Retaining your top talent is tricky due to the job hopping nature of our current workforce. Tech companies know they have their work cut out to retain their talent. Facebook currently leads the way with an average retention rate of 2.02 years (data: Paysa) but what can you do if you’re a tad smaller than the tech giants, but still operate and compete in the tech sector. In this blog post, we’ll take a look at some of the latest industry-leading techniques to keep churn rates down and team loyalty up.
Competitive and fair pay package
While it’s true that there’s much more to choosing a job than money, it’s vital to make sure that you pay your staff competitively and fairly – if you’re hoping to keep them for the long term.
Check out our Silicon Valley blog this month on pay transparency. It also includes tips on where to access data to benchmark pay rates.
Get creative with rewards
It’s essential that your employees feel valued – and there’s no better way of showing that than introducing some funky, unusual rewards for your team.
For example, BrewDog have paid puppy leave to help new pups bed in. Zebra offer money toward “whatever makes you happy” – like yoga, manicures or pottery classes.
The option for flexible and remote working is a must in the tech sector. A global study by EY reports that 74% of workers want the ability to work flexibly.
Such benefits may seem small on paper – but to your employees, they can be huge. For them, benefits like these could be the difference between staying or leaving – and the loyalty you’ll receive will outweigh any short term cost.
Strong, ethical leadership
A clearly communicated vision via the leadership team, creates a sense of belonging and purpose. Employees want to see that a company is not driven by purely profit and that they carry out business in an ethical way. It’s essential everyone understands the part they play in the company achieving its goals – many tech companies use OKR’s to support this.
Give your team the opportunity to continually develop and have fun whilst doing it. Here at Mango, our focus is on innovating and disrupting HR in Tech. We’ve given our team the opportunity to attend events in the UK and abroad to develop their skills and bring fresh ideas to Mango.
Relationships and support
People thrive in an environment that is built on positive relationships and support. It’s important to allow time to develop these relationships – for example through team building events and using technology to create that collaborative approach e.g. Microsoft teams.
Burn out in fast paced tech environments is common, it’s important to support your teams by evaluating project management tools and providing proactive support. For example, we work with Nick Elston Group to run anxiety workshops with tech companies giving practical advice.
As the economy continues to improve and employees have more job options, companies will have to provide additional compensation, expand benefits, and improve their employee experience.
Many companies are already focusing on employee experience. For example, Cisco have senior leaders with the title of “director of employee experience,” and we see that trend continuing beyond 2017.