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Top talent is scarce in the technology space and candidates who are open to new roles get snapped up fast. This dynamic is creating massive competition among the many organisations who need high-calibre tech professionals. At Michael Page Technology, we work closely with clients to help them develop the strong employee value propositions (EVP) they need to thrive in 2023.
Our 2023 Guide to Salaries and Hiring Strategy in Technology provides a valuable starting point when putting together remuneration packages. But a leading EVP isn’t just about financial reward – it’s also about company culture, progression opportunities, employee perks, and much more. It's everything that keeps your workforce happy over the long term.
Michael Page recently surveyed 5,000 workers across the UK, including hundreds who identified themselves as working in technology and IT.
Here, we highlight some of the survey's main findings, giving you actionable insights into what talent in this exciting sector want when looking for new jobs, and why they might fall out of love with their current roles.
Zoe Glennen, Senior Operating Director at Michael Page Technology, commented:
A strong EVP doesn’t just allow you to attract and retain talent – it also signals your organisation’s values and ethos. For instance, offering flexibility and remote working tells staff and potential candidates that you trust them, want to focus on the outcomes, and care about their wellbeing. Enhanced maternity leave and pay tells them that you genuinely care about gender diversity and want women to succeed. Training and professional development opportunities will tell your people that you want to invest in their future. Your EVP is a key tool to communicate the qualities that differentiate you as an employer.
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The pull factors in your EVP are a combination of benefits, perks, and less tangible interpersonal values, all of which come together to influence whether professionals join your organisation and how long for. Here’s how they break down in importance for technology and IT talent.
When we asked technology and IT professionals to select the elements of a job that were most significant to them, the top responses were as follows:
It's worth noting that clear progression opportunities and company values are higher than the all-sector average across both IT and technology roles, making these key areas to focus on when building your EVP.
Across technology and IT, hybrid, remote, and flexible working opportunities were the most popular benefits, cited by 51% of IT employees and 59% of technology workers. Other benefits that were broadly popular included 28+ days of holiday (although at 45% this was lower than the all-sectors average of 52%).
Company pension contributions and the potential to earn a large bonus also ranked highly, while a good maternity or paternity leave policy was a plus point for 47% of technology employees.
In terms of perks, we found an early Friday finish popular among tech and IT employees. They were also likely to appreciate training opportunities, although only as likely as the average employee in any other sector.
One surprisingly popular perk in this sector was an appreciation of high-end tea and coffee, with 20% of IT and tech employees selecting this. Compared with an all-sectors average of just 15%, this is one perk that's potentially worth more in technology disciplines.
Finally, let's look briefly at what might lead you to lose your existing technology and IT talent. In general, we found that tech respondents were significantly driven by financial remuneration, with 35% of respondents citing underpayment as their reason for wanting to leave, compared to 26% of all respondents.
To check the competitiveness your organisation’s tech salaries, download our 2023 Technology Salary Guide today.
Other common push factors included:
A very high 47% of technology respondents (vs. an all-sectors average of 20%) also said their job was not what they had expected when they accepted it, highlighting the importance of clarity and transparency during hiring processes.
As demand for technology and IT talent continues to rise, so too will the importance of EVP for employers seeking star performers. Building a proposition that reflects the needs of candidates will give businesses a huge advantage when it comes to talent retention and attraction.
Whatever your talent needs, we have a team on hand to help. Our Page Consulting team specialises in workforce planning and helping organisations build their EVPs. When it comes to hiring, we have technology-specific teams operating across multiple levels of the job market:
Michael Page for qualified professional and management roles.Page Personnel for professional clerical and support roles. Page Executive for executive level roles. Page Outsourcing for custom volume hiring solutions.
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