Synopsis
A new report highlights the challenges tech companies face in retaining employees globally due to frequent job changes driven by the search for better pay and opportunities. Young professionals are particularly affected, emphasizing the need for improved engagement and mentorship within organizations.Key Takeaways
- One-third of tech professionals changed jobs in two years.
- 42% of employees under 35 are seeking new opportunities.
- Only 27% of companies actively work on retention.
- Work-life balance is crucial for employee satisfaction.
- Mentorship is valued but not widely available.
Bengaluru, March 13 (NationPress) Technology firms are facing challenges in retaining their workforce on a global scale, as numerous professionals are transitioning to new roles in search of improved salaries, career advancement, and more fulfilling work experiences, according to a recent report released on Thursday.
The report from ISACA, a worldwide professional association, surveyed 7,726 tech professionals globally, revealing that approximately one-third of those surveyed had changed jobs within the last two years.
Young employees are the most inclined to seek new opportunities, with 42 percent of individuals under 35 years old pursuing new employment.
Despite these trends, a mere 27 percent of organizations actively engage with their employees to tackle retention issues.
Work-life balance is vital for job satisfaction. Initially, only 18 percent of professionals entered the tech field for this reason, yet 41 percent now cite it as the primary reason for staying in their roles.
Additional factors contributing to employee retention include hybrid or remote work arrangements, intriguing job responsibilities, and competitive salaries, as highlighted by the report.
Many individuals are drawn to the tech sector due to their passion for problem-solving, ongoing learning, and the job security it provides.
The findings also indicated that nearly 70 percent of respondents received either a salary increase or promotion in the last two years, despite only 36 percent actively requesting one.
However, entering and progressing in the industry remains a challenge. Many professionals find it difficult to acquire technical knowledge, keep pace with advancing technology, and fulfill specialized skill requirements.
Even after obtaining employment, career advancement is not always straightforward. Employees pointed out the absence of clear career pathways, limited opportunities, and a lack of mentors as significant obstacles.
Mentorship is highly regarded, with 83 percent of respondents acknowledging its significance, yet only 22 percent currently have a mentor.
The survey also revealed that women are more inclined to seek mentorship, whereas men are more frequently found in mentorship roles.
Job-related stress is another key factor driving turnover. Heavy workloads, extended hours, tight deadlines, and insufficient resources contribute to employee dissatisfaction.
Many professionals feel unsupported by their management teams, with only 21 percent of respondents reporting no work-related stress.
"India's IT sector has been a global frontrunner for decades, but the rapid pace of technological change and evolving employee expectations are reshaping workforce dynamics around the globe," stated Kannammal Gopalakrishnan from ISACA's emerging trends working group.
He emphasized that companies worldwide, including those in India, must invest in flexible work arrangements, upskilling initiatives, and a strong mentorship culture to retain their top talent.
