How to Retain Technical Employees and Reduce Turnover in Today's Changing Workplace
Could your company’s problem with turnover have to do more with culture than difficulty finding the right applicants?
Retaining top talent, especially when it comes to highly-technical roles, can be incredibly difficult. However, the companies that know how to hire and keep these qualified individuals will be exceptionally well-positioned to compete in this challenging environment.
Changing landscape of today’s workforce
The days of lifelong pensions and undying devotion to large corporations are over for a myriad of reasons. One being the fact that companies are having to watch their balance sheets much closer than in years past and simply can’t afford the lavish pensions and benefits of yesteryear, and also because the desires of today’s workers are much different than in previous generations.
As members of the baby boomer generation born between 1946-1964 start to exit the workplace, they are being replaced by millennials, those born between 1981-2004. While baby boomers put significant value in things like company pensions and longevity, today’s millennials are looking for something quite different.
The new wave of employees who are making a name for themselves in companies around the world are not just tech literate, they’re accustomed to being connected at all times. Many of them have no recollection of a world without the Internet, a cell phone, or social media.
If your organization is having trouble retaining and attracting key talent, it may be time to look at your branding strategy to determine whether you’re conveying an image that is attractive to today’s changing workplace.
What do today’s technical employees want?
Regardless of the number of benefits you wave in front of a potential new hire, if you don’t understand what it is they want, you’ll be wasting significant time and resources.
Many of today’s technical workers put much more value on perks like remote work and flexibility, sometimes more so than higher pay. For example, a study published by Stanford University found that remote work actually reduces turnover by more than 50%.
How can you convey your company’s unique qualities?
Today’s employees want to work for a company that has meaning. They want to be proud of who they’re working for, and this is especially the case when it comes to technical staff. Working hard to communicate what sets your company apart from others in the industry is a good way to decrease turnover and incentivize high quality talent.
Take a look in the mirror
Reputation is extremely important. In the same way that you search online for the best deal on a new product or service for your business, potential new hires are searching online to find out more about your company. This can mean reviewing sites like Glassdoor, where other employees may have shared less than stellar reviews about your company.
Staying cognizant of your company’s reputation both online and off can help you to put your best foot forward when it comes to hiring and retaining the best of the best in the technical world.
With millennials currently making up roughly one-third of the entire workforce, it’s critical that organizations cater to this large segment of the talent pool. If your company is looking for ways to reach this growing demographic, feel free to email our team today through our online contact form. We can help you to not only hire and retain high quality employees, but also give you feedback on to how to build your brand to cater to the most highly sought-after individuals – and keep them.
