Unlock the key to your tech talent retention
For years we have been talking about the potential talent issues tech startup and scaleups face, both now and in the future. With almost 70% of tech employees open to new opportunities and easily able to move between companies, it’s crucial that employers are doing everything they can to retain their top talent.
In search of answers as to exactly what is causing this talent conundrum, we created a Retention Report. We carried out research on over 180 technology professionals to find out why they decide to leave their companies and what motivates them to join another.
In our survey, we asked the tech professionals to highlight the key reasons they’d chosen to leave a role. The three points that came out on top were:
1. The first and most common reason the tech professionals left their roles was down to culture and management style, with 80% of employees voting it as the main reason for leaving.
2. Following closely behind, 78% of people voted for a lack of career development and progression as a main reason for leaving their role.
3. Finally, dissatisfaction with the salary and rewards package was the third most common reason for leaving a company, with 66% of professionals voting it as a key motivator for switching jobs.
After discovering the key reasons tech employees decide to leave their roles, we reversed the question and asked the employees what the most important factors are when searching for a new role.
Whilst career development remained the median as the second most common consideration when searching for a new job, culture and salary swapped positions. So, in short, employees leave jobs due to poor culture and start a new ones for the salary.
With the main retention issues made clear, we spoke to five technology business leaders to gain an insight into what measures they’re taking to combat the issues surrounding retention. Some of the key themes presented through discussions with the business leaders were:
Prioritising Present: The tech employers recognise that taking the time to regularly check in with their team is important for their employee retention. Whether it’s a 10 minute check-in or an hour out of the office grabbing a coffee, being ‘present’ and connected with the team is key to long lasting retention.
Social network: Our tech employers believe that fostering the right social environment plays a critical role in retention. In order to cultivate an environment of trust and friendship, the tech employers introduced initiatives including weekly lunches, quarterly away days and regular team events to help build a team where everyone is comfortable with each other and therefore more able to generate innovative ideas.
Values for longevity: Another of the key themes gathered after speaking to the business leaders was that it’s important to be clear about company values early on in the hiring process. They all agreed that by being transparent about the business values makes it easier to recruit individuals who share them. Recruiting on values means you’ll be able to build a team of like-minded individuals who share the same goal, therefore improving your employee retention.
The final part of our report is made up of actionable solutions for overcoming your retention issues. So, if you’re a tech startup, scaleup or something in between, we’ve got plenty advice to help you.
Here’s a few videos of our Director, Alan giving advice and discussing ways to solve your retention problems.
Recognition and reward
If any of these issues sound familiar and you want to learn more about how to hold onto your top tech talent, take a look at our Retention Report for unique market data, business advice and actionable solutions.