A fierce competition for skilled and experienced technology professionals continues unabated throughout the industry. Tech pros with skills in AI, machine learning, and information security are currently worth their weight in gold.
This places the onus on organizations being able to retain their best and brightest, lest a poor retention rate causes a skills gap and subsequently, an unhealthy bottom line.
Here is a closer look at why retaining great IT employees is currently a big problem in the tech industry. Your company needs to go the extra mile to ensure its employees are well-compensated and professionally satisfied.
High Turnover in the Tech Industry
A recent report from LinkedIn notes the IT industry suffers from the highest employee turnover rate in the business world. This report places the tech turnover rate at 13.2 percent. Even the top companies in this sector – Amazon and Google – only boast a median employee tenure of around one-year, according to another report.
So if the biggest names in the tech world are suffering from high employee turnover, what’s an average-sized shop supposed to do when hoping to hire and retain top IT talent? Remember, the costs of the staffing process remain high, especially when it comes to onboarding and training new hires.
The Causes of Poor Employee Retention in IT
Ultimately, it’s a candidate-driven market out there. With an acute shortage of talented tech professionals, companies pay a premium to get somebody to leave their current position for a chance at something new. Still, the LinkedIn report notes the leading reasons IT pros give for leaving a job, and it’s not all about salary.
A lack of opportunities for advancement, poor leadership, an unwelcoming culture, not enough challenging work, and uncompetitive compensation rank as the top five reasons. Thankfully, these are all items that any forward-looking tech organization is able to handle.
Keeping Your Best Tech Employees In-House
IT employees want to know working for your organization is good for their career. Provide a meaningful career ladder using a great training program, innovative work, and tuition reimbursement. Requiring employees to stay for a certain period after accepting a tuition benefit easily boosts your retention rate.
A welcoming culture known for open and thoughtful leadership is another must. Finally, ensure your company’s compensation and benefits package are near the top for your area. All told, it’s a well-considered approach sure to help keep your top talent professionally satisfied.
Are you looking for IT talent?
When you need advice on building a great team at your company, talk to the experts at The CERES Group. As one of the top technical staffing agencies in New England, we provide great candidates able to make a difference for you. Schedule a meeting with us soon!