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Wages of technology workers plummeted late in the third quarter, Yoh says
A quarterly index that tracks wages of technology workers fell in Q3 to a point 6.21% lower than it was a year earlier. According to the Yoh Index of Technology Wages, tech wages were inching up, then dropped in late summer as the financial crisis hit.
Managing Editor, International Research
Wall Street’s meltdown is taking its toll on the wages of technology workers, according to the Yoh Index of Technology Wages.
The index fell to 106.55 in the third quarter, 6.21% lower than it was a year earlier. Yoh indexes wages to the national level of January 2001, when it first started tracking the wages of technology workers.
The average technology wage in the third quarter was $29.81 per hour, nearly 6.1% lower than $31.73 a year earlier. Wages had inched up 1.86% in the quarter, Yoh says, but then plummeted as the financial crisis took hold.
"It appears that the demand for technology workers continues to ebb," says Bill Yoh, president and CEO of Yoh. "We believe we`ll continue to see softening in certain sectors as the state of the economy leads companies to tighten budgets and delay projects. Although it`s too early to predict exactly when this wage downturn may end, we predict it will continue through the remainder of 2008, but improvement in the financial markets may create some stability in early 2009.”
Yoh, a temporary staffing and recruitment company, is part of Yoh Services LLC, which is owned by Day & Zimmerman.