Even as the world opens up, the Covid-19 pandemic continues to change the future of work: keeping tech employees in control and tech companies on the back foot. Indeed, there’s a storm brewing in the tech industry and companies need to wake up fast or risk losing their top tech employees.
I’m talking about the technical skills shortage and the high turnover of tech talent that’s on its way. Because now more than ever, jobs have changed and tech talent is driving — if you’ve got the skills, there are opportunities everywhere.
What’s going on?
With the pandemic, companies needed to get digital and fast, fuelling the demand for technical talent and exacerbating the already present skills gap. The resulting workload has left many tech employees burnt out, disillusioned and disconnected from their employers. Many are now seeking a better quality of life, work-life balance and prioritising their mental health.
And now with over a year of biding their time, approximately 58% of technology professionals say they are ready to make career moves in response to the effects of Covid-19. And they’re in luck: the number of tech jobs advertised grew more than 100% between June 2020 and March 2021.
But for organisations, the impact of tech talent leaving, especially at a time when many businesses are still trying to establish their digital presence, could be disastrous. Because while you can often entice someone to stay, the reality is once they’ve started looking, your job becomes that much harder.
I’ve previously spoken about what companies can do now to prepare for the upcoming hiring boom. Yet, despite 66% of employers expecting to hire more tech staff in 2021, only 26% of Human Resources decision makers cited talent retention as a priority over the next 12 months.
Look Beyond the Money
To help you avoid these worrying statistics, I encourage you to look beyond compensation as a retention strategy. As I’ve said, there are many reasons why employees leave, and gone are the days when money was the only motivator. Today’s strategies need to focus on nurturing employees as individuals. Below, I’ve identified 5 ways to prioritise talent retention and to ensure your tech employees’ eyes don’t wander.
1. Ensure Clear Progression Paths
While, almost a third of employees on the move cited a lack of career progression as their primary motivator, employers must remember that not everyone will have the same aspirations. Depending on their personal circumstances, employees will seek different amounts of responsibility and the trick will be to identify the right challenge for each individual. Not everyone will aspire to be in management or leadership positions! Understanding and mapping each individual’s career path will show your employees you value them for who they are and where they are in their lives.
2. Develop your Leaders Internally
With the new shift to remote work, strong leadership is more important than ever, but studies show it’s an area that needs improvement. Strong leaders take the time to understand their employees’ needs, challenges and to address them in such a way that the employee knows they are valued. This in turn fosters an atmosphere of motivation and commitment. While many tech companies struggle to recruit reliable leaders, I encourage you to develop your leaders internally through training and mentoring.
3. Empower your Workforce
Empowering your employees means trusting them to make decisions and giving them freedom to put these decisions into action. It means allowing every employee opportunities to identify areas for improvement and to take chances without fear of reprisal. If this sounds daunting, don’t worry, the results can be phenomenal.
Empowered employees are more committed and invested in the company which translates to increased productivity, morale and business impact. This in turn leads to higher retention rates saving valuable time and money: your processes improve and you avoid costly recruitment activities.
Providing your employees with access to training and learning opportunities is also a key empowerment tool. While many companies are hesitant to upskill their employees in fear they will leave, in reality upskilling often has the opposite effect. When you show your employees that you value them by investing them, their loyalty increases and they are more likely to stay.
4. Create a Culture of Recognition and Celebration
It’s no secret that the high stakes working environment of some tech companies can negatively impact stress levels causing many employees to leave. But when you create a culture that recognises and rewards your employees’ contributions and achievements, employees feel seen and appreciated. This not only shows that they are valued, but careful monitoring and recognition helps both you and your employee identify areas for improvement, creating a win-win situation.
5. Prioritise Flexible Working Arrangements
Flexibility is trusting your employees rather than dictating when, where and how they should work. It means recognising that your employees have other demands on their time, and giving them options on how they want to work. And this trust pays off: 78% of employees reported that flexible work arrangements made them more productive and 77% cited flexibility as a top priority when considering job opportunities. Flexible arrangements are also more appealing for employees with our recent Tech Careers Report 2021 showing that remote work jobs pay 35% more than full-office jobs.
Prioritising flexible working arrangements also includes providing options that allow your employees to get paid on their terms including when, how, and in what currency. This in turn allows you to hire and pay the right people regardless of where they live in the world.
The Future
It’s a no brainer. In this world where tech talent remains in control, companies must prioritise talent retention and seek initiatives beyond compensation. At Landing.Jobs, we can help ensure you are in the strongest position to retain your best employees before their heads turn. Book a 30-minute call with us now for free advice on how to retain your top tech talent.
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