This Could Be Why (& What to Do About It)
"Navigating the tech hiring landscape today, you're confronted with a paradox. On one hand, the demand for tech talent is at an all-time high, with 77% of employers reporting difficulty filling roles—a staggering 17- year peak. Yet, on the other, we're witnessiAng an alarming turnover rate. The tech sector leads with a turnover rate of 13.2%.
In a recent survey, Hired found 65% of tech workers plan to get a new job in the next year.
Likewise, when asked if the cost of vacancy was a key concern, 63% of tech employers said yes. When asked to rank their worries about recruiting and hiring in the next 12 months, employers ranked retention and turnover rates third, closely behind skill/competency gaps and talent availability. The perplexing part? Even the global tech giants, revered for their workplace cultures and innovation, grapple with an unsettlingly low median employee tenure, often lasting just one to two years.
The implications? Beyond the immediate costs associated with recruitment, training, and onboarding, there’s a deeper concern— employee satisfaction. ICONIQ's recent study shows that 83% of tech professionals part ways due to discontentment with their job roles.
The revelation throws a significant question into the spotlight: How can employers preemptively tackle this satisfaction deficit? The answer isn't found in elaborate perks or inflated titles but in ensuring alignment right from the start. A shift is in order—one that moves away from traditional interviewing to a more holistic, two-way approach."
