Real world example: I recently interviewed an engineer hit by layoffs at Shopify/UPS. The candidate had 4 years of total work experience, and was making $175k in the role that she was let go from, and they won’t accept anything less when looking for a new role. With 4 years of total experience in the workforce.
I would have loved to hire them at $120-140k, but for $175k I can easily find people with 5x more years of experience.
It’s a tough pill to swallow but it is possible to get offers, but they might not be at the salary levels from 2-3 years ago.
Edit: Above anecdote is for 100% remote in US. Full stack node/react/mongo.
Edit 2: Another anecdote to share. The recruiter our company works with (who sources all our candidates) used to only work on a 25% commission of first year salary. About a year ago we were able to negotiate that down to 20%. And a couple months ago we negotiated it down to $90/hr with 0% commission (which comes to roughly 10% or less of first year salary on average). The market for engaging recruiters is a good proxy for the overall supply/demand of the job market.