Retaining Tech Talent When the Market is Strong
Updated: January 12, 2023
It can be easy to focus on the hiring process when thinking about your talent strategy, but what comes after is of equal importance. From the moment a new employee accepts the job offer, strategies must shift to retaining the professionals that you’ve worked so hard to hire. With today’s IT talent shortage, candidates have a wealth of opportunity, so disengaged employees are likely to jump ship. A focus on engaging employees and retaining tech talent will ensure your team keeps the experts necessary to tackle the projects that are critical to your business goals.
The Importance of Company Culture
Creating a strong company culture that makes employees feel like valued team members is a massive challenge for any organization. In fact, a recent study reported that 87% of businesses cite culture and engagement among their most pressing concerns. Creating and maintaining a great company culture is top-of-mind for businesses because it is now a critical factor for both recruiting and retaining tech talent.
According to a Gallup study, high-quality candidates are most attracted to companies whose values match their own. For employers, this means creating a dynamic where professionals at all levels feel heard and can communicate openly. Facilitating transparent communication with management, encouraging teamwork, and providing employees with opportunities to connect with their coworkers and give back to their communities are key factors building a workplace that IT pros want to be part of. Especially in the tech field where highly skilled professionals are in high demand, it is necessary for organizations to build the culture and practice the values that IT pros want in order to keep their best workers.
Providing Career Development Opportunities
Making tech training and development a part of your company’s DNA provides tech talent with the opportunities they crave to grow in their careers. Employees who feel that they are moving forward in their work – rather than staying in the same place – are far more likely to stay with their company, as it is a place where they can continue to learn and develop.
Retaining tech talent relies on providing the opportunities and career paths they are seeking, especially for the younger generations in the workplace. According to another Gallup study, nearly 60% of Millennials report that growth opportunities are extremely important in a job, compared to 44% of Gen Xers and 41% of Baby Boomers. Even more telling, a Society for Human Resource Management study showed that career advancement opportunities contribute to job satisfaction for 89% of Millennials and 73% of Baby Boomers. As such high numbers of professionals crave development, organizations that provide training opportunities for IT pros and have frequent discussions about their career aspirations are more likely to retain top tech talent.
Staying Competitive in the Market
A great retention strategy is more than just offering competitive compensation, but failing to keep up with market salaries and offer in-demand perks is a simple way to lose your best people to the competition. If employees know that they can make a significantly higher salary with another organization, they are likely to start looking for a new position. However, Glassdoor research found that a 10% higher base pay is more likely to prevent an employee from searching outside of their current company when they want to move up in their career. This strategy not only leads to higher employee retention, it also means you retain those tech professionals’ company knowledge, relationships, and experience, which can have huge value.
In addition to assessing your compensation structure, offering enticing perks and benefits can boost your organization’s retention strategy. Job seekers report that flexibility is the most important benefit they look for in a position, and other perks like work from home opportunities and a casual dress code can make a significant difference in overall job satisfaction. Happy employees who feel a company addresses their needs are in turn more likely to stay with their organization long term.
Employee Retention When the Market is strong
Retaining tech talent is a struggle, especially with the current candidate-driven job market where there can be seemingly endless opportunities. But the staggering cost of replacing employees – both in the price of turnover and in lost institutional knowledge – makes keeping top talent critical. While your organization’s retention strategy is a key component, this starts with hiring the right people who will fit seamlessly into your culture.
Your next hire should have the right technical skills, as well as fit into your corporate culture. Benchmark IT can help you find the talent you need.