As the demand for skilled IT personnel increases, companies struggle to not just find the talent they need, but to retain those they were fortunate enough to employ. While the demand for IT talent is expected to rise significantly, and unemployment in the sector is relatively low, being able to keep your most valuable employees will become increasingly difficult.
The main questions are simple: Why do talented individuals choose to move on? What can your company do to entice them to stay?
Here are some considerations for retaining the talent your company needs to succeed.
Why do talented individuals choose to move on?
In order to determine what your company can do to retain the highest level of talent available, it is important to understand why an IT professional may choose to accept a position elsewhere. Some of the primary reasons include compensation, environment, and opportunity.
With demand in the tech sector increasing, many businesses use compensation to attract potential candidates away from their current employers. Not only does this include higher wages, but also various benefits. This is beyond the basics of medical and retirement. With many employees looking to achieve better work-life balance, benefits can include flexible scheduling options or the ability to work remotely.
Along with compensation and scheduling options, employees want to work in a positive and supportive environment, with a culture that supports growth and an understanding as to how their contributions fit into the company mission. Some of these desires are intrinsic in nature, relating more to how an employee feels about the work they are doing and the conditions in which they are working in.
Opportunity goes well beyond the ability to advance. It also includes a desire to learn new skills and further their knowledge. Some employees value the ability to cross-train into different areas, while others may be interested in educational benefits. A workplace that can offer opportunities to improve within the field can be a decision point for employees looking to keep moving forward.
What can your company do to entice them to stay?
It is important to understand if the basic compensation package being offered is truly competitive in the industry. Also, if you are bringing in new talent with higher wages, but are not looking to increase the pay of existing employees, you may be missing a key part of the puzzle. A failure to bring current employees up to the new compensation standard may breed resentment, leading to more employees choosing to leave for the higher offerings a new employee may see elsewhere.
Compensation does not have to be strictly monetary. If you do not offer certain flexible scheduling options, consider instituting a program that offers options beyond the standard nine-to-five. Whether it is a compressed work week, a wider window to complete the needed work hours within a day, telecommuting, or a variety of other alternatives, allowing employees some flexibility can have a notable impact on overall retention.
Find new ways to encourage employee development. While not all companies can afford traditional educational benefits, offering mentorship programs, cross-training opportunities, and skills workshops may encourage those who are driven to learn to stay, in order to take advantage of the unique offerings.
Professional Guidance on Retention Strategies
With over 20 years of experience in the IT field, the professionals at ITStaff have the industry knowledge necessary to help your company think outside the box. Whether you are working to retain current employees or find new talent, contact ITStaff and see how they can help your business succeed today.