Dive Brief:
- Voluntary attrition in Professional and Business services continues to trend upwards, according to Dice’s analysis of the latest turnover data from the U.S. Bureau of Labor Statistics.
- Total quits in the category in the first three quarters of 2015 averaged 508,200, the highest since 2002 and a 9% increase compared to the same period in 2014, reports Bob Melk,
president at Dice, in a blog post. - Higher turnover means business and tech professionals are more confident in the economy and may have the leverage to leave their current jobs for a better position or higher pay. They may be more open to looking for a new job in cities with better housing and cost of living or with a company that offers greater work/life balance.
Dive Insight:
Attrition is a costly problem for businesses. When tech professionals leave, Melk wrote, the cost of finding, hiring and training team members can deeply impact a business’ bottom line. Attrition has been a top-of-mind problem, especially in the tech industry, where the turnover has been rising every year since 2012.
Dice’s recent survey of over 1,600 U.S.-based tech professionals points to key areas of satisfaction for tech workers, but also key triggers for turnover. Factors which could be driving higher tech turnover include the desire for higher pay (59% said they’d move to another city for a higher paying job), and location (50% said they’d move to another city for a job without pay being a factor).
Higher turnover shows opportunity and confidence is a headache for HR managers if strong retention strategies aren’t in place, Melk wrote. Understanding the priorities of tech professionals, whether that be greater work/life balance, flexible working options, or commuter incentives will not only allow companies to retain talent, but it will lead to a more engaged, productive, and ultimately profitable technology team.
