The push for technology and digital transformation skills has reached an all-time high due to accelerated digital skill adoptions during the COVID-19 pandemic. In conjunction with the massive candidate shortages industry-wide, this acceleration has left the hiring landscape a candidate’s market. This major push in technology and the shift in candidate expectations are forcing tech companies to re-evaluate their talent pipeline, especially as Gen Z begins to enter the workforce.
With Gen Z joining the workforce and the other generations realizing the shift in the job market, job expectations are now focused on what the candidate wants and needs to stay happy at work. These expectations are necessary to meet if companies want to retain employees and create a sustainable talent ecosystem.
Is your company looking to retain top tech talent? Then, try these dynamic talent-sustaining strategies.
Put Effort into Nurturing Professionals
Top tech talent, particularly those with expertise in high-demand skills, have the luxury of choosing which job to accept rather than looking for work. With this role reversal, it’s easy for companies to feel like they need to go head-to-head with the industry’s top players for the most outstanding and experienced candidates. But, in reality, many companies can find great talent in fostering the next generation of world-class tech experts.
Companies need to consider what they can provide to prospective new hires beyond just a paycheck and benefits. The difference between retaining employees and a high turnover rate is your attitude towards providing their team with a future. According to Glassdoor, highly effective onboarding processes can help employees:
- Feel highly committed to their organization
- Have strong connectedness at work
- Be integrated into their company culture
- Contribute to their team within the first week
Successful onboarding that goes past the first week can significantly affect a company’s retention rate—improving employee retention by over 80%. So essentially, by putting in the work of training and onboarding new hires, companies can potentially receive an excellent return on investment.
Be the Foundation for Recent College Graduates’ Careers
When building a long-term talent pool, companies must go beyond recruiting and consider mentorships and career opportunities for recent college graduates. Focusing on being a foundation for learning and growth for entry-level employees will encourage them to stay for their next promotion. This hiring method can be exceptional for the tech industry. It can future-proof your company against a possible talent vacuum by creating a team of experts instead of relying on the limited talent pool in the job market. Engaging and fostering the latest generation of talented programmers, engineers, and developers, enables you to enjoy a sustainable talent ecosystem.
Offer Incentives for Your Current Team to Identify Top Talent in Their Network
When it comes to recruiting, companies often hire someone from outside their organization. But, another method to finding great, retainable talent is by offering incentives to your current employees for recommending their peers for open roles. In addition, networking and relationship building are essential factors in retaining top talent, and when someone is recommended for a position, that relationship is already there. Some key benefits to hiring within your team’s network include:
- Increased employee engagement: By giving your team the structure and processes they need to build their internal network of peers, you’re showing them that your company’s development and growth are attainable.
- Improved retention: Employees who have a relationship with their coworkers are more likely to feel attached to the firm as a whole.
- Streamline knowledge sharing: Having employees who have relationships with their team members makes it more likely for the entire team to have open collaboration and knowledge sharing.
If you seek resources on retaining your employees or hiring a new team member, ITAC Solutions can help. Our team of recruiters has the industry knowledge and expertise to help guide tech companies through this ongoing candidate shortage. So contact our team at ITAC Solutions to find your next top tech talent.