Tech workers are feeling increasingly insecure in their jobs but aren't willing to risk jumping ship, even when a new role looks like a good career opportunity.
In its 13th annual Data & AI Salary Guide, recruitment specialist Harnham found that while six-in-ten respondents feel at least as secure in their roles as the year prior, this figure has dropped from 83% in 2023, and is down by 28 percentage points since 2021.
Meanwhile, only 59% say they would leave their role for the right opportunity – the lowest proportion in the last four years, falling from 74% in 2020.
The main reasons for switching jobs are still a better salary and career progression – although company downsizing and redundancies entered the top five reasons for the first time.
"It’s clear that instability in the market is causing data professionals to be more cautious about moving roles than in previous years, even when an opportunity to progress elsewhere arises," said Harnham CEO David Farmer.
"However, there needs to be a level of fluidity in the market to keep ideas fresh and to ensure that those in the industry are reaching their full potential. Unfortunately, if employee mobility is limited, innovation could also stagnate."
Candidates are increasingly willing to pass up ‘exciting’ AI projects that only last three months, in favor of more stable project-based work that could last several years.
And while a third of workers say that their main reason for looking for another job was a salary increase, they're increasingly moving sideways or accepting pay cuts because they value the security of a job more than a boost in pay.
Farmer said that economic unpredictability and uncertainty about how AI will impact roles over the next 12 months are a factor here, along with fears of tech layoffs.
"Despite this sense of instability, however, we know that professionals in the data and AI space are in exceedingly high demand, and as businesses look to develop data infrastructures that will facilitate AI implementation, the need will only increase," he said.
"At Harnham, we are already seeing AI interest resulting in surges in demand for data management and governance professionals, prompting us to open up a new service stream. We expect to see this reflected in hiring levels, and in turn, improve candidate’s confidence in the market."
Tech workers don't know what they want
The study from Harnham comes in stark contrast to research from April last year which found tech workers were actively switching roles in response to uncertainty.
More than half of tech workers told CWJobs they’d switched jobs between April 2022 and 2023 due to lingering economic uncertainty. The survey of 2,000 tech workers found that 57% switched jobs over the 12-month period, with 42% stating that they had moved voluntarily.
A key factor in that study, however, aligned with Harnham’s research - mainly the desire for greater job stability.
Nearly half (45%) of those who changed jobs accepted a role within a larger organization due to the perceived safety this might offer compared to roles within smaller firms.
