Good news: Salaries are set to increase by 4% this year

Thanks to surging inflation that has sent the price of consumer goods to stratospheric new heights (Erewhon’s $20 strawberries, we’re looking at you), Americans continue to feel the pinch.

This is despite the Federal Reserve’s best efforts to steady the ship and get inflation down to 2% by the end of 2023. In December 2023 it stood at 3.4%, down from a peak of 9.1% in June 2022.

Salaries that haven’t been adjusted in line with the increased cost of living are also to blame, but new data compiled by Korn Ferry indicates that salaries will increase by 4% in 2024.

While this won’t necessarily equate to more money in our pockets — a study conducted by Republican members of the U.S. Senate Joint Economic Committee found that the typical household must spend an additional $11,434 annually to maintain the same standard of living — every little helps.

Added value

Other ways organizations are adding value is via additional benefits such as retirement plans, health insurance, stock plans or additional vacation days.

And while PTO won’t pay the rent, in the past perks were valued over pay — a 2015 Glassdoor study found that 79% of employees would prefer new or additional benefits instead of a pay rise.

Fast forward almost a decade and the same can’t be said — salary now comes in as the number one priority, followed by work atmosphere and career development.

Don’t sit back

So what can you do to ensure your salary increases this year? Sitting back and waiting for your employer to up your take-home pay in line with the predicted 4% increase is an option.

However, often the easiest way to guarantee a salary bump is to move jobs and negotiate your benefits package afresh. If this is the case, the VentureBeat Job Board is the perfect place to focus your search as it features thousands of jobs across the tech industry, including the three below.

Senior ASIC Design Engineer, NVIDIA, Santa Clara

NVIDIA’s Clocks team is seeking a Senior Design Engineer. In this role you will be responsible for crafting all aspects of SOC clocking and will collaborate with other other architects, ASIC designers and verification engineers to design high-frequency clocks, engage with multiple teams and design the SOC clocks to satisfy all the architectural constraints and collaborate with the software and product design teams to debug SOC clock silicon bugs in new products. Applicants should have a BS in electrical engineering or equivalent experience along with seven years’ of relevant work experience. You should also have strong coding skills in Perl or other industry-standard scripting languages, and understanding of sub-micron silicon issues like noise, cross-talk, and OCV effects is a plus. Find out more here.

Software Engineer, Intel, Santa Clara

Are you passionate about system software development? As a Software Engineer you will be working on teams responsible for the architecture, design, development, integration and validation of next-generation PC platforms. You will work across different projects to develop innovative products for new cutting-edge features and capabilities. And, you could also have the opportunity to work closely with other Intel groups to productize ingenious solutions that can be leveraged across a broader set of devices including IOT, servers, cloud and automotive. Minimum qualifications include a Bachelor’s degree or higher in computer engineering, computer science, electrical engineering or a similar STEM degree along with three years’ experience in C/C++, Linux, Chrome and computer architecture. See the full job description here.

Software Developer, Oracle, United States

Oracle’s newly-formed organization Oracle Health Applications & Infrastructure is looking for a Software Developer to join the team. This is a greenfield opportunity to design and build new cloud-centric applications from the ground up and you will be responsible for leading efforts in designing and building scalable, distributed, and resilient software components and services to support the health care platform, applications, and end users. You will also own the complete SDLC from architecture, development, testing, first-class monitoring, to production. You will need a BS or MS degree in computer science or a related field, along with a strong grasp of system design fundamentals and distributed systems architectural best practices. Access more details about this role here.

Find your next role in tech today via the VentureBeat Job Board.

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