Dive Brief:
- Nearly half of technology workers say they expect to be in a new job in a year's time, according to a Harvey Nash report published Monday. The recruiting firm surveyed 2,700 technology professionals for its Global Tech Talent & Salary Report.
- Globally, 45% of tech workers plan to leave their current organizations in the next six months to one year. Projected attrition in the U.S. is slightly lower at 37%.
- More than half of workers cite higher salaries as a primary reason for switching jobs. However, another probable driver of attrition is a rising workload, as 55% of employees say their tasks have increased over the past year.
Dive Insight:
Executives closely track the IT labor market indicators to gauge their chances of attracting and retaining top flight technologists.
Despite signals of a flagging market earlier this year, IT unemployment and other bellwether markers of the sector showed signs of recovery in September. Companies have over half a million open technology jobs to fill, according to IT trade group CompTIA.
Specialists in AI and data science are especially aware they're in high demand. Compensation packages for senior AI talent can reach up to $350,000 in today's market, Menlo Ventures data show.
A tech labor market with more mobility calls CIOs to put attraction and retention strategies back in the spotlight, similar to the big-turnover era of 2021-2022, according to Jason Pyle, president and managing director of Harvey Nash USA and Canada.
"Working to upskill the team members that you have, investing in them, investing in their development is certainly a play that I think will continue to be very important again," Pyle told CIO Dive.
Tech leaders can also improve their odds of retaining key talent by reviewing benefits packages to ensure they remain competitive, including overall compensation as well as medical benefits, flexible work options and paid time off.
The specific projects and technologies that IT pros get to work with matter, too.
"If you're in the tech space, you want to be working on very exciting, challenging stuff that's going to challenge you and that's going to help the business," said Pyle.
