MT_Ego

Rant - People in Tech have lost their mind

People in tech are in over their heads. There’s been an unsustainable inflation in salaries and somehow 20 somethings have actually started believing their skills are worth what they’re making

I speak to so many engineers who just with two years of experience are making 30-40 LPA packages. They actually believe they are better than people in say banking who make the same salary after 15 years of grinding it out.

It’s all supply-demand. Supply will soon catch up to the demand. Salary normalization will happen.

Your salaries may not grow for years if you don’t personally grow as well in skill set and become more valuable overall.

At the least, don’t have an attitude about how much you make. Stay humble. Enjoy the good times while they are still here

21mo ago

JJproduct

Startup21mo

Techies were highly underpaid

barring: 1000-3000 jobs created annually by FAANG which are like 30 -50CTC+, WITCH hired 1,00,000+ techies at 4-8 LPA
the latter has corrected because it was already a suppressed market

TheExterminator

Google21mo

IT was highly underpaid. Maybe true.

The rest of ‘high tech’ was definitely overpaid

Potato123

Stealth21mo

4-8 is way high, it's 2.75 to 4 (HCL does 2.75 and LTIMindtree 4)

BrutallyHonestTechie

A large US based MNC.21mo

True. There has been a massive spike in salary ranges post covid and none of it makes sense. I was a hiring manager for a good 4 years and have seen people cognizant of what they are asking and what they bring to the table. Since 2020, I’m seeing so called “Data Scientists” with 2-3 years of exp and knowledge limited to just model.fit() and model.predict() asking for north of 25lpa. And the funny part? They are getting it!

What these younglings don’t know is that the market also takes what it gives. Every bubble bursts and every role has its budget and your exceptionally high salaries will get normalised sooner or later.

Instead of chasing that big fat cheque, focus on your skills. That’ll get you further in life than the paystub of an overvalued startup with limited shelf life.

My take may sound rude, but that is the truth.

CrypticHatter

Dell21mo

So true

Tanin

Intuit21mo

What are the skills that people early in their tech career should focus on ?

WingardiumLeviosa

Stealth21mo

I disagree with the overall premise here:

The demand for software outstrips the supply of software engineers by a significant margin & this won't close up, until significant software automation kicks in. Even with the rise of AI tools like ChatGPT, I don't see it happening anytime soon.
Even in banking, there's investment banking and commercial banking & investment bankers always get a significant premium. In terms of salaries, the order will always be:

Investment Banking >= Software Engineering > Commercial Banking

The appropriate value for a salary of an individual is largely decided by market factors.

So if a company deems that the salary of a 25yo software engineer is more than the salary of a 35yo commerical banker than that largely an issue with commerical banking sector underpaying their employees. How is the software engineer at fault here?

Jaydee

Student21mo

True. But why do you think software automation is not kicking in(assuming you are in tech)?

I think its pretty much here

WhiteElephant

Viewo21mo

Irony and reality is that those who create (like original versions of codes) mostly do it for free and uploads it on open source platforms/ github etc. Rest copies codes/ calls libraries and charges 💣

Selfexiledwolf

Arista Networks21mo

India got this island of higher pay (IT industry) well before the manufacturing/infra investments happening now. Still the difference was not so great in old days and people made real money only going and slogging on onsite assignments. Then fang became a printing press for dollars and capital dumping from US China happened to any startup with a good story about “next billion consumers”

End of day other than WITCH, India still does not have global brands in manufactured goods that can compete with best - like shoes/clothes italians dominate luxury brands, zara is spain, h&m and ikea swedish, koreans and japanese sell cars and motorbikes, germany sells autos and machine tools… our banks are also global midgets and cost of capital is high.

Only a solid manufacturing and innovative product economy can drive the need for sustainable tech cos in any field internally.

Else it will always be tied to global cos and their policies / currencies / capital allocation.

Need more zeus numerix , newspace, pixxel and astra microwave type cos

Selfexiledwolf

Arista Networks21mo

Despite decades of hero atlas bsaslr cycles we all use , taiwan is the cycle making superpower. The design sw, machines that drive that no doubt made there only.

One cannot float a ship forever on a hot air baloon

Selfexiledwolf

Arista Networks21mo

Think catia, ansys, matlab, labview, eda, solidworks type high value licensed sw how many indian cos do we in those? We are wasting our best manpower doing pieces of everything while real control and overall design remains in foreign capitals

ItchyPerineum

Optum21mo

But the sad part is, even the ones that grinded out for years and climbed up, are also getting the axe.

TheExterminator

Google21mo

It’s not that sad if you think about it. If the acceleration is too fast and too out of control. The brakes have to be put on at some point

roct

Accenture21mo

That's the rationale. It's still sad for those that got laid off

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