Contractors at Microsoft earned $90/hr in 2021, while PhD holders now earn $45/hr

Per Bloomberg

In 2021, Microsoft was reportedly paying its contractors $90 an hour. Now, some tech jobs are still paying workers $120 an hour.

PhD holders, on the other hand,  were only making $45 an hour. This was according to a former UX designer, Hang Xu, who ran a New York tech talent agency called Collective Supply.

Xu: “Microsoft was paying $90 an hour for contractors during the height, and now you’re routinely seeing $45 an hour for someone with PhD experience."

Linda Lutton, a tech firm recruiter since 1987, also commented on the situation, saying she doesn't think that the situation was a "bust" since firms were still replying to her. It was compared to the dot-com crash of the early 2000s, with the main difference being that companies now were still taking her calls.

Lutton: “I’m in constant contact with my tech clients, and they keep telling us, ‘We will come back,’... I haven’t had a single message from a single client saying, ‘We have to cut everything down.’ ”

It was noted that the current situation with the layoffs was a result of the pandemic-fueled hiring, which saw 600,000 new workers. Per CompTIA data, it was noted that total employment reached 9.16 million positions in 2022.

It was noted that employees were starting to check out at record rates, applicable to all positions, including remote, hybrid, or onsite jobs. Employment engagement reportedly declined from 34% in 2021 to 32% last year.

Despite the high rates, it was noted that there was a noticeable decline in software engineering and data science job listings, dropping from 27% in 2022 to 24%. The report noted that this had something to do with the wide range of layoffs across the industry, including major companies like Google and Meta.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Bloomberg

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.