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According to an Oct. 17 report from Indeed, more than one-third of technology employees surveyed said they were worried about layoffs next year, and 40% said they would be worried if their company implemented layoffs. It says it is likely to be affected.
Additionally, 34% of tech talent say they are currently actively looking for a job, and 70% say they would be more likely to start looking for a job if they were unaffected by a layoff at their current company. Masu.
Indeed’s report states, “The technology workforce is rapidly evolving, increasing the demand for highly skilled professionals to meet industry needs.” “Employers continue to face challenges in recruiting technology employees, especially as technology job openings change post-pandemic.”
The total number of tech professionals looking for work has increased by 86% since January 2020, according to a survey of 1,100 workers in in-demand tech jobs. Tech talent appears to be taking more control of hiring efforts, with 61% finding a new job and more working for themselves in 2024, up from 55% in 2023. Employees seem to rely more on their personal networks than recruiters.
When researching job openings, 69% of tech workers cite benefits, especially the flexibility to work from home, as a top priority. Other benefits that job seekers say they find valuable but that employers are unlikely to offer include sign-on bonuses, a four-day work week, unlimited paid time off, and a la carte benefits. , tuition reimbursement, etc.
Indeed said benefits incentives are also a big differentiator for technology talent. For example, happiness at work is the number one driver of retention, with 76% of survey respondents saying they researched companies and asked for information about employee happiness and workload before applying. Masu.
About two-thirds of employees say they’re more likely to stay at a company with a mentorship program, and most technology employees say they’re more likely to hire a new employee within the company if they feel well supported at their current company. He said he is likely to look for a job.
In particular, tech professionals with five to 10 years of experience are more likely to apply for internal roles rather than external roles, highlighting the need for companies to invest in upskilling, Indeed said. Ta.
Technology companies announced their biggest job cuts in 20 months in August, with a focus on deploying artificial intelligence and automation tools, according to a report from Challenger, Gray & Christmas. The company’s SVP said overall hiring intent has fallen to its lowest level since the start of the year since tracking the data began in 2005, reflecting economic uncertainty and changing market dynamics.
However, a report from Robert Half found that by mid-2024, 95% of technology leaders will be challenged to find skilled talent, and nearly two-thirds will report a skills gap within their function. are. In response, HR professionals need to develop clear recruitment and retention plans to ensure talent challenges don’t jeopardize projects and priorities, the report says.
As the labor market continues to tighten, employees expect their employers to invest in their benefits, according to a report from the Conference Board. But with levels of employee-reported happiness stagnating, HR leaders may need to take a different approach to boost productivity and retention. This could mean tying well-being initiatives to executive priorities such as developing leadership, strengthening culture, and attracting and retaining talent, the report says.