The Great Resignation is a recent movement where skilled employees are leaving their jobs in masses. The U.S. Bureau of Labor states that 4 million workers quit their jobs in July 2021 alone. If you are a business owner, these statistics may seem scary. Proper staffing is essential to the livelihood of your business. This extends to everyone, but especially to tech workers. Technology is more vital now than ever, and without highly skilled IT professionals, your business will be left behind. Don't worry! It's not too late to ensure the retention of your tech workers. Keep reading for tips on how to make sure to keep your skilled tech talent during a time like the Great Resignation!
How the Great Resignation Is Impacting Employee Retention
As stated previously, the Great Resignation is a modern movement where employees are quitting their jobs in the masses. What's causing the Great Resignation? The reason why is simple: staff members are overworked and given very few incentives. During the COVID-19 pandemic, our world changed, and so did the average worker. Furloughed staff were able to rethink their career goals, and remote workers experienced a better work-life balance. Now that we're transitioning back into normalcy, the average business needs to rethink its employee retainment strategy.
How to Retain Your Tech Team During the Great Resignation
Fortunately, retaining your tech team comprises easy methods that you may have already adopted. Here's how to improve employee retention:
Company culture is an increasingly important factor in job retention. Every business has a unique culture embedded into its brand. The classic advice is to hire employees who relate to your culture. But who is truly creating the culture, you or your team? Get your team involved in your company culture. Write down everyone that makes your company culture unique, right down to the core ideals that your business follows. This can include the beliefs, values, and behaviors of your staff. Get your entire team involved. Chances are, they also have a vision for your company. Hearing their insights is worth it. If this is the time to change your company culture, then collaborate on a new company culture definition. This collaboration will help your tech team feel like part of the team and not just a software developer
clocking in from 9-to-5.
Tech workers are looking for more than just a job. Most people can't afford to work a job that doesn't have benefits or incentives. Offering benefit packages is a critical factor in attracting talent. Some common incentives that improve job retention include:
- Health insurance
- Dental Insurance
- Vision Insurance
- Flexible work schedule
- Retirement benefits
- Remote working
- Better technology and equipment for tech jobs
- Financial well-being resources
Most tech workers are eager to seek learning and development opportunities, so ensure that your business offers growth opportunities. Limited career progression is a huge factor in employee turnover. Your tech workers contribute massively to your overall business, and naturally, everyone wants to feel appreciated. If a member of the tech team provides exceptional work, acknowledge them for that. Appreciating your talent includes more than just recognizing completed work. Promoting internally creates motivation for workers to stay in their job and be less likely to seek out a new job. When there is a culture of internal promotion, tech employees stay with companies longer. They are more eager to excel because they know that they have to opportunity to be considered for growth opportunities.
Creating a Less Stressed Environment
40% of workers
say their jobs are extremely stressful. This stress can eventually lead to fatigue and burnout. Your tech employees have lives outside of work, and mental health is more important than ever. Workers are no longer staying in jobs that make them unhappy. There are a few simple things you can do to address employee well being: How might you address employee well-being? One way is by surveying on site employees to determine where your need areas are. This could look like monthly small group meetings to discuss workflow and obtain feedback. Or, you could meet with each member of the tech team quarterly to receive feedback about what is working or what is not working for them. This is a great way to find out if someone on your team is balancing a full-time job and parenting, if they are going through something, if they feel that they are working too many hours, or whatever else it may be. Being a sounding board for your team improves your company culture as well as job retention. Focus work creating resources for your employees, perhaps encouraging employee resource groups. Employee Resource Groups are voluntary, employee-led groups. They aim to foster an inclusive and diverse workplace aligned with the organizations they serve. They are typically led and participated in by employees with a commonality: lifestyle, ethnicity, gender, religious affiliation, or just shared interests. The groups help to support both career and personal development and create a safe space where employees can be themselves and find others who align with their life experiences. Most of all, discover what's stressing your tech workers and do your best to find a solution. It is important to support employees and ensure they feel as such. This could include offering parents more flexibility or assigning tasks with realistic deadlines to ensure your employees aren't working too many hours and have an excellent work-life balance.
The cost of living increased
by 2.3% this past year. It will likely continue to grow similarly in years to come. The salary you paid your employees years ago simply won't suffice now. This is why renegotiating salaries is essential to retain talent. At the bare minimum, it is crucial to evaluate and ensure that you offer realistic wages that can cover essential living expenses, such as housing and food for your tech employees and their family members in the current market. It is also essential to survey what other companies are paying tech employees doing similar jobs. Offering a competitive salary is a must for retaining talent in our current job market.
One of the best methods for retaining talent is to simply listen. Talk to your tech employees and be someone your tech employees are comfortable talking with. Creating a culture of conversation with hr and senior leaders is vital for retaining talent. You don't have to wait for staff members to talk to you. Work with human resources to create employee feedback forms for staff to submit their opinions on specific topics. For best results, make all submissions anonymous. Opening the floor for feedback will help them feel connected and engaged in your workplace.
Promote Employee Well-Being
Employee well-being initiatives matter more now than ever. When your employees are healthy, both physically and mentally, they're more productive. There are many initiatives you can implement to improve employee well-being, such as:
- Times for yoga and meditation
- Free mental health resources
- Offer children's health incentives and additional family health resources
- Free or reimbursed gym memberships
- Healthy eating programs/health and fitness tips
- Offer meals for different diets (gluten-free, vegan, etc.)
- No-tobacco policies
- Opportunities for remote work
Employee well-being doesn't only include health. Work outside some days instead of inside. Schedule different events so your staff members can be more social. Give back by volunteering. All of these factors will make your staff happier, less stressed, and more productive.
Survive the Great Resignation
The Great Resignation has caused many people to quit their jobs over the last few months, but there are other ways to engage and retain your tech staff. Here at Number8, we offer many services for businesses with a software development team, such as consultations and adopting more agile processes. Take a look at our services
to learn more, and remember that the Great Resignation is conquerable!