How Can Companies Retain Tech Talent?
Article by - 6/28/2021
Businesses like yours are well aware of the difficulty of finding top talent, and the growing talent gap in the high-end sector makes this a challenge even harder. Finding the right hire is only the beginning; retaining them is no less tricky. Many businesses are seeking practical methods to retain highly specialized tech talent because replacing them will be costly in terms of money, resources, and manpower.
In spite of the fact that retention is an issue across all industries, Linkedin's latest research suggests the problem is especially acute in technology. There is the highest turnover of employees in the tech industry - up to 15.5% for gaming and 14.95% for the internet, compared to 10.9% for the national average.
Fortunately, employers can take steps to retain tech talent by implementing retention strategies. Below are some must-have techniques for companies, ranging from competitive perks to well-considered benefits.
Rethink Your Benefits
The provision of quality benefits is a practical strategy that helps your organization retain employees and reduce turnover. Many Tech firms make the mistake of offering trendy perks that have become more and more popular in the industry, such as free laundry and ping pong tables, as part of their core benefits. Businesses should instead ask their employees what they value the most. In this way, you have the possibility of improving work satisfaction levels, reducing turnover rates, improving work culture, and increasing productivity, which can help you attract better Tech talent for positions that are available.
Do The Research & Offer Competitive Salaries
Just as offering better benefits to employees will increase their retention, providing them with a competitive salary will enable you to hire other highly-skilled specialists as well.
Over half of all IT professionals are seeking new employment due to underpayment. Your Tech professionals will feel like assets to your business if you offer competitive salaries. You will gain an advantage over businesses that do not see salaries as a necessity by paying your employees a competitive salary.
Create A More Inclusive Work Culture
Providing competitive salaries and benefits can help improve your retention rates. However, employee mistreatment and toxic work environments are a growing threat to Tech retention. Technology mistreatment costs the industry an estimated $16 billion annually, so you can expect not only your turnover rates to go up but your operating expenses as well. Incorporating intersectionality can be beneficial to creating an inclusive work culture because employees' work experiences will differ based on race, gender, and sexuality. By integrating intersectionality, companies can create a toxic-free work environment that supports employee growth both professionally and personally.
Tech businesses need to increase talent retention by implementing practical strategies. Contact Mondo today if you are short of Tech talent. We have a network of active and passive, skilled professionals who want to help you grow your business.