4 Ways to Retain Top Tech Talent in Today’s Competitive Market

There’s no denying the fact that hiring tech talent is a challenging task in today’s time. One of the simplest solutions to end the continuous fight is to retain tech talent and nurture them. In today’s tight labor market, companies are trying to lure tech talent away by giving ludicrous offers in terms of perks, projects, pay and opportunities, thereby making it all the more challenging for organizations to retain their talent. Here are four tips on how to retain your tech team in today’s competitive market:

1. Consider the lifecycle of an employee
When thinking about retention, it is important to consider the employment lifecycle in order to implement an effective strategy that touches every stage of tenure. Start with the candidate experience and how you interact with candidates during the interview and hiring process. Is it in a manner that entices the employee to learn more about the organization and pursue the open role? Organizations should consider taking the candidate out to lunch or maybe even sending them holiday cookies, since it’s the holiday season! The key element to retaining employees is understanding what they value and how to deliver it so they feel appreciated.

2. Implement flexible schedules & WFH options
It’s likely that you have a handful of tech professionals on your team who work on projects during late hours of the night or wake up before the sun rises to push an update live. For that reason, tech professionals are known to prefer work schedules that aren’t restricted to timings such as an 8AM- 5PM shift. A study by Stanford University notes that flexible hours and the ability to work remotely had cut employee attrition rates by over 50%. Organizations can also consider giving employees the option to work remotely and log their hours on projects during the times that they are working, even if it’s at 1 AM at night.

3. Offer continuously challenging projects
There’s nothing worse than waking up every day and feeling like it’s Groundhog Day. Like most people, tech professionals want to feel challenged and stimulated on a day-to-day basis at work. For employers, it’s important to strike a good balance between giving tech employees challenging projects according to their skill set and being open to new projects that they want to work on. A simple way to get started is to evaluate current tech stacks and who’s on the team. If someone doesn’t seem to like their specific project, employers must see if there is someone else on the team who wants to work on the project, even if they need to learn new skills in order to complete the assignment. In the long run, the project will grow the individual’s skill set and keep them challenged and engaged in their role. It’s important to monitor your team’s excitement and make adjustments when needed.

4. Offer competitive compensation
Over the past year, HRSM reports that the 56% of individuals looking for another position want higher compensation and pay. It is important to keep track of how much each individual is impacting the business with their contribution and compensate positive contributors accordingly. In order to retain top tech talent, it is necessary to make sure their salary is at market standards or they are compensated with other rewards. There’s no denying that your top employees are being contacted with other opportunities on a regular basis, and higher pay is an easy place for recruiters to start the conversation.

The effort you put in to retaining your team is just as important as efforts to seek new talent. After all, employee retention is one of the major factors responsible for an organization’s success. Click here to contact us and learn how we can take hiring off your plate so you can focus on enhancing the skillsets of your current team. At Intelliswift, we take care of our employees. click here to view our latest open roles.