How to Keep Top Talent From Leaving for a Competing Tech Company
Posted April 6th, 2015
So much focus gets placed on attracting top talent that an equally important issue often gets overlooked – retaining top talent. But the simple fact is that the talent/skills gap throughout IT is significant, and the industry is more competitive than ever before. That means employers are willing to offer wild compensation packages and esoteric perks to try and attract top talent away from their current job. It’s up to you to give them a compelling reason to stay. Take these measures to keep the best and brightest in your ranks:
Offer More Money
Not surprisingly, higher compensation is generally effective at getting top talent to stay. It’s important, however, to make these financial decisions from an informed rather than reactionary position. Research average salaries for similar professionals in the same part of the country, factor in cost of living considerations, and, if possible, analyze the amounts being offered by your competitors. You can be fair and generous without having to throw money around wildly.
Improve the Benefits Package
Everyone is interested in receiving better benefits, and for some it’s even more important than compensation. There are two strategies you can follow. Either broaden your package by expanding the types of benefits being offered, or deepen your existing package by offering higher levels of coverage at a lower cost.
Create a Flexible Workplace
The high-stress nature of most tech professions has lead many to seek out a better work-life balance. Top talent may be induced to stay by offering work-from-home opportunities, half days on Fridays, flexible scheduling, and even just a relaxed dress code. When done carefully, it’s possible to introduce this flexibility without compromising productivity or professionalism.
Recognize Your Top Talent
Top talent understands their value and the singular contribution they make to your company. Many are looking for that contribution to be recognized in a way that goes beyond a paycheck. Giving out awards, prizes, trips and other special perks provides an ego boost that can ingratiate a great employee to your company.
Listen
This, more than anything else, is the most effective way to retain top talent. Instead of simply assuming that you can buy people’s loyalty, take the time to find out what they really want. It might be something you never would have predicted. They might also have concerns about the company and its culture that are causing them to look elsewhere. Figure out why they are thinking of leaving and craft your counter-offer accordingly.
Is your company low on top talent? Have you struggled to recruit and retain the best of today’s tech professionals? Optimize your workforce and enhance your employment strategies by working with Bayside Solutions.
