The era of the coronavirus is responsible for a considerable change in the lives of humans. The economy, health, and daily activities are now performed differently. No one was prepared for this shock, not even the world’s largest economies. According to Statista, the United States suffered its first contraction in 2020 after 23 consecutive months of economic growth. Who is to blame?: Covid-19Have Tech Salaries Changed During Covid-19!
The global imbalance caused companies to lay off many employees due to a lack of production. These measures also affected salaries. Those workers who kept their jobs had to accept pay cuts. However, those who suffered the worst economic consequences were all the companies that failed, especially businesses related to transportation, entertainment, and tourism.
The tech industry also underwent several changes during the pandemic. Some changes were positive, and others were unusual. What exactly happened to the salary of the tech industry during Covid-19? Here you will see three ways to understand the current context of this business:
ALSO VISIT : CORONAVIRUS A MAJOR CONCERN!
1) There Is More Demand Than Ever Before
Traditional work moved to digital platforms to adapt to the ‘new normal’. This increased the demand for video calls, meetings, and messaging and calling apps. One of the technology companies that benefited the most from the pandemic was Zoom. In an interview for the BBC, Zoom Video Communications CEO Eric Yuan projected earnings of up to $1.8 trillion by 2020.
Technology is an indispensable tool during the coronavirus crisis. Thanks to these advances, many companies can continue working and generating income. The tech industry is the big winner of this pandemic. For that reason, the companies that develop these patents allowed their employees to keep their jobs and receive salary increases in some cases.
2) Working Remotely Was Nothing New
Another essential advantage of this industry during Covid-19 is its work methodology. Even though there are many physical companies located in tech hubs, such as Silicon Valley, San Francisco Bay, Austin, or New York, the “new normal” did not affect the quality of work for entrepreneurs in the United States. Offices closed, but business continued to grow from homes, safe and sound.
Many employees had the opportunity to return to their hometowns, explaining why the great American metropolises were left empty after Covid-19 arrived. This move’s main reason is the high cost of living in these cities; services, transportation, taxes, rentals, and many other aspects. If the companies were able to continue with their production, then the salary does not suffer consequences.
3) Many Vacancies Are Still Available
Instead of going bankrupt, laying off, or reducing the salary of their employees, tech companies continue to have good days. This growth allows job openings for new workers to continue to increase. Over the past few months, many recent graduates keep coming to huge companies like Amazon and Google, but where are these people coming from?
Even though universities remained closed, the pandemic was also the impetus for virtual courses and bootcamps. Remote education reached historical figures during the first months of coronavirus in the world. Thousands of people looked for ways to learn new trades, so the tech industry began to recruit these new talents.
The bootcamp work has been phenomenal. With different locations throughout the American territory, these intensive courses have created excellent alliances with the foremost technology companies to obtain jobs for their graduates. Galvanize School, for example, offers classes in coding, software engineering, and data science. On its website is a repertoire of companies that its graduates have gone to, including Tesla, Uber, Twitch, Amazon, Apple, Spotify, Google, Facebook, and NASA!
How much can a bootcamp graduate make? According to Eleven Fifty, a graduate of a coding bootcamp can earn $65,000-$70,000 per year, a figure that remained unchanged during the pandemic because these tasks can be performed remotely.
Conclusion OF Tech Salaries Changed During Covid-19
Coronavirus teaches us the importance of technology in our lives. It is interesting to see how the world suffered an economic collapse. Still, despite that, the tech industry continued to generate millions of dollars, improving its workers’ wages, supporting other companies to continue with their commercial activities, and providing patents for the development of cures and medical treatments. 2020 is proof that technology will be the dominant business in the future.
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