Why employee retention is vital for business growth in the tech sector
Andy Mason suggests the perks that will entice your employees to stay put.
Reading time: 3 minutes
The World Economic Forum predicts there will be at least 133m new tech-related jobs generated globally by 2022.
With the digital skills gap widening every year, gaining access to skilled professionals is a crucial factor that sets successful companies apart.
As demand for technology professionals outweighs supply, improving employee retention should be a high priority for tech companies.
The current landscape of employee retention in the tech sector
Failing to keep skilled workers may be a nightmare scenario for most industries, however, according to LinkedIn, the tech sector currently has the highest turnover rate in the market.
Looking at tech giants such as Amazon and Google, the typical tenure for IT candidates is little over a year.
Why is employee retention essential for business growth in the tech sector?
Of course, your organisation’s objectives must be a top priority. However, many professionals in management roles agree that focusing on retaining key employees in the company is vital for the long-term health and success of the business.
Having happy valued employees can only boost morale and productivity in the work environment.
A more engaged workforce will improve customer satisfaction, increase sales, and strengthen future succession planning; it will also mitigate potential concerns from investors, and ultimately improving the growth and profitability of your business.
A more engaged workforce will improve customer satisfaction, increase sales, and strengthen future succession planning
To secure your top tech talent and limit staff turnover, try to provide your employees with the opportunity to grow and be rewarded within the company. The easiest way to do this is through a structured career plan and employee benefits.
Employee benefits that will help increase employee retention rates:
1. Flexible working hours
Implementing a flexi-scheme into your business has been shown to uplift morale and improve the work-life balance of employees, resulting in increased motivation and productivity around the office.
2. Career vision plan
Every business can afford to offer their employees a career vision plan. It is good management practice and can really help an employee picture themselves at a company for the long-term.
Developing a career vision plan can be as simple as holding regular one-to-one meetings to talk about career objectives with the company.
3. Office perks
To ensure your employees wants to stay with you, try to make the office a happy, comfortable, and fun space to work in throughout the day.
According to a recent marketing report, Salesforce professionals have indicated that working conditions, such as favourable office environments, can influence job satisfaction and therefore affect their decision to retain their position at a company.
The modern-day office is more than a desk for your staff to work at five days a week. It's a place where your employees can blossom, not just professionally, but socially and personally.
4. Company incentives
Incentives are a great way to show your appreciation of your employees’ work, and they don’t cost much. Even small allowances like dress-down days, late starts, or extra annual leave can make a massive difference to employee morale.
Your team won’t mind what the incentive is, just as long as you’re acknowledging their hard work and dedication in some shape or form.
About the author
Andy Mason, senior director at Mason Frank International
Sandra Kelly looks at the ways that hospitality businesses are preparing for the big reopening.
More people may be working remotely but we still need to manage effectively, says Anna Rasmussen.
We shouldn't lose sight of the impact of learning in the 'new normal', says Andy Moss.
Vincent Belliveau, Senior Vice President & General Manager EMEA at Cornerstone OnDemand, explores the benefits of internal recruitment
L&D experts from LinkedIn, Coca-Cola and Capital One International are set to share their expertise at the renowned World of Learning Conference.
Craig Weiss just unveiled FindAnLMS.com, a new tool that will make it faster and easier to match up companies with the right learning systems...