A study conducted by Harris Allied Tech Hiring revealed 20% of those in management say their biggest concern is retaining staff in tech. Other big companies are competing for the same talent due to the increase of technology and the lack of skilled technologists. Improving employee retention should be a business priority for tech companies as demand for technologists outweighs supply. 75% of technology professionals are looking for new employers within the next year, which shows that tech companies need to improve their retention strategies. There are several factors as to why employees want to leave their jobs, which is making it harder for companies to retain their staff.
To start with, it is hard to employ a diverse group of tech talents due to their being a lack of female candidates. So, trying to retain talent which you can’t employ is difficult. Furthermore, when companies do employ women, they do not know how to accommodate and handle issues from female employees because they do not experience them as often. This then makes it hard for tech companies to retain talent that women provide.
Employees can find it hard to develop and progress during their mid careers, especially women. Not being offered support or creating an environment where workers can’t speak up about their progression difficulties can make employees feel isolated and unhappy within the workplace and can result in them leaving. Creating an environment where employees constantly feel underappreciated and cannot see any room for growth can make retention harder than it needs to be.
Before finding ways to retain your staff, it is important that you attract and hire the right employees. There are several ways you can attract tech talent; however, it has been proven difficult, especially when attracting women into tech. Hiring tech talent also requires a strategic approach because they’re in such high demand. Analysing your business plan will help you to conclude what technical skills you’ll need from future employees over the next years before starting your search. Tech workers come in all shapes and sizes, so when you are looking to hire new staff, ensure you consider all applicants from different backgrounds. This not only provides you with a variety of technical skills which your company can benefit from but is also a way of achieving diversity.
Retaining a talented tech worker is more valuable than finding a replacement. This is because the current employee already has experience in the company, it is cost effective and there will not be a lack of work which is not completed during transition. There are several ways to retain staff in tech, some of which are listed below.
Personal development
By implementing new programmes and offering opportunities, you can empower employees to progress their skills and career. It has been found in a survey by Stack Overflow that 70% of developers stated that learning new skills was a priority in their career. Providing training in areas that employees want to develop can make them feel appreciated and show them that their career goals are heard. Creating one on one meetings every month or performance reviews are ways to find out your employee’s career goals and how those goals have changed since first hiring them.
Management
Managers play a huge role in day to day morale and career progression for workers. They can drive performance, help with retaining staff in tech and are key for achieving business goals. 50% of employees claim they don’t feel valued by their boss and plan to look for another job within a year. On top of this, 3 in 4 employees say dealing with their boss is the worst and most stressful part of their job. Having constant interaction with your employees and creating a working environment where they feel comfortable talking about work-related issues can help with retaining staff in tech.
Recognition
Giving your employees regular recognition for their work can make them feel valued and appreciated. Almost 19% of females give more compliments than males do, so along with males, it is clear that giving women more recognition or praise for their work can go a long way. Promotions are also seen as a sign of recognition and acknowledgement of employee’s work. The feeling of being valued in the workplace is more important to women than the feeling of winning.
Company Culture
Company culture is a huge factor to consider when retaining staff in tech. People spend at least a third of their lives in the workplace, so if they’re feeling neglected or unappreciated in any way, they are likely to look for opportunities elsewhere. It has been found that 96% of employees thrive in the right working environment along with career development and learning opportunities. Developing an inclusive culture can improve employees’ experiences and help boost retention rates. Millennials, who make up 53% of the workforce, prefer to work in an innovative workplace. They prefer a culture which reflects flexibility, work life balance and an option to work from home.
Retaining staff in tech is so much more about increasing salary packages and incentives. As people are spending more time at work, it is important to create the right working environment because this will have more of an impact on employee retention. Not only does this help with employee retention, but it can also have a positive effect on how well your employees work as a team which can result in greater success.