Utah companies face urgency to rethink how to attract and retain tech talent
The Utah tech market is growing but companies are struggling to attract and keep the talent to support it, according to a ProFocus Technology survey, Utah Tech in Focus: 2023 Trends Report. Despite 50% of respondents expecting revenue to increase and 34% expecting to increase headcount, almost half (46%) rank finding talent as their biggest tech talent challenge, followed by retention at 29%.
Burnout is a reality among the Utah tech community, with 63% of survey respondents reporting feeling burned out. Fifty-nine percent (59%) say their tech team is overworked, and 38% anticipate working more hours this year over last. Seventy-six percent (76%) say they are open to changing jobs in 2023, with 42% actively looking for a new position and 34% open to a move for the right opportunity.
The importance of compensation
Forty percent (40%) of survey respondents say salary/compensation is the most important factor in attracting and retaining top tech talent, yet just 38% report that overall compensation for the tech team will increase this year and 10% report compensation will decrease.
“For Utah companies looking to maintain their innovative edge, these findings should serve as motivation to look at new ways to recruit and retain the best tech talent,” said John Boone, ProFocus Technology Founder and President. “The survey findings are consistent with what we are seeing with clients: the tech community in Utah has made it clear they are looking for competitive compensation and meaningful work, and Utah businesses should take note.”
Boone added, “Companies need to be very intentional about keeping their tech workforce happy. In addition to compensation, ensuring workers are offered development opportunities, instilling a strong culture, and balancing remote work needs will all play significant roles in which Utah companies win the best tech talent.”
The majority of Utah companies…
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