No Match Found
It’s a fundamental tenet of management: keep your people happy and they’ll stay. Yet technology companies may need a new playbook. In PwC’s 2023 Global Workforce Hopes and Fears Survey, 64% of respondents in the tech sector said they were satisfied with their job or jobs—eight percentage points higher than the overall sample. A solid majority find their work fulfilling, have a high degree of autonomy in choosing how they do their work, and believe that their manager considers their input when making decisions. In these areas, tech performed better than any other sector. Yet tech employees are also more likely than the others to ask for a pay raise in the next 12 months, ask for a promotion or change employers.
Why the disparity? Tech employees may feel a stronger tie to the work they do—designing cool products and services that make an immediate impact on the world—than to the company that pays them. (And no wonder: nearly 150,000 tech workers worldwide have been laid off this year alone.) Labour market forces may be a factor as well, given that people with tech skills are in demand not just in their own industry but in all industries. Even with some big players shrinking their workforce, highly skilled tech employees still have more job options right now than workers in other industries. Regardless, it’s a clear challenge for tech leaders. Here’s where they should focus their efforts:
No leader likes turnover. But understanding why some employees leave—and strategically planning for those departures—can help tech companies build a workforce that’s equipped to compete.