As companies compete for skilled IT professionals, retaining qualified employees is especially critical.
According to a new study by Robert Half Technology and HDI, turnover is currently an issue for 24 percent of respondents, with an additional 21 percent anticipating a turnover problem in the next 12 months.
Compensation and limited opportunities to advance where cited as the leading factors in employees leaving.
With companies struggling to find skilled technology talent, what can they do to retain their current employees?
Here are 5 tips for retaining top performers:
1. Consider compensation. While not all firms can offer employees increased salaries, there may be potential for spot bonuses at the end of a major project or team accomplishment.
2. Invest in professional development. Online learning opportunities, mentoring programs and tuition reimbursement are all good options that support the long-term success of employees.
3. Provide opportunities for career advancement. Structure positions so employees can grow their careers without leaving the firm. Offer promotions to workers who have demonstrated they can succeed at the next level.
4. Provide project support. Employees who have lost coworkers to layoffs are, in many cases, doubling down. If hiring is not an option, consider bringing in project professionals to help alleviate workloads.
5. Promote work/life balance. Give staff members the option to follow a flexible schedule or telecommute one day a week. It doesn’t cost anything to implement these changes and workers will appreciate the leeway.
Managers realize that offering competitive compensation is not the cure-all for retaining valued staff. Today’s workers value programs that support career growth and work/life balance, so companies are offering additional perks such as on-the-job training and flexible schedules, to meet his objective.