Many Tech Professionals Will Look for New Jobs, New Employers in 2024
With nearly one in three actively searching for a new job and 60% wanting to change employers within the next year, tech professionals remain confident and determined to find roles they want, new Dice research shows.
Even with a tech recession continuing to impact the broader economy, many U.S. tech professionals are not planning to stay at their current employers. In its annual Tech Sentiment Report released today, tech career marketplace Dice ((a DHI Group, Inc. brand, NYSE:DHX) reports that nearly one-third of technology professionals are actively searching for a new job, and 60% are considering changing employers within the next year. With a 2.2% tech unemployment rate (well below the national average of 3.8%), these job seekers know they still have room to negotiate for the benefits and salaries they want — especially if they are proficient in high-demand skills or experienced in popular tech roles.
"Tech professionals are a very resilient group of people, and the results from our Tech Sentiment Report show both their strength of character and an understanding of their position in the market right now," said Dice CEO Art Zeile. "Yes, we are in the midst of what I call a tech recession, in that tech is being adversely affected while other areas are experiencing a faster recovery. But demand remains high for tech professionals who have the skills to help companies with tech infrastructure, engineering in all of its many uses, cybersecurity, and data science and management; companies simply can't afford not to employ them. Tech professionals know they're in demand, so they're continuing to search for environments that are right for them, and that means the right cultures and values, the right kinds of work and the right benefits based on their unique needs and wants."
The 2023 Tech Sentiment Report includes data and analysis on flexibility and remote work satisfaction, salary transparency expectations and the importance of employer brand. Here are a few of the key takeaways.
A Continued Demand for Balance and Flexibility
Tech professionals know the specialized, in-demand roles they fill, and they will continue to expect flexibility from their employers. Work-life balance is critical (a perceived lack of it is one of the top reasons Gen Zers will turn down a job offer), and for many tech professionals, it didn't improve over the past year. Nearly 63% of respondents said their work-life balance hasn't improved since last year, an increase from 56% in 2022.
That dissatisfaction could be tied to many companies' return-to-office mandates. Although 6 in 10 of the tech professionals we surveyed reported being very satisfied with their current remote working status, many organizations are trying different tactics to entice their employees to return to the office. Seventy-three percent of respondents said it is "extremely" or "very" important to have the opportunity to work remotely at least three days a week with their next role or organization.
"Employers can't pretend that successful remote work environments and a focus on better work-life balance haven't been prevalent the past few years," Zeile said. "You can't put the changes in work culture back in the box and still hope to attract top tech candidates. The skilled tech professionals that companies want to hire don't want to be in the office ‘9-to-5, five days a week,' regardless of whether executives want them to fit that mold."
One markedly different finding this year is the number of employers who are likely to implement a four-day workweek. Sixty-five percent of HR professionals surveyed said they are very or extremely likely to shift to a four-day model in the next year, compared to just 38% who said the same last year. This large jump could be tied to a push for four days in other industries, most notably playing out in the auto industry.
Recruiters and Hiring Managers Must Improve the Candidate Experience
A large majority of the tech professionals who participated in the survey expressed optimism about the growth of the profession. However, many are dissatisfied with their experiences as candidates and employees.
While an increasing number of states have enacted salary transparency laws, companies hiring in states that don't require it should still disclose the pay range to attract skilled applicants — two-thirds of this year's respondents said they are discouraged from applying to jobs that don't disclose salary information. Even so, only 44% of HR professional respondents said all their job posts disclose salary information. For many tech professionals, a company's salary transparency is a key indicator of its commitment to pay equity; 63% said a lack of salary transparency is a signal that a company is not committed to pay equity.
Tech professionals also consider an employer's brand and reputation to be extremely important when considering whether to work for that organization. As with last year's report, nearly nine in 10 tech professional respondents said a company's brand — a combination of company culture, corporate reputation, product and purpose, and commitment to diversity, equity, inclusion, and belonging — is important when looking for a new employer.
Additionally, more than 80% of tech professional respondents said corporate culture is the most important component of an employer's brand; 72% said they would not apply for a higher-paying role at a company with a bad reputation.
A good sign for recruiting and hiring efforts is that more HR professionals recognize the importance of a good employer brand, with more than eight in 10 indicating their reputation as an employer is "extremely" or "very" effective at influencing candidates to join their organization.
How Companies Can Plan for 2024 (And Beyond)
The emergence of generative AI and similar technologies has many worried about whether their jobs will disappear altogether in the years ahead, but for 2024, tech professionals still seem to be optimistic about the value they bring to an organization.
It's impossible to pinpoint a single "why" behind the high percentage of tech professionals who want to change employers. Factors such as changing mindsets from the pandemic, the prioritization of flexible work and fear of impending layoffs amidst economic uncertainty likely all play a role. One thing that's clear: From both a hiring and retention perspective, it's more important than ever for employers to prioritize strong candidate experiences.
Read more of the findings, as well as expert advice on how recruiters and HR professionals can balance the needs of tech professionals with the desires of their executive leadership to attract, hire and retain the most talented individuals in tech in Dice's 2023 Tech Sentiment Report.
Methodology
Dice conducted two separate surveys to produce the data and insights in the 2023 Tech Sentiment Report.
- The Q2 2023 Technology Professionals Sentiment Survey was conducted online via email June 20–July 2, 2023. The survey generated 709 qualified responses from fully employed technology professionals residing in the U.S.
- The Q3 2023 Employer Sentiment Survey was conducted July 19–27, 2023, and generated 224 qualified responses from human resources professionals from direct hire organizations which recruit and employ tech talent.
The 2023 Tech Sentiment Report includes historical trend analyses (when available) from the following Dice surveys:
- Q4 2022 Salary Survey: Conducted August 16–October 17, 2022. Generated 7,098 responses.
- Q3 2022 Technology Professional Sentiment Survey: Conducted July 8–29, 2022. Generated 950 responses.
About Dice
Dice is a leading tech career hub connecting employers with skilled technology professionals and providing tech professionals with career opportunities, data, insights and advice. Established in 1990, Dice began as one of the first career sites and today provides a comprehensive suite of recruiting solutions, empowering companies and recruiters to make informed hiring decisions. Dice serves multiple markets throughout North America. Dice is a DHI Group, Inc. (NYSE:DHX) brand.
About DHI Group, Inc.
DHI Group, Inc (NYSE:DHX) is a provider of AI-powered career marketplaces that focus on technology roles. DHI's two brands, Dice and ClearanceJobs, enable recruiters and hiring managers to efficiently search for and connect with highly skilled technology professionals based on the skills requested. The Company's patented algorithm manages over 100,000 unique technology skills. Additionally, our marketplaces allow tech professionals to find their ideal next career opportunity, with relevant advice and personalized insights. Learn more at www.dhigroupinc.com.
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