According to PayScale's 2015 Compensation Best Practices Report, the number 1 reason for turnover in 2014 was employee compensation. If employees feel they can't afford their living situation on their current salary, sometimes the easiest way to get a significant raise is to simply find another job. But this turnover costs businesses money, because training and replacing an employee isn't cheap. If your company feels like a revolving door of new people, it's difficult to create a sense of consistency and collaboration among teams. With tech employees enjoying a hiring spree that works in their favor, businesses shouldn't ignore unhappy workers or they may possibly lose them as fast as they hire them.
Is the work-life balance in tech a myth?
Mark Zuckerberg made waves in the tech industry after announcing he planned to take a two month paternity leave after the birth of his daughter. It's a major step towards a cultural shift in work-life balance. And it's a shift that is well overdo, according to Dice. Only 5 percent of tech employees said work-life balance wasn't important to them. Another 45 percent report that, while they would like a better work-life balance, their employer didn't allow for it. For 27 percent of respondents, they felt the work-life balance in the tech industry isn't realistic, and that it's truly just a myth.
Part of the problem might be in the employers' perception of work-life balance. Dice found that there seems to be a significant gap in how employers interpret work-life balance and what employees actually want. For example, 67 percent of HR professionals stated that their employees enjoyed a balanced work life, while 75 percent of employees ranked work-life balance as a top benefit they wish they had. Compare that to the number of employees that feel work-life balance is a myth and those who reported a lack of work-life balance at work, it seems there is a disconnect in how employers view this issue.
But fostering a culture that encourages a work-life balance isn't that hard, and it's pretty cheap, according to Dice. Flexible schedules and telecommuting are two easy -- and inexpensive -- ways businesses can make employees a little happier or alleviate some of the stress of commuting. And some research suggests that employees who work remotely appreciate the gesture and are more likely to work harder, report higher levels of happiness and are less likely to quit than if they were in the office every day.
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