A long-term IT skills shortage is driving tech salaries up and making it hard for companies to retain talent, according to the fourth annual Harvey Nash Technology Survey.

The report found four in 10 technologists changed jobs this year, and more than three-quarter of respondents, 77%, listed a good salary as the main motivator behind the switch. This is up 16% from a similar survey last year and pushed work/life balance — cited by 72% of respondents — out of the top spot. Opportunity to work on innovative projects rounded out the top motivators at 69%.

Globally, 53% of technology hiring managers reported skills shortages in 2015, up from 51% in the prior year’s survey.

The survey found 37% of tech workers received 10 or more inquiries from headhunters during the past year, while 62% of developers and 55% of all software engineers reported 10 or more approaches from headhunters.

“The IT skills shortage is dire, and we are seeing companies compete more than ever for this talent,” said Harvey Nash USAPAC President and CEO Bob Miano. “The technology career is changing rapidly: it’s mobile, flexible and entrepreneurial. The companies that embrace these shifts will attract and retain the best talent and successfully ride this technological wave.”

The survey, “Harvey Nash Technology Survey 2016: Are You Ready?” included 2,959 technology professionals from 30 countries and was conducted between July 14 and Oct. 26, 2015.