• Explore. Learn. Thrive. Fastlane Media Network

  • ecommerceFastlane
  • PODFastlane
  • SEOfastlane
  • AdvisorFastlane
  • LifeFastlane

The Expert-Led Strategies You Need To Retain Top Tech Talent During The Great Resignation

the-expert-led-strategies-you-need-to-retain-top-tech-talent-during-the-great-resignation

If there was ever a question about the importance of a high-performing technology team to an organization’s success, the pandemic has provided a clear answer.

The work IT departments did during the early days of the coronavirus pandemic ensured that businesses that needed to quickly switch to remote work could do so seamlessly.

IT leaders helped companies dependent on in-person communication expand their use of digital channels to stay connected. They’ve developed sustainable long-term growth strategies by investing in integrated business tools.

As a direct result of the creativity and ingenuity IT teams have shown during the past two years, a new challenge has emerged: how to retain top tech talent.

How to Retain Top Tech Talent

According to a TalentLMS and Workable survey, 72% of technology professionals are considering quitting their jobs within the next 12 months.

This might be one of the most significant threats of the Great Resignation. While hiring tech talent has long been competitive, the same research suggested IT professionals aren’t simply looking for higher pay or better benefits. Fifty-eight percent said they were experiencing burnout, and 41% saw limited opportunities to progress their career with their existing employer.

Other challenges included more flexibility in working hours, cited by 40%, and toxic work environments (39%).

Turnover among IT employees doesn’t just mean companies will struggle to maintain their legacy hardware and existing applications. It could also limit their ability to innovate and explore tools that could give them a competitive advantage. Gartner found that 64% of IT leaders see a talent shortage as a massive barrier to adopting emerging technologies.

The effort to retain top tech talent will look different from one organization to the next, but some common strategies apply. Here are five best practices to start with.

1. Evaluate your hiring process

We’re all familiar with the traditional hiring process:

  • Post a job opening
  • Wait for the resumes to come in
  • Call candidates and have them show up to the office—possibly multiple times—for interviews
  • Give them a project or challenge to demonstrate their skills
  • Days or even weeks later, extend an offer to your top pick

This might have worked, but organizations can significantly improve their ability to retain top tech talent by reimagining how the employee journey begins. As consulting firm Korn Ferry points out, asking candidates to perform technical tests might cost them time and, ultimately, the talent they want most.

IT and human resources (HR) leaders should also ask themselves:

  • Does the job posting show how technology brings value to people—including other employees and customers—and contributes to real business impact?
  • Can the recruitment process begin less formally through conversations on LinkedIn or employee referrals?
  • Are there ways to meet potential new hires through cloud calling software rather than on-site meetings?
  • Can the process be streamlined? Can you reduce the number of interview rounds, increase the quality of the questions, and accelerate onboarding?

Hiring might be seen as simply filling a gap, but Korn Ferry suggests ensuring new employees see reasons to stay with the company from the start.

2. Focus on reskilling and upskilling

The best IT professionals love to solve problems, whether how to integrate disparate applications or scale computing resources to handle more demanding workloads. That means they’re also lifelong learners because their tools are constantly evolving.

Organizations that recognize this and provide programs to develop tech employees further will be better positioned to retain top tech talent. Randstad Source Right’s research on the top IT skills of 2022 showed the five most in-demand subjects are:

  • AI and machine learning
  • Augmented reality and virtual reality
  • Blockchain
  • Cloud computing
  • Cybersecurity

If your organization doesn’t use some of these technologies today, consider how employees could become familiar with them. This could include pursuing formal education and certification programs or getting hands-on experience through pilot projects.

3. Take employee engagement seriously

Does the IT department team feel motivated? Do they act like they’re connected to your organization’s mission and purpose? Employee engagement can sometimes be challenging to measure, but more organizations are paying attention to it than ever before.

In its 2021 Employee Experience survey, Willis Towers Watson found that 40% of firms believe the pandemic hurt employee engagement. The same study said those focusing on creating a strong employee experience are 90% more likely to report lower annual turnover than their peers.

For ideas on how to get started in this area, check out these tips to boost employee engagement.

4. Implement flexible and hybrid work policies 

When Dice, an online jobs platform, asked more than 1,000 tech workers how they felt about working from home, the results were precise. Most were tired of spending their days in back offices and cubicles.

Only 17% said they liked working in the office full-time. That doesn’t mean they always want to be at home, either. Dice saw the desire to be a fully remote drop from 41% in 2020 to 29% in 2021.

Hybrid work options could offer a more personalized approach to managing and retaining tech talent.

Employees may not need to be on-site to address help desk issues, but they should be for essential stakeholder meetings. It means the tech team works in person two or three days a week.

We recommend working directly with employees and team leads to determine the best schedule for them.

5. Review compensation and benefits packages 

IT professionals who work at a company for five years or more possess knowledge beyond technical acumen.

They understand your business processes, your key objectives, and your culture. In that sense, when you retain top tech talent, you’re protecting the increasing value of your initial investment.

Of course, the budget for salaries and benefits is never unlimited—even among the most prominent companies. This is where it may be helpful to look at industry benchmarks to determine what’s competitive and realistic.

Motion Recruitment’s 2022 Tech Salary Guide, for instance, found average pay increases of nearly 6.2% across significant hubs. However, the report’s authors noted that the rise of hybrid work means employers should focus on a candidate’s value, not their location.

Although labor market experts sometimes talk about a “war” for tech talent, maybe it’s more of an exercise in building the best possible relationships with IT professionals.

If you want to retain top tech talent, ensure empowering your team is one of your biggest priorities in 2022 and beyond.

 

Special thanks to our friends at Aircall for their insights on this topic.
Prev
Guarding The Digital Treasure: Ecommerce Startups And Data Protection
Man in sunglasses and beanie, profile view, illuminated by a green neon light display with digital treasure clock numbers.

Guarding The Digital Treasure: Ecommerce Startups And Data Protection

Next
SearchNode Joins Nosto: Building The Perfect Personalized Search Experience
searchnode-joins-nosto:-building-the-perfect-personalized-search-experience

SearchNode Joins Nosto: Building The Perfect Personalized Search Experience

You May Also Like
Share to...