"I think some of that is because in many tech hot-spots like Silicon Valley, the cost of living is so high that it's almost impossible to find reasonable housing; there are quality-of-life and work-life balance issues that are coming to the fore as millennials grow up, settle down and want to buy a house and have kids; if they could find a great opportunity in a much more affordable area like San Diego, Minneapolis, Austin, Philadelphia or a small city like that, it's very appealing," Melk says.
Companies also are using continuing education and professional development opportunities to attract and retain talent. While 67 percent of respondents remain confident they could find a favorable new position in 2017, 15 percent say finding a relevant position for their skillset is their biggest concern, 14 percent say they're concerned with keeping their skills up to date and 10 percent are worried about position elimination. It's imperative, therefore, that employers and employees keep their fingers on the pulse of the industry to understand what skills are hot now and which will evolve to be must-haves in the future, Melk says.
"This just underscores the point that the salary increases we're seeing are for skills that are hard to find but incredibly necessary right now, and that professionals and their employers have to continue skills development and training," he says.
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