Tech Firms Fight To Retain Staff Amid Job Switch Globally: Report

Bengaluru: Technology companies are finding it difficult to retain employees globally, as many professionals are switching jobs for better pay, career growth, and more engaging work, a new report said on Thursday.

A new report by ISACA, a global professional association, which gathered responses from 7,726 tech professionals worldwide, found that one-third of respondents had changed jobs in the past two years.

Younger employees were the most likely to switch, with 42 per cent of professionals under 35 seeking new opportunities.

Despite these trends, only 27 per cent of companies regularly engage with their employees to address retention concerns.

Work-life balance plays a crucial role in job satisfaction. While only 18 per cent of professionals initially entered the field for this reason, 41 per cent cited it as the main factor keeping them in their jobs.

Other key reasons for staying include hybrid or remote work options, interesting job duties, and competitive pay, the report said.

Many employees enter the tech industry because they enjoy problem-solving, continuous learning, and the job security it offers.

The report also found that nearly 70 per cent of professionals received a salary increase or promotion in the past two years, despite only 36 per cent actively asking for one.

However, breaking into and advancing in the industry remains challenging. Many professionals struggle with gaining technical knowledge, keeping up with evolving technology, and meeting specialised skill requirements.

Even after securing a job, career growth is not always straightforward. Employees cited a lack of clear career paths, limited opportunities, and a shortage of mentors as major hurdles.

Mentorship is widely valued, with 83 per cent of respondents recognising its importance, but only 22 per cent currently have a mentor.

The survey also found that women are more likely to seek mentorship, while men are more likely to serve as mentors.

Job stress is another significant factor leading to turnover. Heavy workloads, long hours, tight deadlines, and a lack of resources contribute to employee dissatisfaction.

Many professionals also feel unsupported by their management teams. Only 21 per cent of respondents said they did not experience work-related stress.