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As technology continues to advance at an unprecedented pace, the demand for skilled software professionals remains high. Of course a key aspect of a career in software revolves around salary growth. In this blog post, we will delve into the year-on-year salary changes in different software engineering roles, highlighting the trends observed in recent years as found in our latest Software Engineering Industry Snapshot Report.
Junior Software Engineer: 12% Median Increase year-on-year
Junior software engineers are typically entry-level professionals who have recently graduated or have limited industry experience. Despite their junior status, these individuals are crucial contributors to software development teams. Over the years, the software industry has recognised junior engineers' value and responded with salary increases that reflect their importance. On average, junior software engineers have witnessed an impressive 12% increase in their yearly salaries. This growth can be attributed to the demand for new talent and the industry's recognition of the value that junior engineers bring to the table.
Software Engineer: 3% Median Decrease year-on-year
Software engineers are the backbone of software development projects, responsible for designing, coding, and maintaining software systems. While the contributions of software engineers are highly valued, recent trends have shown a slight decrease in their salary growth. Software engineers have experienced a 3% decrease in their salaries year on year. This dip could be attributed to various factors such as economic conditions, market saturation, or shifts in industry dynamics. However, it's important to note that despite the decrease, software engineers still enjoy competitive compensation packages and significant opportunities for career growth. Demand remains high.
Lead/Senior Software Engineer: 6% Median Increase year-on-year
Lead or senior software engineers possess extensive experience and expertise in their field. They often take on additional responsibilities, including mentoring junior engineers, leading projects, and making critical technical decisions. Due to their advanced skill set and leadership capabilities, these professionals typically receive higher compensation. Over the years, lead or senior software engineers have experienced a steady 6% increase in their salaries year on year. This growth reflects the industry's recognition of their expertise and the demand for experienced professionals capable of leading complex software development initiatives.
Software Engineering Manager: 4% Median Increase year-on-year
Software engineering managers combine technical prowess with strong leadership skills to oversee and manage software development teams. Their responsibilities extend beyond coding and include project management, resource allocation, and ensuring the successful delivery of software projects. Software engineering managers enjoy competitive salaries as individuals responsible for both technical and managerial aspects. Software engineering managers have observed a 4% increase in their salaries year on year. This growth demonstrates the industry's acknowledgment of their multifaceted roles and the critical contributions they make to software development projects.
While junior software engineers and lead/senior software engineers have witnessed steady increases in their salaries (12% and 6% respectively), software engineers have experienced a slight decrease (3%) in recent years. However, it's important to note that each of the roles observed today are still in high demand.
For further insights into the software engineering industries' hiring trends, please download our latest Industry Snapshot Report.
The report covers market liquidity, gender diversity, tenure, hiring demand, talent pool growth, average salaries, average bonuses as well as live examples of Software Engineers packages.