Employers and hiring managers know how challenging it is to hire and retain Infotech employees. In many ways, the new Remote Work economy has exacerbated this problem. Demand for tech-enabled solutions (B2B/ B2C, supply-chain, workplace communication, etc.) has increased the need for top tech talent By understating some of the underlying causes of high turnover, strategies can be developed to meet this challenge.
What’s Driving the Tech Sector’s Extreme Turnover Rate?
LinkedIn data continues to show that the tech sector has a higher turnover rate than the average worldwide turnover rate and highlights these concerns of tech services employees:
45% concerned about lack of advancement opportunities
41% unsatisfied with senior leadership
36% were unsatisfied with the work environment/ culture
Tech association, CompTIA, notes that the high demand is a contributing factor to turnover. Net IT employment remains up by more than 203,000 positions and IT unemployment is at 4.4%, which is less than half of the national unemployment rate of 10.2%. Given the demand, it’s increasingly hard to retain top talent. In fact, about 25 percent of companies report that many of their key positions do not have a successor (Source: BIP group).
Our own tech team is quite talented and has been with Humantelligence for a good amount of time. Listen to our CEO Juan Betancourt talk about how he compiled the team and then we’ll breakdown how you can start to build your own.
Where to start?
InformationWeek recently highlighted two areas that can help companies attract and retain talent.
First, company culture must be a priority. Organizations must create a space that IT professionals want to be in. Businesses want candidates who match their values, and IT professionals want to work in an engaging environment.
Second, inclusivity is a critical component of an engaging company culture. Many companies in the tech space are not providing an inclusive culture where professionals from all backgrounds can thrive. Some companies struggle in this area. They have made gains in diversity with effective hiring policies but are having problems retaining their diverse talent. Diversity gains are often lost as diverse talent leaves in one or two years.
7 Steps to Attract and Retain Talent
A variety of strategic actions can be taken to recruit and retain IT talent.
In the recruiting process, identify candidates who will stay the course.
Automate the hiring process so that optimal candidates are quickly identified.
Invest in Learning & Development which demonstrates a commitment to career advancement.
Be inclusive – create a sustainable process for open communication between employees, managers, and teams.
Capture the data! Using culture management analytics, identify individuals likely to leave and take steps to prevent.
With more and more candidates willing to work remote, take advantage of this trend to Remote Work by finding and hiring top talent outside the main office.
Leverage tools that can sustain Remote Work effectiveness. Retention of remote or hybrid remote employees will increase.
CIO Magazine cautions that “if you wait until an exit interview to find out why a valuable employee has decided to move on, you’ve missed a golden opportunity— not just to keep a productive member of your team but to identify and fix issues within your organization”.