MBA Professionals Opt for Higher Salaries, Abandoning Current Jobs – My MBA Career

Last Updated on October 11, 2023 by Robert C. Hoopes

Tech professionals in the industry are quitting their jobs due to a lack of salary increases, according to a new survey conducted by Jefferson Frank. The report, which surveyed over 600 workers from top companies such as Amazon Web Services, Salesforce, Microsoft 365, and Azure, found that lack of salary increases was identified as the number one reason for job quits.

The survey also highlighted other reasons behind tech worker resignations. Lack of promotional or general career opportunities ranked second on the list, followed by the desire for new challenges. A lack of leadership, disliking the company culture, feeling underutilized, and a lack of exposure to the latest products were also listed. Underappreciation and overwork completed the top ten reasons.

These findings coincide with other reports that suggest a quarter of tech workers plan to quit their jobs this year. The widening skills gap in the industry adds urgency to understanding the reasons behind this trend.

Retaining tech talent is crucial for the tech sector, which needs to both retain its current talent and source new talent to address the skills gap. The report emphasizes that offering sustainable career trajectories is essential for preventing net-neutral outcomes. Fair compensation has been identified as a critical factor in retaining tech workers.

The reasons behind job quits in the tech industry can be broadly categorized into progression, purpose, and working culture. Lack of salary increase falls under the progression category. To retain tech workers, employers need to reinvigorate these elements and provide clear pathways and career tracks. Being at the cutting-edge of the industry and having a clear company purpose is also important. Additionally, implementing a company-wide focus on wellbeing can prevent stress and burnout, which can lead to employee turnover.

Understanding the top reasons for tech workers quitting their jobs is crucial for employers in the industry. Strategies that focus on fair compensation, career progression, purpose, and working culture are needed to retain tech talent. Creating a supportive work environment to prevent burnout and stress is also key. By addressing these factors, employers can attract and retain top tech professionals in an increasingly competitive job market.