Yes, startups and tech giants are cutting staff. And yes, lots of folks are frightened about the possibility of a recession. But that’s not stopping tech professionals from hunting for new jobs.
According to a new analysis by Stack Overflow, 74 percent of tech professionals are either actively looking for a new job or open to new opportunities. Some 54 percent described salary as the biggest factor when deciding whether to pursue a new position, well ahead of a need for better work-life balance, desire for new learning opportunities, or trouble with a current manager. (Stack Overflow surveyed 2,600+ tech professionals for the data; its report also seems to treat “tech professional” and “developer” as synonymous terms, as you’ll see in the following quote.)
“Our data also shows that experienced developers are more concerned with better pay than growth and leadership opportunities (57 percent vs. 37 percent of 35-44 year olds and 62 percent vs. 38 percent of 25-34 year olds),” reads the note accompanying Stack Overflow’s data. “Across different team roles, better salary is a top motivator, as well (61 percent for individual contributors and 58 percent of people managers).”
While many tech professionals remain interested in new opportunities, they’ll also break contact with a potential employer for a variety of reasons, including receiving another job offer (31 percent), a disorganized interviewer (34 percent), or the interview process dragging on for too long (25 percent). “Nineteen percent of respondents cited not being able to find enough information about what it is like to work for a company as their reason to stop pursuing a job, and our highly-active 25-34 age group cited this reason most (22 percent),” Stack Overflow added. “Perhaps the reason why review sites are so popular for researching an employer when actively searching is due to the fact that the information applicants want is hard to find.”
Other reports support Stack Overflow’s data. According to the latest Dice Sentiment Report, for example, 52 percent of tech professionals are likely to switch jobs at some point in the next 12 months, up from 44 percent last year; meanwhile, nearly 50 percent of HR professionals indicated that attrition rates for tech professionals in their organization are higher than in 2021.
For team leaders, project managers, and others tasked with building teams and hiring tech professionals, keep in mind that streamlining the interview and onboarding process can help you quickly secure the talent you need—and keep that talent happy as they join the team. Offering as much information about the position and your company is also key.
And for tech professionals interested in a new job, remember that the tech unemployment rate stands at 2 percent, based off CompTIA’s latest analysis of data from the U.S. Bureau of Labor Statistics (BLS). While some Big Tech stalwarts like Meta are cutting staff, organizations across industries are hiring right now—and many are likely willing to meet your salary demands.