Surprising Insights on Tech Industry Turnover Rate
Surprising Insights on Tech Industry Turnover Rate
By BenchmarkIT On November 13, 2018 · In Technology
Updated: November 21, 2022
Nearly 60% of Metro New York, CT, and New Jersey tech professionals plan to switch employers within the next year says new study released by Benchmark IT-Technology Talent
Stamford, CT – November 13, 2018 – Benchmark IT – Technology Talent www.bmarkits.com announced today the results of its first-ever, “Candidate Perspective Survey”, showcasing insight on the tech industry turnover rate as part of its new report titled, “Top 5 Challenges Facing Tri-State CIOs Today: Current Trends in Metro New York, Connecticut, and New Jersey.” An alarming 58 percent of area IT professionals polled report they intend to switch jobs within the next year – nearly five times more than the national average.
This is the first study of its kind to focus exclusively on the suburban Tri-State area encompassing Fairfield, Westchester and Rockland counties and northern New Jersey. The survey offers realistic insights for corporations based in these areas and who tend to hire from the talent pool located here. Going forward, Benchmark IT intends to provide this study on an annual basis to track the attitudes, needs, and opinions of the technology employment sector as it is such a driver for the regional economy.
Five main topics are addressed in the report: Establishing Necessary Security Measures; Training and Retraining for New Technologies; Using Data and Analytics to Drive Growth; Securing and Retaining Today’s Technology Talent; and Understanding the Candidate Perspective.
The survey highlights the employment perspectives of Tri-State area technology professionals including career changes and opportunities, challenges, career advancement concerns, and skills needed to stay competitive. Benchmark IT fielded questions to more than 1,300 area tech pros. Respondents comprised a range of professionals currently employed in today’s most sought-after technology roles including project managers, software and infrastructure engineers and architects, and systems and business intelligence analysts among others.
While it’s no surprise that top local tech candidates often receive multiple offers and aren’t on the market very long, salary isn’t always the driver. When asked what they consider the most important factor in accepting a job offer, 41 percent report “skills growth and opportunity” over “salary” by more than a three to one margin, (41% vs. 12%).
“We found as technology skills and demand evolves, area tech employers can stay ahead by offering ongoing skills training as part of their talent acquisition and retention strategies,” said John Bemis, president and founder of Benchmark IT. “With national tech unemployment at near zero percent, it’s important to consider every means possible to ensure a fully staffed and productive technology team.”
Retaining today’s top tech talent
The survey results stressed that as companies try to entice potential new hires or retain valuable team members, it’s vital that everyone understand the overarching team mission and their place in it. The eBook cites a recent Inc.com article that reported, “who you work with appears to be nearly as important to software engineers as what you’re working on.”
This sentiment is also supported in the Benchmark IT “Candidate Perspective Survey”, where “team environment and direct management” (23%) and “learning new skills and technologies” (26%) were top factors when considering a job change. While competitive compensation and benefits are necessary for attracting top talent, firms that provide clear metrics for outcome and provide frequent, real-time feedback can help stem the turnover tide.
“Turnover rates among tech pros are always higher than other sectors, and when combined with an already tight labor market, IT executives can expect even more pressure to stay fully staffed and operational,” said Bemis. “Recruiting and retaining top talent is a constant challenge, especially against a backdrop of changing technologies and C-suite expectations. These are just a few of the obstacles tech leaders across the nation, and in the Tri-State area, must overcome to keep their IT departments running smoothly and their organizations ahead of the curve.”
Job satisfaction: Being valued counts
The survey results revealed that a combined 42 percent of respondents believe “challenging and rewarding projects” and a sense of “value and recognition” are the most important factors when choosing to remain in their current role. Additionally, managers who foster a team environment, timely and constructive feedback, and career advancement opportunities, have a higher likelihood of retaining key employees.
Biggest IT challenges
Tri-State area technology pros reported that learning new skills and technologies is a top concern when considering their next career move. Companies that offer dedicated training and development in emerging technologies can boost retention by alleviating this common concern. Facts to consider:
- By 2020, there will be at least 1 million more computing jobs than applicants who can fill them.
- According to leading tech job board, Dice© there are currently more than 135,000 open tech jobs in the NY, CT and NJ metro area, excluding Manhattan.
- A 2018 Conference Board report states there are more than six times as many online job ads for computer and mathematical science pros, as there are unemployed people to fill them.
- 54 percent of IT professionals say it will be essential for them to develop new skills to keep up with workplace changes over the course of their lives.
- 2 out of 3 organizations do not have a formal plan to address the tech skills gap.
“In an industry that experiences such constant and considerable growth, tech leaders must make business-critical decisions every day,” said Bemis, “This report aims to provide area technology employers with the information needed to recruit and retain the best talent possible.”
The complimentary eBook is available for download via the Benchmark IT website at: https://bmarkits.com/tristatetop5/
Note: Benchmark IT president and founder, John Bemis is available for interviews by contacting Dwain Schenck at email@example.com
About Benchmark IT
Benchmark IT provides IT recruitment and staffing services to the metro New York, New Jersey, and Connecticut area. Established in 2007, Benchmark IT’s proprietary recruitment process and dedication to precision, ethics and personalized service, has made them a trusted partner among Fortune-ranked companies, middle-market, start up, and growth-phase firms in the Tri-State area. For additional information visit: www.bmarkits.com