Benefits to Attract and Retain Top Technology Talent
Finding and retaining top tech talent has become more vital than ever before. The business world is undergoing a digital transformation, and without the right staff to lead you through the wilderness, you could be left behind.
The tech sector moves so quickly that despite its high paying nature, businesses face the constant worry their top talent will be lured away by competitors looking to gain that extra edge in the marketplace.
Partner that with the fact the industry as a whole is facing a global shortage of highly skilled workers, it’s becoming necessary for most organizations to up their game to hold onto their best staff.
To keep staff motivated and to stand out when attracting new hires, many businesses attempt to out perk the competition with ping pong tables, games consoles, and even beer fridges. But when it comes down to what developers want, having these unique offerings are no longer enough.
Of course, perks are still held in high regard, but now other benefits are becoming much more desirable to tech professionals. And although money is still a deciding factor with a well-paid salary, perhaps it’s time your business listened to what their staff members want.
Research shows most tech professionals are unsatisfied in their current job, and a recent industry survey found that 80% are actively searching for a new role within the sector. This can’t be easy for businesses who wish to keep their top talent away from prying eyes.
What benefits do tech professionals value?
Staff tech professionals like to be recognized for the contribution they’ve made to the company. But the benefits and perks they favor go beyond the traditional salary increase and bonus.
Every hiring manager and CEO is now required to understand what motivates their employees if they hope to retain them for the long term, and by focusing on the entire benefits and perks package, you should cover all the bases.
But if you’re struggling to pin down the top requirements, include the team by asking them what they prefer in the starting stages.
The same report identified flexible working hours (45%) and working from home (43%) are two of the top benefits currently received by professionals working within the tech sector. A company laptop is the only perk ranking above these.
Remote or flexible working has become a key part a developers’ repertoire. There are so many tools available that allow for flexible communication, systems that monitor information and other elements changing the business world that the traditional 9-5 working model can’t.
By rethinking the benefits you offer, it can be the first building block in attracting the best talent in the sector to your business and can be a significant step in keeping the developers, testers and other IT professionals that you already have.
How do these benefits make it easier to retain talent?
Tech professionals push a hard bargain when it comes to salary and benefits. Very much aware of how in-demand their skills are, 24% believe that their current earnings or benefits reflect the current work they do. Never an ideal scenario if your business is looking to retain talent.
Four in ten (38%) respondents of a recent industry survey said they expected to leave their role within the next twelve months. With benefits sitting low on the list of factors influencing employee satisfaction, if you don’t offer a strong package, you could struggle to bring in talent to replace them.
Turnover within the tech sector is relatively high in comparison to other industries, and with the next intake of millennials and generation z favoring these additional benefits as part of a complete job package, it could be the tonic your business needs to stop hemorrhaging staff.
Data shows that by 2022, there will 1.8M vacancies across the tech sector even with continuous innovations in the industry and the introduction of new languages such as Firebase and Typescript.
The fact the sector is still facing a downturn in available talent makes it even more crucial that you offer benefits that entice tech professionals to stay onboard. Giving developers the perks they crave shows you’ve considered their viewpoint and is a massive step towards helping retain their services.
How can a benefit structure benefit your entire business?
If your business doesn’t already have one in place, offering a benefit structure for those who are willing to go above and beyond should be at the top of your agenda. But whichever perks and rewards you choose to implement, be sure they don’t veer away from the core values of your business.
Offering people everything they want can be beneficial as it will allow you to retain staff, but you also need to make sure they don’t impact on the core values of your business and the vision you want to instill throughout it.
Strong company culture is something everyone can buy into, and by offering something different to your competitors, you’re more likely to lure top tech talent through your doors rather than diverting them to another organization.
Employees of all levels drive a hard bargain when it comes to job offers, development opportunities and the chance to progress their career. Everyone likes to receive some sort of recognition for going that extra mile.
The tech industry moves so quickly that finding highly skilled talent can be an arduous task. And because of this, the digital skills gap is something businesses won’t have the capacity to completely stem any time soon.
However, if you can offer the best benefits to the talent currently in the sector and offer progression and encouragement, they’re more likely to bring in new blood that can help you expand and progress at the same level you’ve previously enjoyed.