The COVID-19 pandemic presented businesses and public sector organizations with difficult challenges to overcome, including how to generate revenue with the front doors closed and trying to master the intricacies that define the remote workplace. Human resources professionals remain struggling with a pandemic-related issue called recruiting and retaining employees. Whether your company struggles with the Great Resignation or has yet to find solutions to fight back against the talent drain caused by competition from other companies, the fact remains that recruiting and retaining top IT talent in 2023 represents one of, if not the most difficult challenge faced by IT leaders.
According to data compiled by LinkedIn, new employees are 12 times more likely to quit a job than more veteran workers. Replacing an employee can cost as much as two times the departed worker’s annual compensation. The Society for Human Resource Management (SHRM) reports a record number of workers left their jobs in November of 2022, as more than 4.5 million employees joined the movement called the Great Resignation. Tech employees represent a significant percentage of workers who left their jobs over the past three years.
To attract and retain the best IT talent, your organization must address the labor bleeding by implementing a few strategies, some of which have stood the test of time, while other strategies represent new approaches to address a problem dating back to the beginning of time.
How Can My Organization Retain the Top IT Tech Talent?
A report released in 2021 by the Bureau of Labor Statistics (BLS) discovered the annual employee turnover rate hovered around 60 percent. You can fight back against employee turnover by following three helpful tips.
Prioritize Developing Professional Skills
One of the most common questions asked during a job interview is “Where do you see yourself in five years.” Unfortunately, far too many companies fail to help employees achieve their five-year goals.
A Degreed study states almost half of all professionals say they are more likely to leave their current job if they do not feel there is an unwavering commitment to developing their professional skills. Offering company training programs, as well as exposing your IT teams to collaborative learning environments, represent two effective ways to develop IT skills in your current team members.
Establish a Recognition Program
Money might be an enticing benefit to join your organization, but it often does not indicate that an employee stays with your company for a considerable length of time. Deloitte released a study that shows employee recognition is one of the three most common reasons why workers remain at the same company. Another survey states more than 60 percent of employees who feel recognized are unlikely to search for a new job.
Employee recognition not only covers professional achievements, but it also involves paying homage to personal accomplishments, such as welcoming a new member of the family into the world.
Adopt Flexible Workplace Policies
One of the most dramatic changes for organizations dealing with the pandemic concerned the transformation of the workplace. Because of shelter-in-place orders, workers from most industries found themselves working from home. As the pandemic started to wane, companies continue to adopt the new normal of remote or hybrid workplaces. They also created workplace environments that allow employees to split their time between working from home and coming into the office.
According to the Consumer Technology Association (CTA), more than 90 percent of tech companies claim providing flexibility in the workplace represents a crucial component of developing a successful employee retention program.
How Can My Organization Attract the Top Tech Talent
Now that you know how to stop the drain of talented IT professionals, let’s review what it takes to act like an employee magnet.
First, your organization needs to create compelling job descriptions. You probably have heard about the term Call to Action (CTA), which is a marketing tool used to motivate consumers to take action on a product or service. Writing a compelling job description acts as a form of CTA, but the call to action is for job seekers in the tech industry. Your job descriptions should not only include professional responsibilities, but also the expectations your company has for job candidates.
Second, clearly communicate your organization’s values and vision. Presenting the goals of your company lets job candidates determine whether your organization is a good fit for them to reach their personal and professional goals. Building trust is essential to attracting the best IT talent, and you accomplish developing trust by being upfront by sharing your company’s values and vision.
Third, make competitive offers regarding compensation. Although compensation is not one of the most common reasons why IT professionals remain at the same job, it is an influential factor that attracts the brightest minds in the tech industry. Offering an attractive compensation package starts with an annual salary. The annual salary offered to IT professionals should at least exceed the industry average for the same tech position. Then, your company should offer a lucrative benefits package that includes attainable bonuses, as well as comprehensive health insurance coverage and an employer-contributed retirement program.
Participate Today: CIO State of IT Talent Survey
For more insights, please participate in our CIO State of IT Talent Survey.
Learn how your CIO peers are dealing with the IT talent challenges including recruitment and retention! Participate in this important study by taking a brief survey (est. 5 minutes) and be the first to receive a complimentary copy of the results of the 2023 CIO State of IT Talent Study. All responses are anonymous and strictly confidential.
The annual CIO State of IT Talent Study aims to gather insights on the difficulty in finding IT talent in organizations and the reasons behind it. It also seeks to identify the most challenging IT skills to recruit, the most common reasons for IT employees leaving an organization, and the importance of employee retention, benefit and perk offerings, and diversity and inclusion in recruitment and retention efforts.
By understanding these factors, CIOs and their organizations can develop effective strategies to attract and retain IT talent, which is crucial for staying competitive in today’s technology-driven business landscape.
Click here to participate.