Do you know what is more difficult than hiring and training technical staff? Well, if your guess was retaining a good technical staff then your answer is absolutely right. In this era where there is an abundance of job opportunities and employees tend to control their career path more than ever, which is a good thing. Here are the insightful top 6 reasons why it is difficult to retain talents in your company.
New Opportunities
With the World’s digitalisation creating a demand for such talent much bigger than the supply, and with more and more companies becoming tech companies there are now opportunities laying in everyone's pocket. Every employee will be ready to risk it all if they find better options. It is quite natural and a common human tendency to always choose something better when given an option or two. Besides, the young and un-experienced ones will want to explore all their options. At the back of their mind, they will have this voice saying that they can do better than this.
Job Satisfaction
Millennials make up the largest segment of the workforce and they can easily get bored or demotivated with regard to their jobs as they try to seek things that keep them on their toes. They can easily jump ships without thinking about its consequences. Job satisfaction in the workplace is more important than the pay and benefits as all of them will expect respect, a healthy environment and good communication especially with their direct manager that will lead to higher productivity, increased profits and loyalty. And a good career progression path shown to them.
Flexibility
Flexibility is a popular phrase in the corporate world right now, and for good reason. Employees are clamouring for flexibility around appointments, life events, and more as remote working gains hold. Employers who do not consider flexible working options will struggle to attract talent, as this becomes the standard. If that's all you have to offer, modern professionals aren't going to continue with the standard 9-5 schedule and will start seeking elsewhere owing to the work-life balance. They want to break all constraints blocking them from their commitments, and at the same time get a better quality of life.
Demand is very High
Careers especially in IT are in high demand but there is an acute shortage of real talented tech professionals. Throughout the sector, there is a vigorous rivalry for qualified and experienced IT workers. Because information technology is one of the most sophisticated occupations today, it's only natural that careers in this field be well rewarded. The more difficult an IT job is, the more expertise it necessitates and the higher the pay. And the competitors can always promise your employees a better salary and a greater learning opportunity.
Recognition
Employee turnover can be influenced by a lack of recognition, which is linked to a bad management style. After all, no one appreciates feeling unappreciated, and a lack of appreciation will inevitably lead to employees seeking the attention they deserve elsewhere. Surprisingly, according to a recent survey over 65% of workers feel undervalued in their existing positions. Even if a lack of acknowledgement does not cost you your best employees right away, failing to address it will result in bad morale and decreased production. As a result, organisations that provide remarkable recognition methods and processes have a lot of room to grow.
Pay difference between contractors and permanent staff
There is a definite difference between permanent staff pay and contractors’ pay. Contractors who know their value have much higher income and they often claim that changing every year or two gives them more knowledge and experience. So that is a difficult one to tackle if you use contractors. You need to keep giving them projects where they learn. And a question for you: are you able to afford them?
Now that we know what are all the reasons why it is difficult to retain good staff, What shall you do? How can we help you out in this situation?
We can all agree that information technology is here to stay, which is why there will always be open IT jobs and we will have to prepare for the same. Employee retention is quickly becoming a major differentiator in the marketplace and the capacity of a firm to retain its people, particularly in tight employment markets, has significant implications for its ability to function at a high level without the interruptions that employee fast turnover brings. The firms which succeed are trying to meet the demands of their employees. After all, who would give up a benefits package that is perfectly tailored to their needs?
Thrive at keeping your employees happy, by creating a friendly culture ( with diversity and inclusion ) and a culture of growth. No one likes to be stuck for years in the same position. Train your staff, allow them to move upwards and side-ways, when they need a change. And don’t forget to run monthly one to one meetings with each of your staff to check their level of satisfaction or issues they are facing. Even if it’s just a 10mn meeting. You will be surprised at how much they will appreciate that.
But before you implement a plan to increase employee retention, you need to determine if they are worth a catch and if not I guess you have to go with the option of recruiting better staff. And that is where we come into action, as Technology Recruitment experts, with a strong focus on Fintech and Technology firms, we are able to get you those talented candidates from those countries with a strong IT education system to fulfil your requirements with their track records for job roles ranging from CTO, Head of Software Development all the way down to Programmer or Data scientist. Those people can be remote professionals, contractors, permanent, or on-site, depending on your needs and the urgency of your projects.
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