Harvey Nash, the global technology recruiter, has announced the results of its 2024 Global Tech Talent & Salary Report. Based on a survey of over 2,700 technology professionals globally, the report unearths interesting insights about employee attrition, motivation, and top priorities when seeking and staying with employers.
With almost two-thirds of tech professionals in the U.S. experiencing an increase in workloads last year (61%) in step with not receiving a pay increase (61%), over a third (37%) report that they’re considering leaving their present role in the next year.
Additional key findings include the following.
- Nearly a quarter (24%) report a reduction in the size of their team, with 80% feeling that the lack of people resources has created a barrier to delivering their technology strategy.
- Staff do, however, feel well supported, with 82% of tech professionals in the U.S. saying their employer is supportive of their physical and mental well-being.
Although over half (50%) are considering leaving for more pay, and 35% want to further their career, almost a third (29%) state that they’re leaving for a change of culture. Data insights from LinkedIn also support these findings, with technologists globally ranking “organizational support to balance work and personal life” and “opportunities for career growth” in their top five EVPs.
Although good pay and remuneration rank the number one attractor to a new role amongst technologists in the U.S. and globally, there are significant variations between countries with those based in the U.S. ranking a “work from anywhere policy” as second and “healthcare benefits” third. U.K.-based technologists also rank the “work from anywhere policy” second, but a “strong culture and leadership” third, once again emphasizing the importance of company culture in attracting and retaining staff.
“Our findings highlight a challenge for tech employers in the U.S., even if it remains to be seen how many tech professionals change jobs. Certainly, it’s a challenge that businesses need to be addressing and getting ahead of as much as they can,” says Jason Pyle, president and managing director of Harvey Nash USA and Canada. “It may be relatively easy to get staff in through the door with the lure of a good salary and package, but keeping them there comes down to the culture and environment of the business. Staff want flexibility, development opportunities and a career path that helps them flourish. Employers need to lift and build the skillsets of their teams, helping people develop and keep fit for the future, especially around AI. Going forward retaining talent will be a delicate balance between getting the pay and benefits right, and keeping work interesting, motivational and rewarding.”
Although a degree (49%) is still the most common path into a tech career, more than four in 10 technologists in the U.S. (44%) transitioned into tech from an alternative career and this was particularly true for female technologists where more than half (55%) made this move. Significantly more women also kickstarted their career with industry certification (21%) than men (12%) while almost three times as many men as women start out in an apprenticeship—an important consideration for any business looking to attract more women to their tech teams.
The Harvey Nash report also finds that today’s technologists want more from their leaders than technical know-how: they desire great communicators. Respondents in the U.S. (58%) and globally (55%) rank ‘strong communication skills’ more highly than having ‘a deep understanding of technology’.
Although most technologists surveyed in the U.S. appear to be satisfied overall that their organization is serious about the DEI agenda, the report finds that they would like to see more attention given to disability and neurodiversity, alongside the existing focus on gender and race.
With the tech sector still displaying significant diversity deficits, especially in gender, the Harvey Nash report warns that any cuts to DEI budgets, as already witnessed amongst some of the tech giants last year, come at a time when companies are forging ahead on the biggest technology shift in a decade: artificial intelligence. If diverse people are not included in AI development, that may result in even greater power imbalances for both employees, end users and society at large.