground.
US gov uses a non-partisan third party think tank to officially declare recessions.
> In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.
So, technically, the US is in recession in the UK.
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The economy is shrinking because boomers are retiring at a rate faster than we can fill jobs. The Boomer economists at the Fed have responded by raising interest rates so that Xers, Millennials, and Zoomers don't get uppity and ask for more money.
Really? I thought it was high inflation triggering consumers into savings mode. And monetary tightening destroying investments.
Huh? The rational response to inflation is to spend. The only thing that inflation triggered, vis-a-vis saving, was a shift from cash and bonds to stocks and real estate.
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>I think you're making this more difficult than it is. I think you're missing the entire point Whether or not the US is in recession is a very complex decision that is usually easy to make because most of the metrics move in the same direction. A lot of people (you included) are still living in that world despite the fact that all the metrics are extremely weird right now (pandemic, etc.) The fact that no one is talk…
I'm not missing the point, you are missing mine. > Whether or not the US is in recession is a very complex decision No, whether or not some government department proclaims the US to be in a recession is based on that "very complex decision". That does not make the other more widely used and known definition of the word wrong or less valid. "The US is in a recession". Perfectly valid and reasonable statement and any e…
Agree to disagree I guess
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Sure, and by those metrics: We are at an all-time high in terms of people employed: https://fred.stlouisfed.org/graph/fredgraph.png?g=UysZ People are consuming more than ever before (even accounting for inflation): https://fred.stlouisfed.org/graph/fredgraph.png?g=UOQs Now, to be my own Devil's Advocate, real wages are falling (though they are at about where they were pre-pandemic: https://fred.stlouisfed.org/graph/f…
> an all-time high in terms of people employed The population goes up over time (and in fact is currently at an all-time high as well; the US population has never shrunk year-over-year), so this is a bum metric. The labor force participation rate is still lower than it was pre-pandemic: https://fred.stlouisfed.org/graph/fredgraph.png?g=UOVS Consumer loans are substantially higher than pre-Covid: https://fred.stlouisf…
https://fred.stlouisfed.org/series/SPPOP65UPTOZSUSA
>Consumer loans are substantially higher than pre-Covid