'Developer/IT market is in serious trouble, high salary bubble has burst,' claims Redditor: Here's the evidence
Amid recent layoffs and challenging campus hiring conditions in the IT sector, a tech professional with experience in both tech and non-tech fields sparked a debate on Reddit. They claimed, "The Developer/IT market is in serious trouble" and suggested that salaries might soon align more closely with those in other industries. This assertion has ignited discussion about the current and future state of the IT job market, both globally and in India.
On Reddit, a tech professional highlighted the stark salary gap between tech and non-tech roles, noting that while top talent in non-tech jobs often earns between 10-15 LPA, tech developers, even those with poor skills, can make 30-40 LPA.?
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They argue that this disparity indicates a bubble in the tech sector, with salaries likely to adjust soon.
They also pointed out that the market is saturated with Computer Science graduates and that many developers are now using tools like ChatGPT, which has reduced their workload by 50%. This could further reduce demand for developers. "Some might argue generative AI won't take away jobs, but the effects are already showing. My company currently has openings only for junior roles that can make good use of ChatGPT, not senior positions," they noted.
"The tech job market was definitely overheated. With demand falling, too many graduates, and the rise of AI tools, salaries are likely to come down to levels more in line with other fields. So, get ready¡ªthose high tech salaries might not stick around for long," they added.
The declining job postings for software developers over the last year (from May last year to April this year), as noted in a DevQuarterly report, supports this outlook:
In the comments, one wrote, "Only a fool would have expected that bubble to last forever," while another said, "Companies offered mad salaries to people with limited skills during and immediately post Covid due to overestimated demand. Then realized it's not sustainable and started firing."
What's your opinion on this issue?
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