The demand for technical talent is at an all time high, paralleled by the rise in job vacancies, we’re all facing a difficult hiring market. While many companies adjust their hiring tactics and begin to focus on more intricate attraction schemes, it’s also important to consider your employee retention.
As a result of current market demands, the majority of companies are looking to expand their tech departments. So, your technical teams are probably fielding more job offers and being contacted by more recruiters than ever before.
Expansion is ideal but retention is essential. You don’t want to get caught in a one step forward, two steps back type of hiring routine.
Checkout our top tips for retaining tech talent:
- Training /development
A linkedIn study found that 45% of tech workers left their jobs due to lack of opportunity, meanwhile 59% joined their current company because of development and career opportunities. Investing in training programmes allows your employees to develop their skills, progression that ultimately improves the quality of their work and benefits your company, all while letting them know that you’re invested in them.
- Flexibility
Workplace flexibility is fast becoming a must-have perk for candidates, especially within the technology sector. Whether it’s flexible start and departure times or remote working, giving your employees an element of flexibility in their daily structure can increase productivity, reduce stress and improve retention.
- Recognition & Reward
Everyone likes to feel valued, telling your team that they’re doing great work that the company values can go a long way. Some companies introduce formal reward systems and bonus schemes to incentivise their teams, but this can also be done on a smaller scale and within a limited budget – something simple like lunch on the boss or an extra day off can go a long way. It’s also important to keep in mind the kind of rewards you want to introduce, whether it’s in your interest to encourage competitive bonuses or if team targets fit better with your culture.
- Perks
Providing a quality benefits plan is a practical strategy that can likely attract new talent as well as help to retain your current staff. The perks can range from the little things like remote working and flexible scheduling, to things like gym memberships, free lunches, or in office entertainment. It’s good to choose perks that align with your brand and culture, but if you’re ever in doubt – it never hurts to ask your team.
- Market value & don’t low-ball
In a sector flooded with opportunity, candidates don’t have to settle for an unattractive offer. These days talented developers can be headhunted 10 times a day – they know their value and you should too. The demand for digitally skilled workers has caused a rise in talent poaching, only companies matching market value will be able to hire and retain the best talent.
Vivo Talent help companies recruit and retain the best candidates, through providing our clients with salary benchmarking, consultation on employee branding and innovative attraction techniques. Should you want to learn more please feel free to get in touch.