Tech firms are now suffering from higher attrition rates as more and more employees quit their jobs. Some of the companies affected by the so-called "Great Resignation" are Apple and Google.
Of course, some individuals might think that the main reason is unfair salary. However, experts provided other major reasons why employees leave their positions in the tech industry.
A new study was released by the MIT Sloan School of Management. The new research titled "Toxic Culture Is Driving the Great Resignation" provided the names of the companies greatly affected by the rising attrition issue and other essential details.
Tech Firms Losing Staff? Here's Why
According to ZDNet's latest report, salary is not the main reason employees are resigning from tech companies. Based on the latest study of MIT Sloan, a toxic environment or culture is more than 10 times to contribute to the rising attrition rate.
A technician checks a DC/DC half-shell, which converts 450 V to a safe 12 V for the rest of the vehicle electronics, at a Continental AG Powertrain production facility on March 1, 2019 in Nuremberg, Germany. Continental AG, a German automobile components supplier, is investing heavily in the development of new generations of power electronics and electronic power trains in anticipation of growing demand by automakers for electric cars.
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On the other hand, job instability and reorganization were the second reason. Aside from these two, here are the remaining major factors why employees resign from giant tech firms and organizations:
- High levels of innovation (3.2x)
- Failure to recognize employee performance (2.9x)
- Not-so-good COVID-19 effort or response (1.8x)
Top Industries and Companies Affected
MIT Sloan's findings show the top industries affected by the Great Resignation. The apparel retail industry is the one that mostly experiences attritions, especially when it comes to manual workers (blue-collar employees).
Internet, Enterprise Software and Management Consulting industries followed the apparel retail. Meanwhile, SpaceX is the top aerospace company affected by the rising employee shortage issue.
Meanwhile, Netflix leads the media companies in the Great Resignation problem. If you want to see more details, you can visit this link.
In a previous report, Tesla protests happened because of California's implemented solar tax. Meanwhile, RMDS Lab is now entering the NFT industry.
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Written by: Griffin Davis
