Tech companies frequently struggle to attract the right people but they also struggle to hold onto them when they do.
Technology has one of the highest employee turnover rates of any industry, with a churn rate of 13.2%. The shift to remote working, stress and burnout have persisted as significant problems for tech employees, and that could be a big part of the problem. Far from alleviating the stresses of the workplace, working from home has exacerbated many of these problems – 61% of tech workers say that their stress levels have been rising since working remotely – a figure that’s twice as high as entry-level roles in other industries.
One factor driving this is the increased blurring of the lines between work and home life, which can increase work-related stress if employers do little to discourage it. Tech employees are working four more hours a week and sending 8% more emails outside business hours than before the pandemic. Without significant downtime and a feeling of always being at work, it’s no surprise that burnout is increasingly common. Clearly, for many companies, the current model isn’t working – and something needs to change.