Supporting your tech employees’ unmet needs  

February 8, 2024

Annually, we conduct our Inside Employees’ Minds Survey, which collects data and responses from thousands of employees across industries to help guide employers on how best to support their employees’ needs. While in previous surveys we saw a great decline in employee satisfaction, this year’s survey data indicated a general increase in employee engagement, satisfaction and commitment to the workplace. However, the needs and trends among employees can vary by industry. Today, we’ll be taking a deep dive into specific employee group and their needs: tech employees.

The technology industry is unique in that it is no longer a vertical. Almost every employer has the need for tech talent – think of your IT department, e-commerce team and other tech based areas in your business – and that means that employers across all industries are competing for the same talent. 

To gain an edge in addressing this crucial talent pool’s concerns, consider three main concerns that are keeping tech professionals up at night: 

Job Security and Artificial Intelligence

Fueled by significant layoffs across various tech firms and uncertainty around new technologies and AI, the top concern for tech employees is job security. While 14% of employees on average expressed concerns of being laid off, this number jumps to 17% of technology employees. Furthermore, tech employees have mixed feelings on how AI will affect their jobs. Nearly 50% of tech employees expressed concerns that new technologies and AI will impact their job security in the near term, while only 39% across the average of all employees in the survey said the same. At the same time, 67% of tech employees indicated new technologies, including AI, will help them do their jobs more effectively.  

To combat such fears, employers can offer reassurance that AI is not a threat but a valuable ally in their professional journeys. Employers can show tech employees that AI is not their enemy; it’s another tool that will help them thrive in the workplace. To achieve this, employers can start fostering a transparent communication strategy, emphasizing the collaborative nature of human-AI partnerships and providing continuous learning opportunities to empower employees with the skills needed to thrive alongside AI technologies.  

Financial Concerns and Compensation

Covering monthly expenses, the ability to retire and personal debt were all in the top 10 concerns keeping employees up at night, which indicates widespread financial concerns among tech employees. 

In response to the financial concerns of tech employees, employers can consider developing holistic financial well-being strategies. While pay transparency is a popular topic in recent years, it’s just the tip of the iceberg. Enhanced financial options could take a number of forms, like offering student loan debt repayment assistance or Health Savings Account matching on top of traditional retirement assistance. Employers can also look at whether their employees feel they are compensated fairly - and that developing new skills pays off (literally). Depending on their tenure, tech employees vastly differ on their feelings on how gaining new skills pays off. Only 46% of employees tenured less than three years indicated they were compensated for attaining new skills. This starkly contrasts with the 72% of employees tenured five to 10 years indicating they are compensated for attaining new skills. This can make a difference when it comes to retention – employees who say they are paid fairly are 3x more likely to be committed to their employer. 

Well-being, Mental Health and Work Life Balance

Work life balance remains a top issue for tech employees along with mental health. While mental health concerns have slightly declined over the past year, LGBTQ+, young (under 35) and employees with invisible disabilities report mental health as their number one concern. So how can employers address these concerns? Well, according to the employees, there are a few areas employers can address. First and foremost, employees are saying they want more time off, reduced workloads, modified work practices and flexibility on not just where work gets done but how it gets done. Additionally, employees have indicated access to mental health apps and enhanced employee assistance programs would be valuable resources to address their well-being. Employers should consider using these tools as a way of enhancing their employees’ well-being and creating a healthier workplace culture that is in tune with employees’ needs. 

The Big Picture

At the end of the day, you have to listen to your employees and address their unmet needs in order to attract and retain top talent. In the digital age, this is especially true for tech employees, who will play valuable roles in every industry.  

To learn more about the top concerns among tech employees, view this interactive infographic or watch our recent webinar.