Workforce whiplash: Inside employees’ minds in the technology industry 

At the beginning of 2022, the technology industry had a seemingly insatiable demand for talent, but conditions have suddenly shifted. The tech industry, like other sectors, is experiencing increasing business challenges amidst surging inflation, the continued crisis in Ukraine, high interest rates, the strong U.S. dollar and the lasting effects of the pandemic. Tech companies are seeing a drop in revenue and are starting to cut back on advertising, reduce workforces or announce hiring freezes. Tech employees feel a sense of whiplash.

Considering this very different industry environment compared to just a few months ago, it’s no surprise that job security, financial health, mental and emotional wellbeing, and workload and life balance top the list of concerns among technology employees in Mercer’s 2022 Inside Employees’ Minds report. Over 4,000 U.S. full-time employees, including 546 people working in tech, participated in the study.

There are some serious headwinds in the tech industry right now, likely with more to come, considering the growing volatility in the macroeconomic environment. Tech employers must understand what matters most to their people right now — and take action to address unmet needs.