After the frenetic activity of the “Great Resignation,” which drove many tech professionals to rapidly jump jobs and industries (including non-tech jobs), are things finally cooling down?
New data from LinkedIn suggests that technology, information, and media workers “have become averse to leaving their field over the last few quarters,” with the so-called “exodus rate” dropping from 67.4 percent in June 2022 to 60 percent at the beginning of this year. LinkedIn defines that exodus rate as the percentage of workers who leave an industry as part of starting a new job.
That 60 percent is the lowest recorded “exodus rate” for technology, information, and media workers. Meanwhile, for those in multiple industries, “job markets tightened considerably during 2021, but they have gradually been cooling down back to pre-pandemic levels,” the report stated. “In these industries, job seekers are still finding that they have more opportunities than before the pandemic, and employers are feeling pressure to expand recruiting and retention efforts and raise pay.”
In technology, information and media, “conditions appear to have returned to the pre-pandemic baseline,” the report added. It’s helpful to add that, according to the latest CompTIA analysis of employment data from the U.S. Bureau of Labor Statistics (BLS), the tech unemployment rate dipped to 1.5 percent in January, a historically low level.
For employers and managers, LinkedIn’s data is potentially heartening: tech professionals aren’t running out the proverbial door to become finance experts, insurance adjusters, or another non-tech profession. However, continuing demand for tech skills—and a low tech unemployment rate—means that organizations everywhere will need to continue offering competitive compensation and benefits if they don’t want tech professionals to consider a similar job at a rival.
For tech professionals, a slightly cooling market just puts more emphasis on keeping your skills up-to-date. Those with cutting-edge specializations such as machine learning, DevOps, and blockchain can unlock high-paying opportunities at a number of companies—and help you stand out in a crowded field of job applicants.
