How Much Will Employers Pay for Top Talent?
In order to lock down top talent, one-third of tech employers are willing to pay a 10-15 percent salary premium, according to a new survey by Modis. Although 26 percent of those surveyed thought that salary is the most important tool for drawing the best tech talent, some 54 percent said that benefits such as flex hours and remote working ultimately prove of greater interest to sought-after professionals. (The survey included 500 individuals who “identified as IT decision makers, responsible for key decision[s] including hiring within their organizations,” according to Modis.) A majority of those surveyed also expressed a willingness to re-hire previous employees—yet another sign that the technology industry, with a current unemployment rate of 2.4 percent, is desperate for talent with the right skills. Earlier this year, Dice asked tech professionals about what keeps them engaged and motivated at their current jobs. Some 39 percent of those surveyed said they planned on changing employers in 2016; and of those, 65 percent said they would make the jump in order to secure higher compensation. Another 43 percent indicated that they wanted better working conditions, and 30 percent cited a desire for more responsibility. According to that Dice survey, 17 percent of employers offered increased compensation as a primary employee motivator in 2015, followed by flexible work location (13 percent), more interesting or challenging assignments (12 percent), flexible hours (9 percent), promotion or new title (3 percent), or training and certification courses (3 percent). If you take the data from these studies as representative of the technology industry as a whole, then employers and job candidates seem roughly aligned: large salaries are key, of course, but neither side is neglecting the importance of perks in pulling in the best talent. For those curious, the Modis survey also offered some more data on how IT decision-makers are trying to win over prospective employees.