10 reasons your company can’t hang on to tech talent

Employee Benefit NewsBY Employee Benefit News
October 26th, 2023 • 2 Minutes

Tech workers have been through the wringer. Fighting through layoffs, the fresh demands of remote and hybrid work, and the onslaught of new tools and strategies, they’re feeling nothing short of burned out, and they’re ready to walk away from their current professional posts.

A recent report from software company Ivanti revealed that a quarter of tech professionals across the U.S., U.K. and Canada intend to quit their jobs by the end of 2023. In an effort to shed some light on what’s driving tech professionals out the door, recruiting agency Jefferson Frank compiled data and ranked the top 10 reasons tech professionals leave.

“Retention is an issue across the industry, as professionals have historically been in such high demand that if their current employer can’t offer what they want, there’s been a good chance someone else out there would be willing to,” says James Lloyd-Townshend, chairman and CEO of Jefferson Frank. “While that balance of power has evened itself up over the last [year], the culture of professionals not being afraid to move on to develop their career has remained.”

Read more: IT departments, stretched thin amid hybrid work, are craving AI support

Over the course of the last 12-18 months, the tech sector has faced a number of challenges from industry-wide layoffs to a widening skills gap putting pressure on remaining tech workers. Jefferson Frank found that a lack of salary and earning increases was the top reason employees felt the need to find a new job, followed closely by a lack of career or promotional opportunities and the need for new challenges at work.

To address them, according to Lloyd-Townshend, employers will have to prioritize progress, purpose and culture.

“When someone is sitting at one of your desks, you want their mind to be focused on their job rather than personal logistics or concerns about what might be happening at home,” he says. “So supporting their well-being doesn’t just matter on a human level, it will benefit your business too.”

Read more: LinkedIn launches new AI tools to make recruiting easier

See what else is compelling tech workers to leave their posts and find new jobs, according to Jefferson Frank’s findings:

  • A lack of compensation increase
  • A lack of career opportunities
  • A need for new challenges
  • A lack of leadership and vision
  • Working environment or company culture
  • Feeling underutilized in their current role and company
  • A lack of exposure to the latest products
  • To pursue a better work-life balance
  • Feeling under-appreciated
  • Feeling stressed and overworked

This article originally appeared in EBN and was written by Paola Peralta Associate Editor, Employee Benefit News. It is being reposted with permission.

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