Recently while browsing stackoverflow site, I came across Salary calculator they have published in 2016 on their site.
It calculates how much salary a Software Professional would be offered by their company based on certain input parameters.
Parameters which I think have more weightage across companies in deciding your salary are listed below. You see, the order of below parameters is very important.
- Competency level
- Skill set
- Years of experience
SKILL COMPETENCY LEVEL is I think has more weightage on the mere SKILL itself.
A software Engineer working in TEIR-1 company on JAVA /.NET skill would get paid significantly higher compared an engineer working with the same skill set in TIER-3 company. So I think of depth of understanding what matters over breadth of knowledge.
If you are working on latest technologies you will get paid more. That could be just because of shortage of resources of that skill in the MARKET. SUPLLY v/s DEMAND.
But I think that could be temporary because freshers entering the JOB MARKET can easily be skilled in NEW technology compared to an professional want to re skill himself in that technology. And also more people will acquire that SKILL overtime leading to equilibrium state.
Currently there is a GOOD market for BIG DATA professionals and so they are getting paid more. But I think, overtime there will more number of BIG DATA professinals in the MARKET, then I think their salary would normalize.
Years of experience
Numbers of working experience plays an important role in deciding your salary. But if there is no increase in your skill competency level with increase in numbers of work experience then I think the impact of years of experience will be negligible as your experience increases.
So I think among the above 3 important factors deciding the salary in GENERAL, the SKILL competency level plays a major role. So enhance your SKILL and get DEEPER understanding.