Aggressive Funding and Acquisitions Mean a Growing Boston Technology Market and More Opportunities for Software Job Seekers
Boston immodestly refers to itself as the Hub of the Universe. While that may be a stretch, a recent article in BetaBoston makes the case that Boston is quickly becoming the center of the international technology industry. The article cites many reasons including the growth and vibrancy of the tech community along with access to educational institutions and the VC community. In fact, the article states that in recent years Massachusetts firms have raised one-third of all venture funding nation-wide.
In addition to the tremendous funding activity, Boston based tech businesses have announced major acquisitions recently. Some of the most notable were: StackDriver and Directr being acquired by Google, The Echo Nest being acquired by Spotify, GrabCAD being acquired by Stratasys, and the Wayfair, HubSpot and Care.com IPO’s. This BostInno post details many of biggest recent exits.
All of these tech companies are drawing from the same candidate pool, making hiring activity extremely competitive. To add to this, growth in technology stacks and tools means there continues to be a severe shortage of candidates with the skills these companies desire. Start-ups are hiring mid-level, senior and principal engineers and leaders/managers as quickly as they can find them. This all combines to create a robust technology job market in the Hub.
Developers in demand
Given the normal law of supply and demand, this competition for talent translated to higher salaries and an overall increase in compensation. In fact, in the past year we have seen salaries for the most in demand skill sets (Java, Ruby, Python, Web UI, etc.) rise by an average of 10-11%. Additionally, we have seen the demand for engineering talent “trickle-up” and are now we’re seeing the top end of the market finally opening up as well with more leadership opportunities (Leads, Architects, Directors, VP’s). Overall it is a very exciting and rewarding time to be a part of the Boston Tech community and all signs point to these trends continuing.