Incentive Programs for IT Professionals
Posted July 13th, 2011
If there’s one thing that companies with successful retention rates for IT talent know, it’s that you have to make sure your IT employees feel like they’re part of the larger organization. Too often, the IT department is treated as a separate entity, and it’s crucial that they feel part of the business.
You should also make sure they understand how their efforts impact the bottom line and improve the profitability of the company. In other words, show your appreciation!
If you can create an inclusive, supportive environment, you will get both engagement and innovation from your IT staff. By differentiating your work environment, you will make your IT employees think twice about leaving and joining a more typical work environment – even if it offers a little more pay.
One great way to make your IT employees feel important to the company is to create incentives. These incentives aren’t necessarily monetary. They can be professional rewards.
• Organizations can improve retention rates and employee performance by making it easier for IT personnel to find new opportunities within the company.
• Some companies empower IT employees by giving them the opportunity to work on diverse, limited-term assignments, rather than in one department or function. Some organizations develop a talent exchange. This connects employees and other resources with appropriate projects, roles, and positions across the company.
• Companies that provide intensive training to promote skill building convey the message that professional development is important – and it is especially important to IT personnel, who work in a field that develops and changes rapidly.
Some incentive plans can be quickly implemented and will yield positive results almost immediately if executed well: project bonuses or other project-related incentives (which can be non-cash, like restaurant vouchers or gift cards); awards for outstanding performance; or public recognition of achievement through corporate communications outlets like newsletters and intranets.
IT employees tend to value family-oriented or quality-of-life rewards, such as extra paid time off or a paid family vacation as compensation for their efforts.
Of course, you can always use cash incentives such as stock options and annual bonuses. A recent survey found that more than 90% of companies provide some form of cash bonus or incentive plan for IT workers.
However, research also suggests that what matters most is not always how much money or how many perks are offered, but the way in which incentive programs are structured. An incentive must be attainable, relevant, and meaningful to impact performance and behavior. Giving the employee an opportunity to have input into the reward system he will be attempting is important in developing commitment. Employees who have been given some say in the design of their incentive programs will be more committed to seeing the program through to reap the rewards.
If you would like to learn more about the ins and outs of hiring IT talent, contact Bayside Solutions today.
