Why are millennials leaving their six-figure tech jobs?
Warren Buffet once said, “If you don’t find a way to make money while you sleep, you will work until you die.” That’s the case with millennials, those born between 1981 to 1996. Unlike their parents or grandparents who worked for the same employer for 30 years before retiring, today’s millennials are loyal to their employers but not bound to them for life. Some millennials are entrepreneurs who will rather work for themselves instead of waiting for a pension 30 years later.
We live at a time when almost every aspect of our lives is permeated with technology. There’s also a growing demand for technology workers, especially among big tech giants like Apple, Amazon, Google, Microsoft, Facebook, Uber, and others.
With over 4.6 million tech job openings, big tech companies have to offer very competitive wages, benefits, and perks to not only attract but also keep top talent and brightest minds. For example, in 2019, the average tech salary was $146,000. That’s almost three times the median salary of public school workers who make about $55,000 and also made up the largest industry of workers in the U.S. in 2019.
Still, big paychecks, and perks like swanky office spaces, stock options, and unlimited time off are not enough to keep some millennials from quitting their tech jobs. So, why are millennials leaving six-figure tech jobs?
According to a 2019 survey by Blind, close to 60 percent of surveyed tech workers suffered from job burnout. A recent survey by Blind showed that 68% of tech workers felt more burnout while working from home than while working from the office. The survey includes over 3,000 tech workers from big tech companies including Google, Facebook, Amazon, Apple, and Microsoft.
In a related interview conducted by CNBC with three former tech employees of Google, Uber, and Intuit, the millennials cited among others, unmet expectations, long work hours, and lack of work-life balance as reasons for leaving their tech jobs.
In the video below, CNBC Make It spoke to several people who left their lucrative tech jobs to find out why they did it and what they are doing now. Enjoy!
Below is a screenshot of burnout by the company.