‘Businesses Will Lose 70% Of Tech Employees Over Next Year,’ Study Shows
A new study released by TalentLMS, the leading learning management system backed by Epignosis and Workable reveals that seven out of 10 tech employees are considering jumping ship over the next year. The online survey included responses from 1,200 employees in the United States who work in tech/IT/software departments and roles. For the vast majority of those who explore other job […]
A new study released by TalentLMS, the leading learning management system backed by Epignosis and Workable reveals that seven out of 10 tech employees are considering jumping ship over the next year. The online survey included responses from 1,200 employees in the United States who work in tech/IT/software departments and roles. For the vast majority of those who explore other job opportunities, workplace changes caused by Covid-19 have made them think more about quitting (78%), as employers scramble to take steps to keep their best and brightest talent.
Here are the top reasons driving employees away, other than salary and benefits, according to the survey:
Limited career progression (41%)
Lack of flexibility in working hours (40%)
A toxic work environment (39%)
Not being valued and appreciated (37%)
Inadequate management (32%)
Lack of learning and development opportunities (32%)
Lack of remote work options (30%)
Working with outdated technology (21%)
The survey unveils an overall and deep desire for skills development, continuous learning and professional growth, as 91% of tech workers state that they want more training opportunities from their employers. As for the technologies that will future-proof employees in the job market, machine learning and artificial intelligence (AI) were the first choice (66%), followed by cloud-native development (49%) and blockchain (46%).
“The realization that remote working is a viable alternative for tech/IT employees has created many employment options that are no longer geographically constrained,” said Periklis Venakis, CTO of Epignosis, who sees “The Great Resignation” as a direct result of the pandemic. “With the need for highly-skilled IT professionals at an all-time high, the survey from Epignosis and Workable shows that tech workers are increasingly viewing learning and upskilling as a top career priority.”
Other key findings include:
More than half of respondents (58%) say they suffer from job burnout. Nearly nine in 10 (89%) of those who suffer from burnout are more likely to quit their job.
85% feel that their company focuses more on attracting new employees than investing in the existing ones.
Skills development (58%) is the top criterion, other than salary and benefits, when selecting a company to work for.
62% say more learning and training opportunities would make them more motivated at work.
“We're no longer in a crazy time. We're in new times, which calls for new rules of engagement when attracting talent—especially when recruiters and employers are struggling to fill roles,” said Workable’s content strategy manager, Keith MacKenzie. “The onus is now on employers to really step up their talent attraction game and loosen the requirements for a role. There's a huge path to get there: find and hire those top prospects and develop them when they're with you.”
In responding to the survey results, Dr. Anthony Klotz, associate professor, Mays Business School, Texas A & M University, highlighted the importance of learning and development for employee retention. “While the percentage of individuals thinking about resigning may be high, the good news for organizational leaders is that many of the top reasons that employees provided for wanting to leave are readily addressable,” he said. “That is, providing workers with more opportunities for development and career advancement, giving them more flexibility in how they structure their workdays, increasing salaries and providing benefits that employees want are all quickly actionable. There is an opportunity here for companies to talk to their employees about these issues in the wake of the pandemic and then trial or implement potential solutions.”
Article written by: Orville Lynch, Jr.
Mr. Lynch, a member of the legendary two-time Ohio Civil Rights Hall of Fame Award winning Lynch Family.
Mr. Lynch is a nationally recognized urban media executive with over 20+ years of diversity recruitment and serial entrepreneur with numerous multi-million dollar exits.