Retaining Top Tech Talent Is a Huge Problem in the IT Industry

Fact:

A recent report from LinkedIn notes that IT industry suffers from the highest employee turnover rate in the business world. This report places the tech turnover rate at 13.2 percent. Even the top companies in this sector – Amazon and Google – only boast a median employee tenure of around one-year, according to another report.

Challenges we face:

Ultimately, it is a candidate-driven market out there. With an acute shortage of talented tech professionals, companies pay a premium to get somebody to leave their current position for a chance at something new. Still, the LinkedIn report notes the leading reasons IT professionals give for leaving a job, and it is not all about salary.
A lack of opportunities for advancement, poor leadership, an unwelcoming culture, not enough challenging work, and uncompetitive compensation rank as the top five reasons. Thankfully, these are all items that any forward-looking tech organisation is able to handle.

EastNets strategies to retain its talent: www.eastnets.com

IT employees want to know if working for your organisation is good for their career. Provide a meaningful career ladder using a great training programme, innovative work, and tuition reimbursement. Requiring employees to stay for a certain period after accepting a tuition benefit easily boosts your retention rate.
A welcoming culture known for open and thoughtful leadership is another must. Finally, ensure your company’s compensation and benefits packages are near the top for your area. All told, it is a well-considered approach sure to help keep your top talent professionally satisfied.
Our mindset in EastNets: Tech professionals with skills in AI, machine learning, and information security are currently worth their weight in gold.