The Talent Crisis in Tech
There’s a talent crisis in America, and according to the Harvard Business Review (HBR), resignations among tech professionals are higher than those in healthcare, manufacturing and finance. It's employees between the ages of 30 and 45 with the greatest increase in resignation rates, averaging more than 20% between 2020 and 2021.
Add the increasing demand for functional and technical roles, and August saw more than 321,000 technology positions posted. A number that doesn’t account for the thousands of unlisted jobs that companies like Paragon work.
We outlined a few months ago that 1 in 2 workers said they won’t return to a job that doesn’t offer flexibility, and as our recruiters can attest, candidates are passing up opportunities where being on-site is a requirement.
But flexibility and even pay aren’t the only reason people are leaving.
52% of tech employees will look for a new job
As reported by Qualtrics International Inc., 52% of tech employees will look for a new job over the next year, and the leading cause:
The need for better leadership.
According to this study, the desire to work for better leaders is more important than the desire to make more money.
Join us Wednesday, September 29 at 11 a.m.
IT Leadership Forum Facilitator, Adam Carroll, will lead a discussion on how to keep great employees engaged. Click here to register.
That sentiment has also been echoed in many of the conversations Paragon has had with talent too. The lack of recognition and a clear path forward – especially after the past 24+ months when IT departments have been asked to do more and faster than before – has weighed on tech professionals.
As HBR mentioned in its article, many have reached a breaking point after months and months of high workloads, hiring freezes, and other pressures, causing them to rethink their work and life goals.
“Leaders must be more intentional with their efforts on how to keep great employees engaged,” said Adam Carroll, IT Leadership Forum facilitator and life architect. “There are strategies and tactics that leaders can use to help keep their employees focused on their vision, clearly aligned with the mission of the company, and feeling that their work has purpose.”
In an industry where resignations increased by 4.5% compared to the prior year, and the skills gap is the worst it’s been since before the Great Recession, leadership teams must be willing to adapt and invest in their people.
If you work in Minnesota or Nebraska, Paragon will be offering opportunities in 2022 for technical leaders to continue to improve their leadership skills. If you’re interested in learning more or participating, please complete this online interest form.