Reducing Tech Talent Turnover
In a recent LinkedIn study it was found that technology (software) had the highest turnover rate of any other industry, beating both retail and telecommunications. That’s some serious tech talent turnover.
The root cause for this high turnover rate is likely down to high demand and rising packages for top talent.
As employers and offers get more competitive, top talent is more eager to jump on new opportunities. The numbers support this theory: according to LinkedIn data, almost half (49%) of departing tech employees take another job within the tech sector.
So, with all that in mind, it’s important that you focus on making yourself as competitive as possible so that you can reduce tech talent turnover and avoid a very complicated and drawn-out recruitment process.
We’ve brought together a few of the best
Look At Your Employee Benefits
According to Linkedin, 44% would stay in their current job for the benefits and 46% would stay for a sense of belonging.
With benefits often being the only distinguishing factor between two very competitive and similar roles, it’s important you get them right.
The introduction of flexible working legislation in the UK in 2014 sparked a significant shift in employee working patterns. The new requirement states:
All UK employees now have the right to make a statutory application for flexible working once they have been employed for at least 26 months.
This legislation has led to an increasingly widespread adoption of flexible working practices. According to a study conducted by Lancaster University’s Work Foundation, more than 70% of businesses are expected to accommodate flexible working by 2020.
Employers can’t simply dismiss employee requests. They need to be dealt with in a reasonable manner, assessing the advantages and disadvantages and discussing the situation in a meeting with the employee. All employers retain the right to turn down a request, but they must have a legitimate business reason for doing so.
Create A Sense of Belonging
Studies show that feeling a sense of belonging in the workplace leads to more than just good vibes and friendships. Belonging is what allows employees to feel like they can be their authentic selves without fear of different treatment or punishment—and it has a major impact on performance and retention.
Some of these seem so obvious, like recognition for accomplishments, but sadly those are the ones we often neglect.
Small, simple gestures are an impactful and cost-effective way to make employees feel truly valued, like allowing them to announce big wins, honoring employees’ work anniversaries, and unique award programs that go beyond the standard “Employee of the Month.”
Use A Recruitment Agency
Now, I know what you’re thinking.
What can a Recruitment Agency do to reduce turnover?
Access To Genuine Talent
The first step in retaining talent, is finding someone who is the right fit for your company and your team in the first place.
It doesn’t need to get any more complicated than that.
If you’ve got the right candidate in the first place, you’ll have an easier time keeping them.
Recruitment agencies have an advantage when it comes to hiring as they have a foot in both camps – they work with both employers who are searching for talent, as well as professionals on the lookout for promising new career opportunities. Therefore they are ideally placed to be ‘in the know’ and operate as a matchmaker between with two parties.
Furthermore, recruitment consultants are highly skilled at identifying the tell-tale signs of a bad candidate. This makes good consultants extremely valuable; they know who is looking for work, how capable they are, and what sort of salary expectations they have. At Venturi each consultant on our team works exclusively within a particular sub-sector of the IT industry. Dividing up work in this way offers significant benefits.
“Out of necessity, generalist recruiters need to take time to build an understanding of each individual role they recruit for as and when they come about. In contrast, because I’m only concerned with the Data and Business Intelligence market, I can focus my attention on building my understanding of the tech, trends, and candidates. By working in this area for a number of years I have developed a genuine passion for BI and Data, which makes my conversations with candidates and clients better informed and more enjoyable,”
Lewis Blades, Senior Consultant at Venturi.
Build a Lasting Relationship
Fostering a lasting and trusted relationship with a recruitment agency is hugely beneficial as future hires will inevitably become smoother and quicker. Over time the two parties will gain a better understanding of how the other works and wants to communicate. The agency will develop an intuitive understanding of what the ‘ideal’ candidate looks like for a particular company – not just based on skills and experience alone but also on personality.
Access To Support Outside The Hire
Things like salary negotiations, hiring and training needs analysis and other staffing essentials that go beyond the initial hire play a massive part in reducing talent turnover but they’re often overlooked by recruitment agencies who are only interested in placing candidates.
We pride ourselves on providing full support to hiring teams from figuring out whether you need to make a new hire to negotiating their renewal contract.
Not many recruitment agencies can boast this level of support for those who hire through them.
Managing with a view to retention
Once you’ve got employees with the right attitude in the door, you need to work to hold on to them. Indeed, high-performing data teams are characterised by high levels of output and very low levels of staff turnover.
Writing for MIT Sloan Management Review, Roger Stein, Senior Lecturer in Finance at MIT, said there are three main jobs leaders need to take on to manage a first-rate data team: 1) Build an engaging environment; 2) Make sure the team has access to necessary resources; 3) Get your hands dirty – but stay out of the way.
Employee recognition is a key aspect of maintaining an engaged workforce. Studies have repeatedly shown that feeling appreciated at work is a leading driver of employee engagement. This should hardly be a surprise. Nobody wants to feel as though their efforts are taken for granted.
But the unfortunate reality is that employee recognition is one of the areas where employers routinely disappoint their staff. Most of the time this is down to lackluster ideas of what constitutes ‘recognition’.
At many organisations, there is a tendency to resort to generic, impersonal employee recognition methods like “Employee of the Month” awards and bulletin board announcements in the break room. Needless to say, pretty much everyone views such approaches as lifeless and corporate. They don’t resonate with the things employee actually care about.
So what should be done instead? Build more meaning and connection into your workplace. Give people a chance to make a real impact. And use your staff recognition programs to reinforce that meaning, connection, and impact.