As we move deeper into 2024, the technology sector is experiencing significant changes in both the job market and employee expectations. According to an October 17 report from Indeed, over a third of tech professionals are concerned about potential layoffs; with 40% feeling at risk of being affected. This concern is driving many of them to start actively looking for new opportunities; and those not directly impacted by layoffs are still likely to begin job hunting if layoffs occur in their companies.

But what’s motivating tech talent in their job search today? It’s clear that benefits such as; flexible scheduling, four-day workweeks, and career development opportunities are at the top of their list. A survey of 1,100 high-demand tech workers found that benefits have now become the most critical factor for job seekers; with 69% citing them as their top priority.

The Rise of Independent Job Hunting

One of the more notable shifts is how tech professionals are approaching their job search. In 2024, 61% of tech workers are finding new roles on their own, up from 55% in 2023. This indicates a growing reliance on personal networks and job boards; reducing the role of recruiters in the hiring process. The ability of workers to be more autonomous in their job search gives them greater control and flexibility over where they land next. job search

What Do Tech Workers Want?

Tech professionals are looking beyond just a paycheck. In addition to flexible work schedules and career development, remote work flexibility is a major draw; with many workers prioritizing companies that allow them to work from home. Other sought-after benefits include:

• Sign-on bonuses
• Four-day workweeks
• Unlimited paid time off
• Well-being incentives
• Tuition reimbursement

With 76% of tech professionals researching a company’s employee happiness and workload before applying; well-being incentives play a significant role in not just recruitment, but also in employee retention. job search

Retention through Mentorship and Internal Opportunities

Interestingly, nearly two-thirds of tech workers said they’re more likely to stay at their current company if it offers mentorship programs. Companies that invest in the professional development and well-being of their employees will have a distinct advantage in retaining top talent. job search

Tech professionals with 5-10 years of experience are also more inclined to look for internal job opportunities if they feel supported by their current employer. This underscores the importance of upskilling and career development; areas where companies need to invest to keep their teams engaged and satisfied.

The Impact of Economic Shifts on the Tech Job Market

The tech industry is also feeling the impact of broader economic forces. In August 2024, tech companies reported the highest number of job cuts in 20 months; particularly as companies shifted focus toward adopting artificial intelligence and automation tools. This has led to economic uncertainty; causing a drop in overall hiring intentions to the lowest point since 2005, according to Challenger, Gray & Christmas. job search

Yet, despite these job cuts, the demand for tech talent remains high. In mid-2024, 95% of tech leaders reported challenges in finding skilled talent; and nearly two-thirds identified a skills gap within their teams. For employers, this means a focused approach to recruitment; and retention is critical to maintaining project timelines and business priorities. job search

The Role of Well-being in Talent Retention

According to a report from The Conference Board, the tight labor market has led employees to expect more investment in their well-being. However, employee-reported levels of well-being have stagnated; which signals that traditional well-being initiatives may no longer be enough. To address this, HR leaders may need to tie well-being programs to broader C-suite objectives such as; leadership development, cultural alignment, and talent acquisition and retention.

Key Takeaways for Employers

In this evolving landscape, HR professionals and tech employers must align their hiring strategies with the changing priorities of tech talent. Here’s how to stay competitive: job search

1. Offer Flexible Benefits: Emphasize flexibility in work schedules, remote work options, and well-being incentives like mental health support and unlimited PTO. job search
2. Focus on Upskilling: Invest in employee development programs and mentorship opportunities to help retain top talent and fill internal roles. job search
3. Prioritize Well-being: Make employee well-being a core part of your retention strategy by tying it to leadership and cultural development. job search

As the tech job market continues to shift, companies that proactively address these trends will have the best chance of attracting and retaining top talent.

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