The massive gap between the demand for highly skilled technical talent and the supply isn’t closing anytime soon. In addition to attracting and recruiting the best engineering and IT talent on the market, companies must also retain the talent they already have, or else suffer a critical brain drain.
A big part of doing this is meeting engineering and IT talent where they are by speaking to their demands. Numerous recent studies have shown what technical professionals are looking for, and companies would be wise to use these studies as a guide in their retention efforts.
With the latest surveys in mind, consider the following ways your company can retain engineering and IT talent in this competitive job market.
Offer Competitive Compensation
This is a bit of a no-brainer. However, if your company isn’t offering competitive compensation, the top talent in the market take your open position seriously. Surveys continue to show the importance of compensation to job seekers. In a recent Glassdoor survey, 67 percent of respondents said salary was a key factor in their job searches.
Offer Growth Opportunities
Compensation is a big thing, but it isn’t the only thing. A recent study from LinkedIn found 94 percent of respondents saying they would stick with their company if it was invested in their career development.
Smaller companies might have difficulty offering advancement opportunities to engineers and technicians. However, there are other ways to support career growth. Paying for certification classes, trips to attend industry conferences and other career development opportunities shows your highly skilled workers that they are valued. It also makes them more valuable contributors to your organization.
Cultivate an Attractive Company Culture
If you’ve ever worked with a fun group of people, you know the importance of having a great workplace culture. One recent survey from Deloitte found more than 85 percent of respondents saying a good workplace culture is critical to organizational success.
A big part of cultivating an attractive company culture is fostering collaboration. Collaborative projects have been shown to increase job satisfaction and employee retention. When your employees are strong collaborators, they’re also more likely to innovate and take risks, which can lead to all kinds of organizational benefits.
Creating an attractive culture speaks to the psychological needs of your workers. It creates a sense of belonging and people are much less likely to live somewhere if they feel like they belong to the group.
Recognize Valuable Contributions
You can also speak to the psychological needs of your employees by recognizing their valuable contributions. Awards, public recognition and even additional responsibility are great ways to make people feel trusted and appreciated. Because many companies don’t regularly recognize their employees, doing so is seen as a relatively rare commodity. One study by Bersin & Associates revealed companies that regularly recognize their employees have a 31-percent lower turnover rate than companies that don’t.
We Can Help You Acquire and Keep Top Engineering and IT Talent
At Lighthouse Professional Services, we have extensive experience when it comes to acquiring and retaining technical talent. Visit our employers page today to find out how we can help your company fill its most technical roles.
