There has been exponential and unparalleled growth in the tech industry in the last few years. With new companies popping up every day and established ones expanding, there is an unparalleled demand for tech talent globally. However, tech companies are facing issues like high employee turnout rates, unsatisfied and burnout employees, and inability to find the required talent.
As per the recent survey from Workable and TalentLMS, 72% of tech employees in the US are looking to quit their jobs in the upcoming year, leaving tech companies scrambling to find and hire the best people they can. Moreover, lack of talent was the dominating factor that negatively affects the adoption of different technologies, as revealed by Gartner’s survey.
But how do tech companies find and retain top-quality talent? Fortunately, there are ways that they can find and keep their employees happy, and it starts with giving them the tools they need to succeed.
Make a Competitive Offer
When it comes to finding and retaining talent, tech companies have a lot of options. But if you want to get the best people on your team, you need to make a competitive offer.
It’s not uncommon for companies to offer higher salaries than their competitors; this makes it easier for them to attract and retain workers. According to Global Tech Talent Trends 2022, 60.9% of tech employees witnessed an increase in their salaries in the past 12 months.
But it’s not just about money. There are other ways that tech firms can compete with each other for tech talent. For example, companies like Google and Facebook are known for providing their employees with perks like free food and wellness services. This proves to be enough of an incentive for some workers to choose one company over another.
In addition to salary and perks, tech companies should also consider offering bonuses or stock options as part of their compensation packages. These options can help attract and retain top employees while also encouraging them to work harder at their jobs to earn more money down the line.
Build Workplace Employees Want to Be a Part Of
In the tech industry, it’s common for people to work long hours and burn out. The lack of sleep and stress can lead to serious health problems, as well as decreased productivity. The State of Burnout in Tech 2022 Report by Yerbo found that 62% of IT employees feel physically and emotionally drained.
If you need to find and retain talent for your company, why not start by creating a fun and engaging workplace?
Here are some ways you can help your employees unwind after a stressful day:
- Host happy hour events every week where employees can network with each other and discuss industry trends over drinks. Happy hour ideas are important because they help employees unwind after a taxing day of work.
- Offer mindfulness training courses like meditation or yoga classes in your office space. Many people find these activities help them de-stress and relax after a long day of work.
- Encourage your employees to take breaks from their screens by taking walks outside or going for bike rides through campus on their breaks from coding or designing web pages all day long.
And when your employees are feeling relaxed, they’ll be able to focus more on their work and less on stress.
Embrace Diversity and Inclusion
Tech companies are realizing that it’s about bringing a variety of people with different backgrounds and experiences together, to create a more dynamic environment. And the best way for companies to find the talent they need is by embracing diversity and inclusion. In a State of DEI in Tech 2022 report by Built In, 49% of tech organizations are willing to host DEI (Diversity, equity, and inclusion) events in 2022.
The numbers speak for themselves: a diverse team brings in more revenue, has higher retention rates, and performs better than other teams. But it’s not just about the business case, it’s also about the moral argument: it’s simply the right thing to do.
Whether or not you are a “tech company,” embracing diversity and inclusion will help you find and retain talented people who bring their whole selves to their work. This would also mean more creative solutions for your organization’s problems, more opportunities for growth within your team, and happier employees who feel valued by their employer.
Focus On Work-Life Balance
When you’re looking for tech talent, you want to make sure that you’re not just finding people with the skills you need, but that you’re also keeping them happy and engaged.
And if employees don’t have time for things outside of work, then they’re not going to stick around for long. Take a look at this 2022 Tech Sentiment Report from Dice: it shows that 16% of tech employees say they have a worse work-life balance in their current job. And if you think about it, that makes sense.
These are people who work long hours, often in an office setting where they sit at a desk all day long. Hence, it’s no wonder they feel like they don’t have enough time outside of work. That’s why work-life balance is so important to tech employees. They want to be able to spend time with their families, take vacations, and enjoy life outside of work.
If you focus on providing your employees with opportunities for growth and success, as well as offering them flexible working conditions, then you can help them feel more connected to your company and keep them around longer.
Tech Companies Need to Offer People Opportunities They Can’t Get Elsewhere
As a tech company, you need to offer people opportunities that they can’t get anywhere else. If you want to find and retain talent, you need to be able to give them the opportunity to work with cutting-edge technology and have fun while they’re doing it. These tips are sure to help you find and retain your next great employee.