Intelligent CIO North America Issue 21 - Page 35


The tech industry has one of the highest employee turnover rates , and it is also among the top five sectors with an acute talent shortage .

Tech leaders are most likely aware of the environment , and the good news is that there are some strategic steps they can take to retain their talent . Talent retention is not just an HR goal ; talent retention is important for the entire organization and client satisfaction .
Employee retention reinforces stability among the team and clients and increases employee engagement .
New hire and retention strategies are the two sides of a coin that should be of equal importance . When you successfully retain a talented team member , the more likely they will refer new candidates .
For new hires , tech leaders may lean towards checking every box on their wish list when considering candidates . The reality is the perfect candidate does not exist . Thinking outside the box and embracing new ways of thinking about the workforce is key .
Listen to candidates and understand what is meaningful to them ; flexibility about location , offering hybrid / remote opportunities , are great avenues to reach a broader audience when trying to fill open positions . Tech leaders need to prioritize what is of utmost importance to candidates .
Besides technical skill training , tech leaders need to also focus on soft skills training , making it a successful upskilling tactic . Identify any gaps in the existing team and explore opportunities to fill those gaps through internal training and development programs .
Tech leaders will realize the benefits through increased productivity , and engaged and loyal employees . Organizations placing a high emphasis on training and development by investing in their employees will realize a greater rate of return .
Benefits are another avenue as part of a talent retention strategy . Employers need to review their current benefit offerings regularly and enhance or introduce new programs , such as student loan assistance , volunteer time , additional PTO , technology offerings or allowances , flexibility and wellness programs .
Finally , communication is key . Time spent communicating with their teams in an informal environment is an excellent avenue to explore the differing engagement motivators for your team .
When tech leaders show interest and learn about their employees , retention is a natural result . Regular shout-outs and impromptu appreciation , recognition and rewards are a great way of continuous engagement and involvement .
Working with HR teams and developing training and mentorship programs that align both with employees and the organization is a win-win for everyone . Monetary benefits are not always the sole motivator for employees .
When employees feel appreciated and valued , they experience increased levels of engagement . Break away from traditional communication protocols . More informal communication will have a lasting impact . p
Developing a career roadmap to assist employees to chart out a growth journey , can be motivation to retain your top talent . Showcase success stories of other employees whose career journey and goals have flourished during their tenure .
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