Austin tech salaries rising faster than Silicon Valley
Local tech salaries are giving Silicon Valley a run for its money.
The big picture: Hired's State Tech Salaries report placed Austin fifth among markets for the highest local tech salaries this year, trailing behind only the San Francisco Bay Area, Seattle, New York, and Boston.
- The average tech salary in the Austin area is $157,612 compared to the Bay Area's $174,063.
- Austin is the second-highest average salary market in 2022 when adjusted for cost of living.
What they're saying: "Many tech workers may be attracted by the prospect of seeing their salaries stretch further in Austin — especially during record levels of inflation — than it otherwise would in higher cost-of-living regions," Hired CEO Josh Brenner told Axios.
State of play: Many workers left their traditional tech hubs to head toward smaller cities, and Hired data reflects that change.
- Cities like Dallas-Fort Worth, Denver, and Philadelphia showed the highest increase in average local salary.
- Although Austin's salary growth didn't increase as quickly, Brenner noted that salaries here remain more competitive than those markets.
Yes, but: To continue to attract top tech talent, Austin tech companies should look beyond salaries, Brenner said.
- Prioritizing remote and flexible work remains the most compelling benefit for workers, according to a Hired survey of more than 2,000 candidates.
- Companies also should revisit benefits, such as 401k matching and health insurance, and prioritize diversity and inclusion efforts: "Regardless of market conditions, employers must continue to nurture (diversity, equity, and inclusion) progress to support diverse work environments and continue to retain and attract top talent," Brenner added.
Of note: Some of our city's highest-paid tech professionals are software engineers and technical program managers, according to an October analysis.
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