If you work in the human capital management industry today, you’re probably feeling a constant sense of pressure to maintain strong employee retention and productivity at your office. Keeping your people around is important – your organization works hard to find top talent, and the last thing you want to do is lose it.
This is especially true in sectors like technology, where many workers have developed specific job skills that are in high demand in today’s economy. In addition, corporate cultures in the industry tend to be rather fluid, as there are a lot of new startups popping up that are disrupting the job market. For these reasons, it’s crucial for tech sector HR leaders to understand why their people stay at their jobs – and what might make them leave.
According to HR BLR, companies are currently having trouble with understanding people’s motivations in the tech sector. Recent research from IT search and staffing firm PROTECH supports this notion. Deborah Vazquez, chief executive officer at PROTECH, told the news source that there’s a significant disparity between the reasons bosses think employees have for leaving and their actual reasons.
“There may be somewhat of a disconnect between employers and employees when it comes to reasons for parting ways,” Vazquez said. “Both agree that compensation is the primary reason, but the percentages vary significantly, with 73 percent of employers citing salary as key reason compared to 38 percent of employees.”
The reality is that money matters, but there’s a lot more that’s important besides compensation. All in all, 90 percent of talented tech people told PROTECH they’d be willing to leave their employers for better opportunities, and their reasons were diverse. The following are five examples:
The search for more money
The almighty dollar isn’t quite as big a factor as bosses think it is, but it’s still relevant. According to PROTECH’s data, 38 percent of people cite money as the most important reason to leave a position, which means it’s definitely significant.
The importance of work-life balance
Work-life balance is on the rise. It first appeared on PROTECH’s list of turnover reasons in 2012, garnering just 1 percent of the vote, but now it’s seized a cool 15 percent. Everyone wants their work schedule and personal lives to fit comfortably together.
Lack of a clear career path
Tech companies are dynamic, always carving out new business strategies and putting new people at the helm. An entry-level job now might mean a big promotion later. People in tech today are increasingly interested in finding roles with upward mobility, and they might quit if they don’t find one.
Instability among today’s employers
In startup culture, everyone lives with a sense of insecurity that their company, even if it’s thriving today, might not be around tomorrow. It can be difficult to start a family or buy a home with a salary that’s uncertain, so understandably people are looking for more stable careers.
Rising demand for better perks
Paychecks aren’t the only thing people are looking to get from their employers. Side benefits are important as well – the most often cited ones in 2016 were flex time or telecommuting (43 percent), work-life balance (15 percent), sign-on or annual bonus (15 percent) and extra vacation time (11 percent). Can you offer any of the above?