Randstad's Technology HR Trends survey was conducted from October 2023 to March 2024 and analyzed the data of 157 executives from companies from various Greek cities that operate in the technology sector and play an important role in HR decision-making.
Randstad, as part of its annual HR Trends survey, which is the benchmark for the recording and analysis of the labor market in Greece, has incorporated the technology sector as a separate subject of study in order to provide useful data and conclusions for one of the most dynamic sectors of the market. This survey is unique to the Greek market.
CHALLENGES
In the technology sector, unrealistic salary expectations of employees (70%), limited or no work experience in the specialisation area (53%) and the required time of work experience constitute the three most important obstacles that companies face in attracting talent to the Greek labour market.
As reflected in Randstad's Technology HR Trends survey, 80% of companies consider talent attraction to be the most important challenge when staffing, while 70% find it difficult to retain the most effective executives and develop talented leaders. At the same time, talent shortages (53%), and managing expectations regarding compensation and benefits packages (52%), are major issues that HR departments need to address.
Education and training programs are one of the most important tools companies choose to address challenges in their operations. Improving financial rewards is central to their strategy, while enabling hybrid or remote working models and providing more options for flexible working are necessary initiatives to attract and retain talented employees.
PLANS
The technology sector registers the highest demand for workers in the labour market. 72% of companies plan to increase the number of their employees by the end of 2024, with 21% planning no change in their headcount and only 3% of companies expecting a reduction in their headcount. The need to expand and grow the business (88%) is driving workforce growth, while job creation (63%) reflects general optimism about the market and the growth of the technology sector.
ATTRACTIVENESS
A financial remuneration and benefits package, a pleasant working environment, a hybrid or remote working model and the possibility of career development opportunities are the central factors that determine the attractiveness of a business. In the technology sector, companies actively seek to attract and retain top talent by offering education and training programmes (89%), the possibility of working from home (87%), and flexible work schedules (64%), while in terms of financial benefits, they opt for health insurance (80%), food vouchers (71%) and mobile phones (70%).
SALARIES
Greek companies express a clear intention to offer more attractive financial rewards to their employees, with 86% of them planning to increase salary levels (compared to 72% of all companies across all sectors) and 32% of companies intending to offer increases of 10%.
REASONS
Employee mobility is a critical factor in the technology sector, with 66% of employees deciding to change jobs to receive better pay or more favourable working conditions from another employer. At the same time, 52% of employees express a desire for more career development opportunities in another company, while 22% highlight that a lack of identification with the company culture was a main reason for leaving, thus highlighting the importance of working conditions and development opportunities as critical factors for the attractiveness of a company.
The staff turnover rate in 2023 remained at normal levels, with 74% reporting a turnover rate of less than 16%, while in 2024 it is predicted that departure trends will remain at similar levels.
AI
As reflected in the Randstad survey results, 40% of companies already support the use of AI and plan to expand its use in the future. Similarly, 29% are "open" to its use, but only in specific areas such as IT/technology, marketing/advertising, and HR management; 29% have not formed a complete picture of its use; and only 1% do not foresee its use in the future. Regarding the influence of AI on the number of jobs, 26% of companies estimate that the number of available jobs will increase, 24% predict that they will decrease and 50% believe that there will be no change.
The HR Trends 2024 technology industry survey confirms that AI is a critical tool for modern businesses, offering significant benefits across many areas of organisational activity, with faster data processing and more accurate predictions supported by 78% and 75% of companies, respectively. Automating repetitive tasks helps increase productivity by 75%, while improving work quality and results is another significant benefit, according to 51% of companies, boosting efficiency and customer satisfaction.
On the other hand, the entry of AI into the work environment also brings significant challenges. The need to train and adapt employees to the new technology is critical (57%), while ensuring data protection is a priority (52% for companies). Similarly, managing the high costs of implementation and operation (34%) and concerns about ensuring confidentiality (27%) are challenges that businesses need to address carefully to fully exploit the benefits of AI.
