Top 5 Strategies to Retain Tech Talent
Are you keeping your tech talent for longer than a year or two? Or are your tech positions a revolving door? Companies that constantly replace their tech talent can cost up to twice as much as retaining their employees. Investing in employee retention strategies will save you time and money, while maintaining operational consistency.
In such a competitive global market, businesses are expected to provide a great employee experience. With HR so involved with an employee’s skills, needs and expectations, they should help plan and execute a retention plan. We’ve outlined the top 5 strategies to retain tech talent.
It’s no secret that the tech industry has a supply and demand problem. High demand, low supply. Employees that don’t feel engaged or involved in an organization can feel more inclined to search out other opportunities. Whereas high engagement makes people feel fundamental to the success and growth of a company. A 2020 Deloitte Talent survey found that 15% improvement in engagement can lead to a 2% increase in profit margins.
Offering great benefits is one of the best ways to implement this engagement program. Unlimited PTO, remote work, discounts at local restaurants, and more are simple things to keep employees happy and engaged. But in addition to these unique perks, teams should implement simple daily actions to improve engagement, including:
- Connect with your tech talent and ask what their needs are. Ask what they need to be happier at work. Ask for feedback on things they would improve about the business. Offer to collect this information via anonymous surveys to help the employees feel more comfortable.
- Have regular, informal meetings in addition to structured one-on-ones. This is a great opportunity to develop relationships and hear feedback on a variety of company issues.
- Conduct regular brainstorming sessions to foster new ideas and ways to innovate company growth. Also implementing an open-door policy will help your employees feel more comfortable approaching who they need to about their concerns or ideas.
With each of these ideas, remember that listening is key. Make sure you demonstrate that your employees’ voices are heard through actions and updates on progress. All these factors help employees feel more invested and involved, which means you are more likely to retain tech talent.
Why not invest in the career and skills development of your team? The employee gains increased knowledge and expertise to help their own advancement, which in turn helps the overall success and growth of the company. Keep in mind that 46% of people are more likely to leave a position if they see no opportunities for upskilling and reskilling. The cost of turnover is much worse than the cost of improving your existing team. Here are a few ways you can offer these opportunities:
- Internal trainings
- Collaborative learning opportunities
- Educational resources
- Paid certification courses
- Tuition reimbursement
These resources can help your tech talent feel supported, while contributing to the overall company success. Especially with technology constantly evolving, it’s worth it to keep your team on top of the latest tools and trends. Although this may feel like a big investment of time and money upfront, these new skills will greatly impact the bottom line in addition to keeping your talent happy.
Employee recognition goes a long way when it comes to retention. Deloitte found that support and recognition from leadership was one of the top three most effective nonfinancial factors for retention.
Who doesn’t like a nice shout out from time to time? It makes your efforts feel more valuable and noticed. It’s easy to get caught in the grind of daily tasks, but pointing out your teams successes and efforts will increase their loyalty to the company. In addition to tech talent retention, other benefits of recognition include:
- Great work culture and work environment
- Better customer satisfaction
- Motivated employees
- Stronger relationships between team members
Especially with a global workforce, diversity can play a major role in retaining top tech talent. An accepting company culture of different ideas, cultures, backgrounds and beliefs can help employees feel more comfortable with their teams. Having a diverse workforce can set your company apart and help you retain talented individuals. It also leads to inclusiveness and greater satisfaction in their day-to-day activities.
It should come as no surprise that many tech workers expect to work remote. With the global shift to work-from-home environments, people are less likely to accept a job that requires them to come into an office. However, businesses need to understand that this is not the only aspect that can lead to better retention.
Ultimately, the goal of remote work is to establish a better work-life balance. If employees are constantly overloaded and overwhelmed with projects and tasks, it can quickly lead to burnout. In addition to remote work, give employees more flexible work arrangements so they can participate in the lives of their families.
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