Tech-based businesses and companies like yours will know just how difficult locating and retaining top talent can be. Plus, with the high-end talent gap becoming bigger, this is becoming increasingly more difficult a task. Once you discover the perfect hire, you will realize that retaining your top disengaged employees is just as tricky as bringing
Tech-based businesses and companies like yours will know just how difficult locating and retaining top talent can be. Plus, with the high-end talent gap becoming bigger, this is becoming increasingly more difficult a task. Once you discover the perfect hire, you will realize that retaining your top disengaged employees is just as tricky as bringing them in, in the first place. Replacing employees in senior tech-based roles, or employees with specialized skill sets will cost your company resources and manpower. This is why several tech-forward businesses are seeking some intelligent practical methods to retain their top talent, and improve employee engagement.
Impact of Disengaged Employees and Turnover in Tech-Forward Companies
According to the 2018 IT Career Outlook by Spiceworks, a third of IT professionals, across the nation, plan on getting a new job within the year. Over 60% of tech professionals across current working generations are not happy with their salaries, as per the same report.
Considering the ongoing inter-industry talent gap, it’s necessary that your new hires feel valued by the business overall. If your top talent feels insufficiently compensated, it won’t take very long for them to find a new career opportunity, or be recruited for one by a competitor firm that is willing to pay them what they’re worth, keeping in mind how in-demand top talent is nowadays.
In addition, a number of IT professionals reported they would take new positions if they thought the job would expand their skills and also offer a better work-life balance overall. So clearly, failing to invest in developing your top talent’s skills and providing an improved work-life balance will result in greater turnover rates, which can then lead to disengaged employees. It can also negatively impact work culture, and delay project deadlines.
Taking into account the fact that speed to market usually determines the success of tech-forward products, and solutions, retaining the top talent on your team should be seen as the key to the company’s future success. It should also be prioritized as such.
How to Retain Top Talent in Technology-based Companies
Here are some employee retention pointers for tech-forward firms.
Create better benefits
Providing a top-notch benefits plan is a practical strategy that can increase your retention rates as well as overall productivity levels, while bringing down your turnover rates. If we look at it closely, we see that the industry has become known for perks like free laundry, ping pong tables, and packed meals, as a part of their primary benefits. Tech businesses should, instead, ask their employees directly what benefits they find the most valuable.
Doing this will let you provide your top talent with the benefits that matter the most to them. This can lead to better work satisfaction levels, smaller turnover rates, better work culture, and increased productivity. It will also help you better attract top tech experts for open roles.
Offer better salaries via market research
Similar to offering employees smarter benefits, giving them a more competitive salary will not only help retain top talent, but will attract other highly skilled specialists to the company. IT professionals usually look for new employment opportunities due to not being compensated well. Offering your best workers competitive salaries will show them that they are seen as assets rather than liabilities.
Paying your employees, a competitive salary will give you a leg up over the businesses who don’t see this as a plus. Make sure that you are up to date on current market salary trends, while also looking to offer increased salaries based on unique ranking factors such as psychological markers seen during interviews.
Another great way to retain talent is to offer company-maintained access to financial services that help them with their personal finances. Services such as Stash will help employees better manage their money, which, in turn, will encourage them to focus more on work.
Create a more diverse and inclusive culture
Offering benefits that employees really want, and giving competitive salaries can help improve your overall retention rates. However, the growing threat to your talent retention may be toxic work environments and harassment, which are factors commonly found within the technology sector.
Employees being mistreated during work can end up costing the company a lot of money. So, not only will your turnover rates go up, but your total expenses will rise as well. It’s important to know that employees’ work experiences will vary a lot based on race, gender, and even sexual orientation. This is why integrating intersectional beliefs can be helpful in creating a more inclusive work culture. It will also help create a toxic-free environment that treats employees as independent individuals and do what is needed for their professional as well as personal growth.
It’s important to remember that your company will only be as successful as the employees behind its success. In a tech-forward atmosphere, you have to make sure the human factor is not forgotten. Engaging and encouraging disengaged employees is the best way to do that, and employee incentive programs are the best tool for it..