Why do software engineers make so much?
By - Bruce Wathan • 1 year ago • 9.3k views
Curious to know why are software engineers paid so much than other engineers. In the US, average software engineer makes about $110K/year while an electrical engineer makes about $91K/year for similar experience in the industry.
Software engineers make way more money sitting in posh offices while other engineers work on the field, in the factories and do the hard work.
Let me know.
It's true that software engineers are paid way better than electrical, mechanical or civil engineers. This is because the world is moving towards automation which is driven by software.
Software runs our hospitals, factories, agriculture, aerospace, satellite and every engineering field you can imagine. You'll need specialised coding skills to write software for changing customer demands.
But it doesn't stop there.
There are several domains within software engineering. Not everyone working in the software industry writes code. Engineers either write software code, perform quality assurance, build data pipelines or do NLP and work on AI / ML. These skills are hard to find in the industry - which makes the industries pay more for the software engineers.
Software engineers receive higher salary because their demand is more than supply. As someone who's recruited engineers at all levels, hiring engineers is the top challenge for any company. Even if a good engineer is hired, retaining them over a period of time is another challenge.
Why? Because software technology keeps updating rapidly. You need engineers who are always a step ahead in the game; and they are rare. That makes them command way higher salary package than other engineers.
In the US, around 2001; the average salary of a software engineer was about $50K; which was a more than the national average of $42K. But thanks to the technology progression that these numbers have changed significantly.
Another aspect is that the software helps improve profit margins for the businesses. Automation helps bring the manufacturing and maintenance costs down. That helps corporations afford software engineers above industry-average salaries.
Third aspect is responsibility.
Let me take an example. WhatsApp, before its acquisition was being run by a team of 50 engineers. They were responsible for handling 1 billion users delivering several billion messages, images and videos every day.
When company can get so much done with a bunch of talented engineers, they're bound to get paid well.
Software engineering has become one of the most lucrative and highly sought-after professions in the world.
One of the reasons for this is that software engineers are paid more than other engineers. The salary gap between software engineers and other engineers can be significant, and many people wonder why this is the case.
There are several reasons why software engineers are paid more than other engineers.
Firstly, software engineering is a highly specialised field that requires a specific skill set.
The demand for software engineers has increased dramatically in recent years as technology has become more integrated into our daily lives.
As a result, companies are willing to pay top dollar for skilled software engineers who can develop and maintain complex software systems.
Secondly, the nature of software engineering work is different from other engineering disciplines. Software engineering involves writing code, designing algorithms, and solving complex problems using software tools.
Unlike other engineering fields, software engineering work can often be done remotely, which makes it more flexible and convenient for employees.
This flexibility means that software engineers can work from anywhere in the world, which can drive up demand for their services.
Thirdly, the value that software engineers bring to a company is often higher than that of other engineers. Software systems are critical to the success of many businesses, and the development and maintenance of these systems require a high level of expertise.
A poorly designed or maintained software system can lead to downtime, security breaches, and lost revenue. Therefore, companies are willing to pay more to ensure that their software systems are developed and maintained by skilled professionals.
Fourthly, the rapid pace of technological change means that software engineers need to continually update their skills and knowledge.
New programming languages, frameworks, and tools are being developed all the time, and software engineers need to keep up with these changes to remain competitive in the job market.
The need for ongoing training and professional development means that software engineers are more likely to be paid a higher salary than other engineers who do not need to update their skills as frequently.
Fifthly, the demand for software engineers is likely to continue to grow in the future. As technology becomes more integrated into our lives, there will be an increasing need for skilled software engineers to develop and maintain complex software systems.
The growth of artificial intelligence, machine learning, and other emerging technologies means that software engineering will become even more critical in the future. As a result, the demand for software engineers is likely to continue to increase, which will drive up salaries in the field.
Finally, the high salaries paid to software engineers are also due to market forces. In a competitive job market, companies need to offer high salaries to attract and retain skilled workers.
The demand for software engineers, and means that companies are willing to pay a premium to secure their services. Additionally, software engineers and data engineers are often in high demand across many different industries, which means that they have a broader range of employment options and can command higher salaries.
In conclusion, software engineers are paid more than other engineers due to a combination of factors. The specialised nature of their work, the high value they bring to companies, the need for ongoing training and development, and the growing demand for their services all contribute to the higher salaries that software engineers receive.
Furthermore, the competitive job market and the flexibility of software engineering work also contribute to the high salaries paid to software engineers. With the continued growth of technology and the increasing demand for software engineering skills, it is likely that the salary gap between software engineers and other engineers will continue to widen in the future.
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