Tech Employees Eye the Exit, Expecting to Move in ‘Near Future’

Nearly 75% of employees working in digital fields expect to leave their current role in the near future, and 40% of them are already job hunting. The main drivers: improving their chances for advancement (63%) followed by looking for new challenges (49%).

Research by the Boston Consulting Group and recruitment website group the Network, found  that work-life balance is the most valued aspect of their jobs, continuing previous trends. At the same time, financial compensation, including long-term incentives like stock options and shares, has gained ground. It rose from fifth to third place since the survey was previously conducted in 2018.

Diversity and inclusion and environmental issues have also increased in importance over the last year for 61% of digital employees. Fifty percent said they wouldn’t work for companies that don’t share their thinking on D&I, and 48% say the same thing about environmental policies.

‘An Overheated Market’

“Workers in digital roles emerged from the COVID crisis relatively unscathed and are now entering an overheated talent market with many options,” said Orsolya Kovács-Ondrejkovic, an associate director at BCG and coauthor of the report. “As companies across all industries digitize, salaries for tech talent have skyrocketed to a level where few employers can compete.”

The good news, Kovács-Ondrejkovic said, is that “our research shows that money isn’t everything — employers can still be attractive to digital talent with the right workplace culture and values.”

Although the pandemic didn’t impact technology employees’ working patterns to the same extent as the general workforce, fully remote work increased significantly, reaching as high as 76% by the end of 2020. That compares with 41% in 2018.

Meanwhile, 95% of respondents want to retain some flexibility by working at least one day a week from home, although only a quarter want to work fully remotely. That means 75% prefer to work fully or partially flexible hours.

Pierre Antebi, co–managing director of the Network and a coauthor of the report, said it’s “a must” to develop a strategy to recruit and keep digital talent. And, said, “creating an ecosystem of contractors, gig workers and agencies is an additional valuable tool for sourcing talent in this highly competitive market.”

By Mark Feffer

Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.