In 2017, the shift in power from the employer to employee will accelerate. Data transparency and awareness around salaries, career advancement, available jobs and other compensation and benefits will drive this shift.
PALO ALTO, Calif. (PRWEB) January 10, 2017
Paysa, the only platform that uses artificial intelligence (AI) to deliver personalized career and hiring recommendations plus real-world salary insights, today released findings that reveal that the gap between actual pay and market value is 10 percent or more for 36 percent of (or 1,800,000) professionals.
To create this study, Paysa examined more than five million resumes of tech and engineering professionals. The findings, which reveal that more than one-third (nearly two million people) are underpaid by 10 percent or more, show that the pay gap can be significant. Considering that the average salary for a software engineer is $112,000.00, this translates into a minimum of $11,200.00, per person, per year in lost wages.
Furthermore, the findings indicate that within the next six months, seven percent of all tech and engineering workers will be due for a promotion with a salary increase of $17,756.00, on average.
Paysa’s analysis also found that, overall, more than 78 percent of all technology and engineering workers (3.7 million), have a compelling reason to move to a new company and job within the next six months. This is based on the fact that these employees may be underpaid relative to the market, have missed their promotion window, have been at their present company for the past two years, and/or are working at a company that is in serious decline. This indicates that companies would benefit from taking immediate action to more deeply engage their most important employees - either with a raise, a promotion, expanded skills and responsibilities, or even some sort of recognition.
Finally, the Paysa analysis showed that six percent of (or 300,000) technology and engineering workers are employed at a company with a depth of technical talent that is declining, signified by a falling CompanyRank, an important indicator of the overall health of a company.
“In 2017, the shift in power from the employer to employee will accelerate, tipping the scales in favor of the employee - at least in the technology sector,” said Chris Bolte, CEO of Paysa. “Data transparency and awareness around salaries, career advancement, available jobs and other compensation and benefits will drive this shift. As we enter into the season of year-end reviews and salary raises, employees should be armed with the knowledge of what they are worth, so they can be empowered to go get what they deserve either at their present employer or at a new company.”
“Talking about money can be uncomfortable and a lot of people are afraid to ask, plus they don’t feel they have the information they need to support a serious salary discussion,” said a software engineer from White Plains, New York. “You do need to come to the table ready to talk about your recent achievements and the value you believe you'll add to the company in the short and long term. But you also need to show your manager what other companies think your skills are worth, backed by specific metrics. No one cares more about your salary than you do, and, if you don't fight for it, no one else will.”
"As we move into 2017, employees will have data and personalization on their side” added Bolte. “For example, by using AI technologies and solutions now available from Paysa, employees have daily access to information that alerts them when it’s time to quit their current job or ask for a raise or promotion from their present employer or even when a new job is available where they are a great fit and can make more money. That means employers need to be prepared to have these conversations -- the kind that are strongly in favor of relying on what the data says as the key decision factor in salary and offer negotiations.”
Paysa offers personalized career and hiring recommendations plus real-world salary insights for maximizing opportunity, earning potential and value at all stages of an individual’s career. Using proprietary artificial intelligence technology and machine learning algorithms, Paysa analyzes millions of data points including jobs, resumes and compensation information, providing professionals with actionable tools, insights, and research. They can then see and understand their individual worth in the market today, and how to increase their value. Paysa also empowers enterprises with the knowledge they need to be competitive in today’s fierce tech hiring market. Employers can learn which skills, real-world company experience and educational background offers the greatest predictor of a candidate or employee’s future success at their organization.
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Andrea Corry for Paysa