The Mindful Leadership Blog

Just In! Leaving so Soon? 4 Ways to Retain Tech Professionals

September 5th, 2019

 

 

 

 

 

 

 

 

 

 

What’s hot?     

The tech sector has the highest turnover rate at 13.2% out of every single business sector.* Even the most prestigious technology firms struggle to retain technology talent.  According to Payscale’s recent employee turnover report, the median tenure at Amazon is just one year. Google is only marginally better with a median tenure of 1.1 years. 

So what?          

So, you are not an Amazon or a Google – what’s the cost to you? According to the U.S. Department of Labor, the average cost for turnover can equal 30 percent of an individual’s annual earnings. For example, when you lose an application developer earning $60,000, the real cost to your organization is $78,000.

 

What to do?

Go beyond competitive compensation with these four retention strategies:

  1. Sharpen your selection criteria.
  • Spend less time selling the position and invest more time in assessing a candidate’s:
    • Ability to handle the typical challenges that occur on the job.
    • Personal fit with your culture.
    • Technical skills.
  • Dig beneath the references provided to get first-hand accounts of the candidate’s strengths and limitations. And, keep in mind that recruitment agencies have a vested interest in selling the candidate.  Whenever possible, find “unlisted” references who may have first-hand knowledge of the candidate.
  1. Develop a standard transition process that includes – but is not limited to – one-on-one meetings with team members and key organizational stakeholders where background, aspirations, concerns and expectations are discussed.
  1. Link the new employee with an internal coach/mentor – someone who can convey corporate direction and history and be a neutral third party guide and champion.
  1. Provide a clear career path, developmental opportunities and regular managerial feedback and reinforcement.

Need assistance helping your leaders or organization take the courageous steps that unlock hidden potential and create significant and lasting change?  Contact us.

 

* https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2018/06/29/the-real-problem-with-tech-professionals-high-turnover/#40b813ad4201

 

 

 

 

 

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