In today’s employment market there’s a lot of competition for skilled technology talent. That’s why one of the most critical priorities for an employer should be how to retain technology talent. Improving employee retention is crucial in the technology sector as it is one of the lowest average tenures and since demand outweighs supply. So, here’s how companies can retain technology talent by making simple yet essential internal changes.
Retaining Technology talent
According to a recent report by Payscale, even tech giants Amazon and Google suffer from high employee turnover and average employee tenure. Although that’s partially due to the competitive nature of tech talent, there are additional reasons for these stats. Some top reasons cited by employers on loosing tech talent are employees seeking more exciting opportunities elsewhere as well as feeling unappreciated, underpaid and not challenged in their job. This shows a real need for more effort from employers to retain their talent.
Better benefits to retain Technology talent
Although compensation is one of the top factors for tech employees leaving a company, money alone is not enough. In fact, all work benefits contribute to the overall appeal of an employer to their employees. Therefore, it’s important to listen to your workforce and reflect a benefits package or incentive schemes that appeal to their needs to retain technology talent. Taking the time to actively listen to your staff can result in increased satisfaction and productivity levels as well as better work culture, all leading in lower turnover.
One of the best ways to retain technology talent is by promoting them. After all, being overlooked for promotion is a sure-fire way to get rid of good staff due to them feeling undervalued and unappreciated. Look internally first to hire senior-level positions in order to demonstrate the value you place as an employer on your workforce. At the end of the day, it’s much better to keep good staff than lose them to your competitors.
Good managers are critical to the success of your company in the world of technology. The play a huge part in the team’s morale and the career progression of employees. Successful managers will be talent magnets, driving performance and retention to help your company achieve any business goals. On the other hand, poor management and ineffective team leaders can cost you huge sums of money. Managers who commit to their team’s growth and development should also be rewarded for their efforts. Moreover, it’s essential that their performance is tracked and measured on how they support the development of tech employees.
It is a common fact that technology talent and especially developers have more loyalty to their career and personal development than the company that employs them. In addition, employees who do not believe that they can achieve their professional goals with their current employer are 12 times more likely to consider leaving. The number jumps to around 30 times more likely for new employees. That’s why providing training and learning new skills should be a priority when it comes to the benefits your company offers. Doing so can also allow you to build yourself the ideal technical team who will also be loyal to your company. Creating a ‘promote-from-within’ culture supports career opportunities for your team which can lead to better retention and higher engagement.
These are four essential retention strategies to implement in your business today, in order to demonstrate the necessary value of your staff as well as retain tech talent. Making these small changes will have a huge impact on the way employees feel about you as an employer, increasing the chances of them staying for longer.
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