The unemployment rate among tech professionals has been falling for years and currently rests at 2.8 percent based on third quarter data from, 2016. This continues the trend of lower unemployment rates among those working in the IT field when compared to the current average rate of 4.9 percent. That makes the job market particularly favorable to those who possess certain IT-related skills.
Couple the current market conditions with feelings of being underappreciated, underpaid or operating in underfunded departments, and you may find your top-performing tech professionals heading towards the door in 2017.
The remarkably low unemployment rate in IT job classifications suggests strength in the industry. As more companies look to add IT professionals to their staff, partially due to the increased use of big data analytics, mobile technology, and cloud-based solutions, competition for the most talented workers in the field is fierce.
Professionals feel confident in their ability to find other opportunities, a distinct contrast to the job climate during the recession, and makes them more inclined to explore their options. As other employers raise salaries and benefits to help attract new talent, the job market becomes even more attractive.
Rise of the Gig Economy
Voluntary quits during the past year have also remained high. While some of this is attributed to better opportunities becoming available in the sector, the rise of freelancing opportunities and the gig economy leads some to turn away from traditional employment for more flexible options.
Technical skills relate well to the idea of working remotely, as many tasks can be completed without direct face-to-face interaction with one’s supervisor or co-workers. In some cases, projects can be handled independently, eliminating the need for the support of a larger team. For employees looking to have more control over their career and personal life, these options are highly attractive.
As the landscape changes, it is critical for business’ to reconsider their current offerings and hiring practices. Not only do salary offerings need to be competitive in your area and the position being filled, you also need to explore benefits options that are attractive to today’s IT professionals.
While basics like medical insurance and retirement are expected in most cases, other offerings also attract attention. Flexible scheduling will interest those looking achieve a better work-life balance. The option to work remotely not only appeals to those with a demanding home life, it also allows you to recruit outside of your local area.
Opportunities for education and advancement are also relevant to professionals who are looking to grow within the field. By providing a structure that allows them to reach their career goals, you can see improvements in recruitment and employee retention over the long term. Add a mentorship program for employees to help them gain experience on the job, and you have a winning combination.
The Armada Group can help you locate top talent and develop strategies to retain your current tech professionals. Reach out to us today to speak with one of our professional recruiters about your current hiring needs.