In the global technology industry, improving employee retention is a crucial business priority. This is particularly because technology companies have one of the lowest average employee tenures, as compared to various other industries. This is usually due to the lack of competitive employee incentive programs. According to an employee turnover report by Payscale, even technology giants
In the global technology industry, improving employee retention is a crucial business priority. This is particularly because technology companies have one of the lowest average employee tenures, as compared to various other industries. This is usually due to the lack of competitive employee incentive programs.
According to an employee turnover report by Payscale, even technology giants such as Amazon and Google have an average tenure of just one year to 1.1 years. In fact, the reports say that the employee turnover rates among top Fortune 500 companies within the IT industry are the highest among all the industries surveyed. This is most likely due to disengaged employees.
The reason for the brief tenure of high-tech workforce at companies is often said to be the competitive nature of the top talent, what with other competitor companies vying for the same employees. To help get on top of this challenge, here are some ways you can improve the retention of the high-tech workforce at your business.
Invest in your employees
Employees are, after all, human. As such, they want to work where they feel valued. While a ping pong table or an on-site massage station are often referred to as a way to keep the millennial tech-forward talent, these benefits are so commonplace in this day and age that they do very little to improve the long-term retention.
Instead of that, focus on making your employees feel like the work they do each day is vital and valued. This can be done by investing in them and their professional potential. Seek out opportunities for your web and front-end developers to stay up-to-date on emerging dev technologies and/or coding languages via new online courses and/or webinars. Provide your technology teams with a unique budget for professional tech development, so that they can support career enrichment opportunities.
Instead of making employees wait an entire year for a performance review, think about doing quarterly or annual employee evaluations, in order to map out their career paths and discuss with them upcoming promotion opportunities. All these professional investments will help show your employees the benefit you see in their abilities and their position within the company. Not only will the aforementioned initiatives help employees, but they’ll also directly contribute to the overall talent retention and employee development of your company.
Another way to directly invest in your employees is to give them access to personal finance management tools such as Stash. This is more direct, and will show them that their host company cares about their personal lives as well.
Create employee appreciation strategies
Most of the in-demand tech talent consists of millennials and in some cases, Gen Z. While there has been a lot of talk of this generation getting participation medals when growing up, their need for appreciation has very little to do with their hypothesized dearth of self-confidence, but instead their desire to have a superior recognize the benefit they bring to the professional table. This is very often misunderstood, but once you can recognize this crucial difference, motivating the generation of workers by fueling their contributions and self-worth can be very powerful.
Basically, they will not stay with an employer that uses scare tactics to increase productivity. Instead, you can implement an employee appreciation program that recognizes employees who go above and beyond, or are exceptionally hard-working and/or skilled.
This can be done on a weekly or monthly basis via emails. It can also be established on your internal employee management platform. Have your managers send in nominations of tech employees who deserve some extra recognition. It can go a long way in adding to their self-worth at the business and nurture a culture of people enjoying being a part of the company. In addition, sharing your strategic vision for the company and allowing them to be a part of these goals will motivate them to be a part of the professional solution.
Create an empathetic and inclusive culture
Talking about culture, building up a comprehensive, compassionate driven culture is a superb method to support employee retention. Studies show that employees remain longer at organizations where they recognize at least one associate as a “companion.” As we invest increasingly more energy at work, this is a vital social need, to cultivate good thoughts and security.
To lift your way of life to one that is comprehensive of those from various foundations and walks of life, just as one that qualities sympathy, create outright rules and mentorship programs. Convey quarterly representative fulfillment studies, and make clear arrangements and procedures dependent on the information from those overviews.
Your company, regardless of industry, needs competitive workers. Remember to take care of them in all manner of professional and financial ways, and you are sure to have a workforce that you can count on for business success. You can look at the common employee engagement trends, for a better engagement outlook.