The technology industry, one of America's most valuable sectors, thrives on disruptive innovation. The industry continues to flourish, with the widespread adoption of global tech permeating the global economy. This has led to transformative changes across various sectors and has challenged long-standing business practices. With the surge in remote work worldwide, the tech industry is ripe for further disruption.
Given its track record of challenging the status quo, technology is poised to shape the future of work, influencing who, how, and when tasks are accomplished. Employment opportunities in the tech industry present a mixed outlook. The rapid pace of innovation has widened the perception gap between leaders and employees and has brought attention to the need for greater diversity within the sector.
However, hiring difficulties are on the rise. Despite high unemployment rates in the past, the increasing complexity of tech job skills means that companies must not only compete with other tech firms but also with non-tech organizations that are becoming increasingly tech-driven in response to global digital transformation.
According to a recent survey from Culture Amp, new tech companies are not only reshaping the products we buy but also revolutionizing the way we work. The survey found that these young and innovative tech companies are leading the way in creating engaging and productive work environments. On average, New Tech employees scored 71 percent in engagement, while employees in other industries had a 63 percent engagement rate.
The tech industry is known for its demanding nature and high employee turnover rates. While engineers have the flexibility to work remotely and travel, maintaining engagement is crucial. Research shows that salary, while still important, is no longer the sole deciding factor for staying in a tech job. Additionally, many companies are grappling with financial security issues, resulting in layoffs and the inability to offer industry-leading salaries. As a result, the tech industry must focus on increasing employee engagement by enhancing the overall employee experience. This shift highlights the increasing importance of leadership in driving engagement, rather than relying solely on HR.
Further Reading
Tech HR Series: Remote Onboarding Best Practices for Tech Companies →
Tech HR Series: How Employee Recognition Can Help You Win the Tech Talent War →
Tech HR Series: Employee Burnout in Tech is on the Rise Again →
