Although the tech unemployment rate only ticked up slightly in October (to 2.2 percent), many technology professionals are rightly concerned about the steady drumbeat of layoffs and hiring freezes at some of tech’s biggest companies, including Meta and Amazon. In these uncertain times, it’s helpful to know what your fellow tech professionals are doing with their careers. For example, is everyone hunkering down in their current roles? Are they satisfied with their compensation?
To answer these questions (and many others), Dice offers up its latest Sentiment Report, which includes sentiment data from 950 technologists, as well as historical trend analysis from Dice’s previous sentiment and salary reports.
Here are some key takeaways from the Sentiment Report; we hope this data gives you a better sense of what’s happening in tech, and helps you make informed career decisions:
More technologists are likely to change employers: Despite headlines about recession fears and hiring slowdowns, technologists feel comfortable enough about their skills and market prospects to consider jumping employers, with 52 percent of respondents indicating they’re likely to switch jobs in the next year, up from 44 percent last year. Technologists know there’s significant demand for their skills across multiple industries, from retail to manufacturing and finance.
Fully remote work remains important to most technologists, surpassing interest in a hybrid working model: Many companies are doing their best to bring technologists back to the office, but technologists’ preference for fully remote work is only increasing, rising from 53 percent in 2021 to 60 percent this year. Given the continuing demand for tech skills, technologists may find they have the leverage to negotiate with employers for the flexibility they want, including custom working hours and a fully remote or hybrid working model.
Companies publicly talk about how important technologists are... but merit increases don’t always match that sentiment: Only 19 percent of respondents indicated they received a merit increase larger than 5 precent in the last year, and that may be one contributor to a larger percentage of technology professionals looking for new jobs. In any case, if companies claim their budgets don’t have room for generous merit raises, technologists can use that opening to negotiate for other perks and benefits, including flexible schedules, stock options, and more training and educational resources.
Accelerated time-to-hire could open up more opportunities for technologists: Nearly 50 percent of HR professionals indicated that attrition rates for tech professionals in their organization are higher than in 2021. That’s increasing pressure to find replacements and accelerating the time needed to fill roles. For technologists, this can translate into better offers and new, interesting perks... but it also means they need to have their resume, cover letters, work portfolios, and online profiles as ready as possible for a rapid, potentially unexpected opportunity.
Dice’s Sentiment Report offers many more insights into what technology professionals are thinking and feeling at the moment. Fortunately, many of them remain confident in their skills and ability to land a job—no matter what the economy might hold in store. Read on for more valuable data!