A dark secret that run undercurrent through tech world has been revealed, and it is all about age. If you are middle-aged, do coding to make a living, and get a six-figure salary, then you’re headed for the unemployment route. Your market value declines as you age and it becomes harder and harder to get a job, says Vivek Wadhwa, Fellow, Arthur & Toni Rembe Rock Center for Corporate Governance at Stanford University and a Columnist at The Washington Post.
The harsh reality may provoke anger, outrage, and denial, but this is the way tech industry runs and it is similar to the military, which is an “up or out” profession. And it’s as competitive as professional sports. Engineers need to be prepared.
The employers do not discuss the fact openly, for they may be accused of age discrimination. Nevertheless, the research lead by University of California, Berkeley, professors Clair Brown and Greg Linden shows that even those with masters degrees and Ph.Ds have reason to worry. The research on Bureau of Labor Statistics and Census data for the semiconductor industry revealed that although salaries increased dramatically for engineers in their 30s, these increases slowed after the age of 40. After 50, the mean salary fell by 17 percent for those with bachelors degrees and by 14 percent for those with masters degrees and Ph.Ds. And salary increases for holders of postgraduate degrees were always lower than for those with bachelor’s degrees, indicating there’s no long term job security for the higher degree holders.
