Retaining Your Tech Talent in 2023

Keeping employee retention on the radar is a powerful talent strategy in any business cycle. Retaining your tech talent can significantly impact your company’s innovation, productivity, and competitive edge.

As IT and technology recruitment specialists, we often see that employers who focus on retaining talent also have an easier time recruiting. To make talent retention in tech effective, it helps to understand what motivates people to change jobs and what makes them happy to stay.

This article explores functional strategies for retaining your tech talent, in the context of the biggest issues facing the industry today.

Offer Opportunities for Learning and Growth

It is often said that employees will quit when they believe they’ve stopped learning anything new. Tech professionals tend to embrace continuous learning and are motivated to develop new skillsets and keep up with industry changes. As LinkedIn research suggests, professionals in New Zealand consider career growth and opportunities to learn new skills as key factors when considering roles.

Providing support for employees to acquire new skills helps create a sense of loyalty and fulfilment among your teams, all of which are important factors for retaining your tech talent. This can involve offering time or financial help for completing courses and certifications, and attending industry conferences and workshops.

Combining training with recognition and career progression plans will demonstrate the organisation sees talent as a critical business resource.

Make Your Retention Strategies Multi-Generational

Up to five generations are now commingling together in the workforce, which is fuelling discourse about the working style and quirks of Generation Z, Millennial, Generation X and Baby Boomer-aged workers. But it’s important not to rely on generalisations, especially when shaping your strategies for talent retention in tech.

Instead, engage with employees directly and ask for feedback to gauge their motivations and challenges. Prioritising regular communication with employees helps managers understand how to adjust policies relating to hybrid and non-salary benefits.

Each generation will have its strengths that can be tapped into, so consider using mentorship and buddy programs to pair colleagues from different age groups. This is a great way to encourage colleagues to learn from one another, strengthen social ties, and make coming to work more enjoyable.

Support Innovation and Challenging Projects

Technology professionals thrive on challenging projects. When tech workers feel intellectually stimulated, they are more likely to remain engaged and motivated in their roles. Encouraging experimentation and creative problem-solving is key.

Consider how the organisation can create opportunities for teams to work on research and development initiatives or with cutting-edge tech. Think about how you can encourage employees to take risks and explore unconventional ideas without fear of failure.

Don’t forget to celebrate innovative ideas and successful outcomes — recognition programs, incentives, or rewards are affirming and motivating for hard workers.

Foster a Work-Life Balance

Maintaining a healthy work-life balance is a central factor in employee well-being, which can have ripple effects on staff turnover.

Burnout is a persistent problem in many workplaces, especially among tech workers. As Infinite Potential’s research shows, the number of workers reporting feelings of burnout is on the rise across all age groups. Encouraging flexible work arrangements is an effective way to address this issue.

Stress management is instrumental for maintaining work-life balance, so it pays to be alert to any signs that workloads are excessive. Employers can prioritise their teams ‘ work-life balance by providing resources for managing stress, wellness programs, and mental health support.

Competitive Salaries and Benefits Are Foundational

There is no escaping it — salary will always matter to employees, especially so in times of economic and cost-of-living pressures. Regularly review and benchmark salaries to ensure they align with industry standards, as these are essential tools for retaining your tech talent. (Be sure to use data relevant to the company’s location, i.e. Auckland or Christchurch.)

Bonuses and incentives are great tools for rewarding exceptional performance and demonstrate the organisation is willing to invest in its employees.

If generous pay raises are not possible, it is best to be transparent about this with employees and provide other benefits to round out a compensation package. Benefits packages can include flexible leave policies and subsidised training for professional development.

Summary

Talent retention in tech requires a multifaceted approach to be effective, but the dividends are worth it. Focusing on retention makes workplaces more enjoyable places to be, in addition to saving employers time and money on recruitment costs. The key is to address the needs and aspirations of your tech talent.

Need more advice on using retention strategies to support your technology and digital recruitment efforts? Contact the team at Sourced to learn how we can help build and support your tech teams. We support employers in Canterbury New Zealand with hiring tech talent for long-term success.