In the fast-paced, ever-changing world of tech, it’s hard to keep up with the constant battle for top tech talent. While finding talent is great, it’s important to remember the other side of the coin – retaining talent. The high-paying salaries, flexible schedules, and generous benefits offered by some tech companies can lure in the best and brightest, so it’s important that you’re not only focusing on attracting talent but keeping your current team satisfied.
The Truth About Retention
The cost of losing an employee is one-half to two times the employee’s annual salary. And the truth of the matter is that people are more willing to jump ship than ever before. So not only will employee turnover cost your company a pretty penny, but it will also cost you valuable time and resources to train a replacement. A new hire could take as long as six months or more to reach the productivity level of their predecessor.
The real problem is retention. If a company does not have a retention strategy in place, the outcome is all but inevitable—they can lose valuable employees, which will negatively impact the overall health of their business. So, what can companies do to better their chances of retaining talent in tech?
5 Strategies for Retaining Talent in Tech
1) Have Competitive Compensation Packages
The salary market for tech talent has always been high—and employers have become more and more competitive over the past few years. Having competitive pay packages to attract top talent is essential, but make sure if you’re upping a role’s salary range, you also give your current employees a bump in pay.
2) Annual Review & Recognition Programs
Because an employee’s performance affects your company’s success—employers should recognize and reward their team’s hard work. The best way to do this is with a formal review process that focuses on areas for improvement and where employees have excelled. Annual or quarterly bonus programs based on performance also go a long way in showing employees you appreciate their hard work.
3) Team Building Events
Another great way to keep top talent is by building a strong culture of collaboration, teamwork, and mutual respect within your company. Put together fun team bonding events to help foster positive relationships and encourage team spirit. Additionally, have your leadership team be an advocate for team bonding and collaboration.
4) Provide Employee Development Opportunities
We all know that employees who are constantly learning are more valuable members of the team, so it is crucial to provide them with growth opportunities. Offer training, coaching, and mentorship to keep your tech talent engaged and excited to work for your company.
5) Create a Work Environment that Encourages Employee Happiness
Finally, remember that employees don’t just want to make money—they also want to be happy. So, creating fun work environments with perks such as work-from-home opportunities, on-site lunches, and flextime are ways to show employees that they are important. Listen to what your team has to say. Involve them in the decision-making process and encourage healthy debates.
By focusing on these five strategies, you’ll have a much greater chance of retaining talent, keeping your team happy, and ensuring their continued success—and the success of your business.
Looking to Stay on Top of the Job Market?
At WideNet, our team is here to help companies in bettering their hiring strategies to attract and retain top tech talent. If you’re focused on retaining talent in the tech space or need new hires to fill an open vacancy, we have the hiring strategies for you! Contact our team today to learn more about our staffing and recruiting solutions.