When you find the best candidates, you may discover that maintaining them is just as difficult as recruiting them in the first place. Replacing candidates with specialised skill sets or those in senior Tech roles can cost your Organisation money, resources, and labour, which is why many forward-thinking companies are looking for practical ways to retain Tech Talent.
So, as a tech recruiter, your biggest challenge will be creating a plan to not only win the fight of attracting the best tech talent but also to retain them.
According to a McKinsey survey, 61% of HR professionals believe hiring & retaining developers will be their biggest challenge in the years ahead.
According to Spiceworks IT Career Outlook, 1/3rd of IT workers nationwide want to seek new jobs this year. According to the same research, more than 60% of tech workers are dissatisfied with their present salary. During an industry-wide talent shortage, it's critical that your new Tech Recruits feel appreciated by your company. If your Tech talent feels underpaid, it won't be long before they go for (or are poached for) a new job with a rival who is prepared to pay them what they're worth.
Top developers can have a major impact on your company. We must ensure to have an answer to these questions: Are you doing enough to stay ahead of the competition in your search for top IT talent? Do you have a good plan in place to avoid losing your best candidates to other companies?
If your answer was a cautious "maybe” or “I guess," this article is for you.
Firstly, what is Employee Retention?
It is an organization's endeavour to retain its most valuable asset - its people! Furthermore, whether an employee retention rate is low or high has a direct influence on the company's entire operation.
It is also a good idea to adopt a data-driven employee retention plan rather than terminating people outright. We propose keeping a close check on the staff retention rate on a regular basis. Typically, half-yearly or quarterly.
How is the staff retention rate calculated?
It is super easy to calculate the staff retention rate.
Step 1: Select a time period like a month, year or 6 months.
Step 2: Divide the number of workers who stayed during the specified time period from the number of employees on the first day of the specified time period.
Step 3: Multiply it by 100.
Here is an actionable list of 14 ways on how to win & retain tech talent for your company:
1.Enhance employee well-being
Employee well-being is about taking care of your employees and making sure their needs are acknowledged and satisfied. Employee well-being relates to their mental, physical, emotional, and financial well. Studies have shown more than half of employees are burned out. Employees that are burned out will be unable to function at their peak productivity and will begin to feel detached from their company. Employees want to feel like they are being treated fairly and that their compensation is commensurate with their skills, experience, and effort.
ProTip- With the development of remote working, you can still promote your employees' well-being by implementing virtual wellness activities such as online workouts, virtual games, group therapy sessions, and more.
2. Make sure your Culture is Tech-Forward
Why would tech leaders want to work with you? While money is crucial, top applicants are more concerned with working with emerging technologies, honing their talents, being part of a culture that appreciates technology, connecting with a meaningful purpose, and, most importantly, working on intriguing and compelling challenges.
Retaining top talent requires creating an atmosphere in which developers are recognised as innovators rather than just a bunch of robotic coders. Growth is a necessity in the development of engineering culture.
This can be showcased by working on different aspects of your career page and discussing the corporate culture. Using distinctive terminology that represents your brand and key values is the best method to convey your company's culture.
ProTip- Your company may be diverse & inspiring, motivated & results-driven, or transparent & inclusive. You should showcase that to attract and retain the right people. Since your main focus is on hiring techies, you should make sure there is a lot of benefits for an engineer’s role in the organization, a strong engineering leadership and a focus on technical excellence. It’s not about the table tennis tables or bean bag chairs that define culture but your attitude and project-driven culture.
3.Stop transforming excellent engineers into poor managers:
This is the most common mistake in tech recruitment. Recruiters expect engineers to become people managers. And guess what? More than two-thirds of the developers don’t want to be one. These specialists would rather keep their skills up to date and tackle more complex digital tasks.
ProTip -FastHQ has both managerial and non-managerial career paths for tech talent. We strongly believe that the technical track organised by each company should have clear “job architectures” and expectations for advancement at each level.
4. Allow for flexible working hours and/or remote work:
Given engineering and other technical jobs often require working on a computer, a lot of them prefer the opportunity to work from home, especially if they are highly qualified and experienced.
Although most IT businesses now mention that a post is remote in the job description, others still limit hiring to local locations or, in most cases, comparable time zones. You need to determine what works best for you and adapt your job ads appropriately.
ProTip- If the function involves in-person work, explain why (e.g., the necessity for high-level cooperation) and to what extent (e.g., if it's full-time in-house or simply specified days, and how flexible this is).
5. Create pathways for growth:
No employee wants to feel stuck in their position with no opportunity to grow and improve. An employer must provide employees with opportunities and avenues to grow, develop, and progress within the business.
Employees can improve their careers by expanding in their present function (via training and competence development), being promoted to a higher level in the same department, or moving to another department into a different post.
ProTip- Create a clear career progression structure that shows your staff how they may advance in your firm. You may also promote and support your staff in developing and implementing personal development programmes.
6. Create a mentor and buddy culture:
Most new workers will take some time to settle in and learn the ins and outs of the firm. Engage your employees and make them feel like they belong.
Employees should not feel like outcasts in a company, but rather that they belong and are a part of the team. They will feel appreciated and a member of the team as a result.
ProTip: Use a buddy system to reduce new hires by allowing a recruit to be taken under the wing of an experienced employee and learn the ins and outs of the organisation. You may create an employee engagement action plan to help each business member feel more committed to working toward the firm's objectives.
7. Rewarding Efforts as well as Results-
It is easier to assess outcomes than the work required to get those outcomes.
I'm sure we've all been in circumstances when we worked really hard to close that transaction or meet those targets. A coworker, on the other hand, gets it with the flick of a finger. Not because we are less capable, but because things do not always go as planned.
Companies must sympathise with the situation on the ground and acknowledge their employees' efforts.
ProTip- Next Jump, a US-based startup, is a perfect illustration of this. They've chosen to give staff bonuses depending on how much they've assisted their teammates. So, rather than simply admiring outcomes, it's time to acknowledge and reward hard work!
8.Participating in CSR Programs-
According to reports, millennials and Generation Z workers are more motivated toward social duty. They are committed to giving back to the community. People appreciate empathy, especially in times like these.
Contributing to society and assisting people in need are both pleasurable experiences. It fosters employee loyalty and engagement. A CSR activity in which employees may participate is a good employee retention strategy. It will go a long way toward increasing employee engagement.
ProTip- Because physical team activities are not a possibility, virtual CSR activities are a lot better solution. You may plan activities like virtual charity bingo. There are also certain things that you can undertake alone or remotely. For example, planting trees, cooking for a cause, and contributing to donating to the pandemic hit communities, etc. This fosters a sense of fulfillment and team bonding. It makes you feel like a part of something bigger.
9. Programs for Sabbatical Leave
Sabbatical plans are an excellent approach to keep high performers. It demonstrates that you value your long-term workers' hard work and service. According to the company's leave policy, sabbatical leaves might last six weeks or longer.
A sabbatical break may be extremely beneficial to employees. They get the opportunity to learn new skills and work on their passion project. Some people are just delighted to spend quality time with their loved ones.
ProTip- We understand if your startup cannot afford this as you have just started. If not for a month, you may also arrange for your remote staff to take a mental week off. Employees are observed to be considerably more motivated and recharged after a relaxing long holiday.
10. Unique Compensation Methods-
According to a Glassdoor poll, 35% of employees stated they would quit their job for greater pay. Of course, a family lunch ticket, care box, and so on sound appealing. But you must think beyond these fleeting pleasures. It demonstrates that you are as invested in your workers' progress as you are in the growth of your company.
There is also a noticeable surge in the number of US employers that want to pay in Bitcoins. Twitter CFO Ned Segal stated that Bitcoins are being considered as a form of payment for both staff and merchants.
ProTip- You can include health insurance, vision and dental insurance plans, retirement plans, performance bonuses, ESOPs (Employee Stock Ownership Programs), phantom equity, employee discount program, paid training stipend, tuition reimbursement, bonus vacation time, free group catered lunch and delayed signing bonuses.
11.Maintain employees' mental and physical fitness:
Nobody wants to be overworked and stressed out! Employees are increasingly demanding work settings that promote long-term stress management as well as personal and family wellness.
As a result, the modern workplace must actively avoid burnout and promote mental wellness. And one excellent method to accomplish this is to encourage wellness and a good work-life balance.
ProTip- To avoid video call weariness, try having a no-meeting day for team members who work from home. Employees will notice a renewed and better mood and focus when leaders push people to focus on what drives them both in their personal and professional life.
12. Creatively challenge your team:
For better employee creativity, more and more firms are organising frequent hackathons and "ship-it" days. Employees can gather and collaborate on issue resolution at events like these. This allows workers to devote time to initiatives that interest them while also benefiting the organisation through innovation.
ProTip- A hackathon allows teams to collaborate and approach challenges from new perspectives. This tool may also be used to address non-technical issues within a company. A creative retention strategy like this one provides employees with experimental projects and leadership chances outside of the workplace. You can also try fun challenges like “CEO for a day” or “Manager for a day” so that your team
13. Exit Interviews should be conducted:
Exit interviews are a terrific method to learn from workers who have previously left your firm and apply techniques to help retain top talent in the future. Exit interviews can assist you in tracking the efficacy of your onboarding process and making any required improvements. Overall, exit interviews are a useful tool for employers to learn what is and isn't functioning in their firm. Employers may enhance employee retention rates by understanding why employees are leaving.
ProTip- You should ask about reasons for leaving, overall satisfaction with the organisation, input on corporate culture, overall team feedback, leadership role and the onboarding process.
14. Encourage Managers to Express Their Thanks:
While employee recognition programmes and prizes are excellent ways to boost engagement, managers may take it a step further by expressing their gratitude on a more frequent and casual basis.
A successful manager may mould and build a group of individuals into a cohesive unit that works toward the same goals. Appreciating your staff boosts their engagement and morale while also fostering team trust. Likewise, according to Deloitte's Talent 2020 Survey, one of the top three non-financial determinants for employee retention is leadership support and recognition.
ProTip- Managers can express their gratitude in a variety of ways, including:
Thank them for their efforts with a handwritten message or card, recognize and praise their distinct abilities and accomplishments, inquire about their interests and personal lives outside of work, take them out for coffee or lunch, make time for them and maintain an open door policy. When you stroll past their desk, smile and say hi. These seemingly insignificant actions can have a significant impact on employee happiness.
Need A Pipeline of Qualified Candidates? It’s possible!
Now is the moment for your company to identify and apply effective tactics for increasing talent retention. Contact FastJobs.io right away if you are looking for the top 1% pre-screened tech talent. Our unique 10,000+ techies network is packed with active and competent people that want to help your company develop and flourish.
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