Inflation impacting Big Tech industry

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Important Takeaways:

  • Bidenomics Hits Tech: Silicon Valley Salaries Plummet amid Layoffs and Economic Uncertainty
  • The Mercury News reports that Silicon Valley, long known as the epicenter of innovation and high-paying tech jobs, is facing a harsh reality as companies tighten their belts and slash jobs and salaries. According to recent research by Women Impact Tech, a tech advocacy organization, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15 percent from 2022 to 2023.
  • The impact of these layoffs and salary cuts is felt by many, including Krista DeWeese, a 47-year-old marketing professional from Fremont. DeWeese has been laid off four times in the last eight years and is currently working as a contract worker at a health science company. Despite her education and experience, she struggles to find secure work that pays enough to keep up with the high cost of living in the Bay Area.
  • Fresh graduates are also feeling the pinch. Genevieve Richards, a San Jose native who graduated from Cornell University in 2022, applied to 300 jobs after her internship ended, only to be offered progressively lower salaries. She decided to pursue a graduate degree abroad in Dublin, Ireland, where she found a better work-life balance and more affordable living conditions.

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