Retaining employees is difficult, especially in the tech industry. COVID-19 drastically increased the need for talented tech workers and therefore turned the IT industry into a candidate’s market. This increased the turnover rate in IT to 13.2%. Due to the high demand for tech workers, many business owners and hiring managers are scratching their heads, trying to find ways to attract new talent, as well as retain their current employees. Thankfully, there are some simple tips you can follow to help reach that goal. Here are some tips for retaining employees in a candidate’s market.
Be a Leader, Not a Boss
While this might sound a little cliche, it’s incredibly important to the health and longevity of your company. Too many managers take the role of a “boss”, and simply make demands of their employees. Being a leader, on the other hand, is motivating your team through your example.
Instead of operating as a taskmaster, jump into the thick of it and help your team where possible. This will give you more insight into the everyday problems your employees are facing, and show them you care not only for them but for the company. Respect will always be a greater motivator than fear.
While you may not think this is that big of a deal, 82% of employees would consider quitting their job because of a bad manager. Tech workers want someone who will work with them and seek to understand their daily struggles. Be that for your team and they’ll be more likely to stay.
Ask for, and Listen to, Employee Feedback
One of the biggest ways to retain employees in a candidate’s market is to simply listen to their frustrations, anad then act on them. What may seem like a small thing to you may be a very large problem to someone who has to deal with it every day. A loose chair, a faulty system, or a slow internet speed can quickly become sources of frustration for an employee.
While those initial issues aren’t likely to cause a resignation, if you choose to ignore their frustrations, they will likely look for work elsewhere due to feeling as though their manager doesn’t care about their frustrations and that nothing will ever be solved.
Take regular times to speak with your team about the barriers and frustrations they are facing, and look for realistic ways to solve those problems for them. After all, if it’s something as simple as a new chair, that’s far more affordable than a new employee.
Develop a Supportive Culture With Opportunities to Grow
Another reason why the turnover rate is so high in the tech industry is that employees can take their pick of jobs right now. So many companies are in need of talented employees, and workers who have felt stuck in a dead-end job are now taking advantage of the current situation to find ways to further their IT careers.
Provide your employees with a career, not just a job. Show them their opportunities to move up and follow through on those promises. As your business grows and moves forward, so too should your employees.
How Can TechBridge Help?
Our goal is to bridge the gap between business and employee, matching qualified workers with the companies who need them. If you have any further questions or you’re ready to start the recruiting process, contact us today.