The Great Resignation & The Tech Industry

The Great Resignation & The Tech Industry

In September last year 4.4 million Americans left their job. It’s old news that the pandemic has changed the way we work, but what has brought about this new phenomenon called the Great Resignation and why is it affecting the tech industry in particular?

A recent survey conducted by talent lms showed that 72% of tech workers are thinking of quitting their job in the next 12 months. 

There is a major shortage of talented individuals particularly within the tech industry worldwide. The fact is, employees are now in a position of power and able to choose to work their own terms and control their own hours.

Mid pandemic the majority of the workforce endured months of uncertainty, reduced hours and changes to their roles so it’s no surprise that now the dust has settled and the landscape is a little clearer, people have had the time to reevaluate what’s important to them.

The Great Resignation – Why are employees are choosing to voluntarily leave their jobs?

  • Changes to workplace culture

With the tech industry especially, the USP used to be unique working spaces and amazing office culture. Employees who were used to the perks of a barista made coffee, a cute little cafe in the lobby, free snacks and think pods no longer have these attractive draw cards.

Company cutbacks and remote working has meant that the glitz and the glamor that came with working at a collaborative agency has now been lost. 

In some cases though, people simply just don’t want a trendy office anymore and value the time saved from commuting more importantly than a climbing wall and mediation hub.

  • Increased opportunities freelancing

The comfort level of hiring a remote worker has increased over the last 2 years with Upwork reporting that 53% of businesses say that remote work has increased their willingness to use freelancers.

As well as offering a higher wage, freelancing offers the opportunity to work for multiple companies on various projects. Having diversity in a portfolio is key for any tech bod worth their salt and having the ability to showcase work experience in different areas is a real plus for some employers in the tech industry.

  • The opportunity to work for a tech startup 

Venture funding is at an all time high with $643 billion poured into startups worldwide last year. Working for a startup is not only incredibly exciting, it can offer more flexibility. It is predicted that fintech especially will continue to be huge in 2022 – who wouldn’t want to jump aboard? 

  • Starting their own venture 

With the harsh realisation that people could lose their jobs in the blink of an eye, also came a renewed confidence to start their own enterprise. All the extra free time which has come from reduced hours and lockdowns has meant that passion projects which have always been on the back burner seem more attainable. In addition to this, the security and loyalty that comes with working for a family owned business is also hard to resist.

  • Employee surveillance 

Ongoing surveillance of remote workers means people have been consistently monitored in their own homes, a situation which would never have happened under normal circumstances. This in some cases has led to a breakdown of relationships and left some workers feeling micromanaged and disrespected. 

  • Vaccine mandates 

The ongoing debate and the reason many people are and continue to be divided is the government vaccine mandates; some people would simply rather leave their position than succumb to a vaccination mandate

On the other hand some employees feel as though their employer hasn’t taken covid seriously enough and have not enforced mask wearing and social distancing in the workplace leaving them concerned for their safety.

  • Increased workload leading to burnout

With a huge amount of companies needing to facilitate the working from home model, IT departments have been pushed to the limit. In the height of the pandemic the tech industry was in high demand. This coupled with taking on other people’s workload through redundancies has meant that employees are simply just burnt out.

The Great Resignation & The Tech Industry

The Great Resignation – How can employers retain their tech employees

The same report conducted by talent lms found that tech employees want more training, in particular in machine learning, AI and blockchain. The world is currently at its most advanced in terms of technology and people want to upskill to ensure they don’t get left behind.

Employees who aren’t receiving the right training will quite simply look elsewhere. Retaining talent rather than sourcing new talent is a wise move in a market that is so competitive right now.

Working hard on company culture and developing a new approach to employee satisfaction is key to moving forward. Organisations need to assist employees faced with the ongoing psychological and emotional effects of changing work locations. Employers must evolve their relationship with employees. 

Choosing and implementing the right communication and collaboration software is crucial too, some employees have reported the frustration of poor tools has also led to them losing motivation and wanting to leave.

The Great Resignation & The Tech Industry

The Great Resignation – The Future of Tech Workers?

Technology has never been more accessible to everyone as it is in 2022. Technology allows people to connect and work anywhere they want in the world.

Gone are the days when working for a big tech giant was a dream. With the backlash over poor culture, scandals and lawsuits – is it actually cool to work for Facebook anymore? 

In 2022 we are in a new era of work and young switched on individuals who are talented and confident innovators and are leading the way by creating their own billion dollar tech companies

In 2022 Google Meets and work life balance have replaced the 50 hour office week and monthly board meeting. People don’t just want flexibility, they demand it!

Final thoughts

Freelancing & remote work is here to stay so let’s embrace it. The simple fact is, we are in a phase of disruptive change to the tech industry and as the Great Resignation has proved the workforce are much like skynet – they have become self aware and taken control 🙂