Quit Rate Spirals as Firms Set to Lose 7 out of 10 Tech Staff

Businesses should prepare to lose around seven out of 10 tech workers over the next 12 months in the era of the Great Resignation, according to a new report.

The survey from learning management systems TalentLMS, Epignosis and hiring platform Workable reveals that 72% of tech employees in the US are thinking of quitting their job in the next 12 months. For the vast majority seeking new job opportunities, workplace changes caused by Covid-19 have made them think more about quitting (79%). The survey not only sheds light on why tech workers across industries are ready to jump ship, but also what employers can do to keep their tech talent.

REASONS FOR JOB CHANGE

The top reasons for considering a job change, other than salary and benefits, are limited career progression (41%), followed by a lack of flexibility in working hours (40%), and a toxic work environment (39%). A lack of learning and development opportunities (32%) and remote work options (30%) are also among the top reasons that drive tech employees away. 

The survey also unveils an overall and deep desire for skills development, continuous learning, and professional growth, as 91% of tech employees 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 block chain (46%).

VIABLE REMOTE WORK OPPORTUNITIES

“The realisation that remote working is a viable alternative for ΙΤ employees has created many employment options that are no longer geographically constrained,” stated 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 revealed that:

• More than half of respondents (58%) say they suffer from job burnout. These employees are almost twice more likely to quit their job than those who don’t suffer from burnout. 
• Around 72% 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. 
• Around 62% say more learning and training opportunities would make them more motivated at work.

CHANGING RULES OF ENGAGEMENT

“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,” commented  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.”

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Employee burnout is the main driver behind the Great Resignation, according to another recent study. Click here to read more.