The best way to build an outstanding team is to hire exceptional talent and keep them happy. It’s simple really, yet according to the latest figures, the tech sector has the highest turnover rate and totalled 13.2% last year.
There’s strong evidence to suggest that this figure is high because technical candidates are so in demand, meaning it’s easy for them to move roles when offered different benefits and compensation that align better with their personal goals. What’s more, we’re also living in the time of the gig economy and flexible working, with more and more people choosing to work on their own terms instead of ‘surrendering’ to corporate culture. When it comes to retaining tech talent, there are 4 things that you need to know:
Career Development
Some companies are now offering ‘learning and development’ bonuses that can be used towards different conferences, courses and more. Whether it’s company coaching, one-on-one mentoring or even paying for/subsidizing the cost of tuition or further learning, career development is an attractive way to pay it forward for your employees. They’ll feel valued and will gain new skills, and you’ll have a fantastic pipeline of talent who will improve your business tenfold.
Rethink Benefits
Another way to retain tech talent? Opt for some attractive company benefits. With 89% of British workers believing that flexible working would boost their productivity, implementing schemes such as working from home or being able to work adaptable hours will make way for happier employees. Having a great working culture is equally important, and small things such as listening to employee feedback, providing snacks and social activities (company mini golf anyone?) should be vital components of your overall culture strategy.
Whilst general happiness is important, individual wellbeing is equally so. With over 200,000 Brits having signed a petition for the ‘Where’s your head at?’ campaign and leading to the issue being debated in parliament; we recommend ensuring that a member of the business is trained in mental health first aid. They’ll be able to spot any signs and help empower individuals to seek additional help if needed. Initiatives such as subsidised exercise classes, meditation and providing general wellbeing resources are also excellent ideas and will pave the way to retaining your tech talent.
Provide Purpose
According to ‘Making work meaningful: a leaders guide’, people who find meaning at work are ‘happier, more productive and more engaged’. We already know that people will work harder if they believe they are adding value, so make sure that your team have their sights set on an end goal.
One way to do this is to introduce them to your customers. Get your product team to run a workshop, showcasing your B2C interactions and the impact that this has. Discuss learnings and ask employees for their input and ideas - make sure that they are heard. When ideas are used, announce who was behind them once implemented. Your team will feel more engaged when individual contributions are recognised.
Experience & Salary
When interviewing new candidates, remember that the market is competitive and you’ll need to stand out. Yes, they’re interviewing with you for a reason, but when talking about your company culture and goals, make sure to really tell them why your company is so great and discover how their personal contribution will make it even better.
Also, remember that you won’t go wrong by offering candidates a very competitive salary. As CIO states, 50% of tech professionals in 2018 looked for new opportunities simply because they did not feel compensated enough. A healthy salary and additional bonuses will attract more brilliant tech talent to your company, allowing you to hire the best candidates in that field. This will give you a competitive edge over other companies who do not value the power of the humble salary and will show your staff that you see them as assets and not another cost to keep on top off.
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