We curate a lot of content about the tech field, with staff recruitment and retention being one of our favorite topics. Here, we’ve decided to share some of the best employee retention articles with you.
In this round up, you’ll learn about:
- Retention methods, approaches and management
- Ways to keep your talent happy and motivated
- Recent and emerging trends
- The costs involved
Tools and Happiness
Marhsall McLuhan once said “we shape our tools, and therefore our tools shape us.” In the 2017 world of tech, this couldn’t be any truer; research from GitLab reveals an increasing push toward developer freedom in what tools they can use for projects. With 36% of developers claiming they wouldn’t accept a job if an employer did not implement the latest technologies, it’s important that your company maintains a cutting-edge approach to the tools it uses; to appeal to prospective talent, but also to keep employees motivated. 11% of the devs GitLab surveyed said they use whichever tools they want, despite being told to use certain ones; to improve staff retention, why not give them this option openly, or incorporate the latest and greatest into your projects?
The Raw Truth
Digitalist recently published an article aptly named “8 Employee Retention Facts That’ll Keep You Up At Night.” Jacob Shriar provides some infographics that may, at first, seem rather worrying - but if anything, you should treat them as motivational. Yes, 15% of employees might not see themselves working at their company in a year’s time, and 63% of employees could be actively looking for a new job; but if you strive to be the company those employees will be applying to, these concerns can be diluted. Retention programs revolving around social events, for example, could help your staff become part of the 54% who say that a strong sense of community keeps them at their company!
A Millennial Strategy
Millennials currently take up the largest portion of the workforce. There’s a huge chance that they’re in your current employment and applying for your current vacancies; you might even meet one if you look in the mirror. Although the term ‘millennial’ is thrown around, it has some stark meanings in the tech industry: many studies have shown them likely to switch jobs than older generations, and it is key for you to have solid employee retention ideas to ensure productivity in the workplace. Toggl’s list of millennial retention strategies is a great primer for your own ideas to develop, with some interesting facts and figures to boot.
The Cost of Job Hopping
Research by HRDive shows that it’s not salary, but employee happiness to be the primary reason why people tend to job-hop. Their article from earlier this year displays that money is still a big part of the process, however… Just as a cost to the employer themselves; small employers can lose up to $3,079 per talent turnover, and with stigmas about short employment tenures falling, there is an increasing need for managers to keep employees motivated in order to retain them.
A great way to come up with the best employee retention practices, is to look at how new tech companies are doing it. Hppy recently published their findings on this topic, with inspiring examples on how to create a democratic environment, foster personal development, instil leadership, and many more. Studying a variety of software is one way that the tech industry develops, so why not do the same with your retention programs.
Your HR team will face three specific hurdles when implementing retention strategies: criticality, capability and credibility. Thinking about how to solve these issues is the main topic of this insightful article by InsideHR. It’s all well and good progressing with staff retention, but you need a HR team that can cope with the upkeep and implementation, or you could face more issues than when you set out to improve it.
Adding to sentiments echoed in articles throughout this round-up, TINYpulse provides a brief synopsis on why employee turnover is on the rise, expensive, and an issue that needs to be faced. Extra attention should be given to the brief comment about employers setting up nap pods and fridges stocked with craft beer; these can be effective tools in talent retention, but it’s really easy to implement ‘empty’ concepts that do little to keep employees happy.
The Harvard Business Review ends our list, with an interesting gaze into the positives and negatives of implementing incentive pay. Incentive pay can be a huge factor in retaining employees, as some employees will be more motivated towards the organizational success. Other employees may see it negatively, and dislike the engorged intensity that can often follow a performance-related pay model. Either way, it’s something to consider when improving productivity in the workplace, and this article tackles it with canny precision.
This article round up was brought to you by Daxx. We’re a Dutch company, who specialize in helping businesses set up and retain remote software development teams. With over 17 years in the software development market, we have helped over 200 clients hire talented software engineers in Ukraine. We can help connect you with the top tech talents in Ukraine, who you can interview, then manage directly, whilst we handle things such as payroll, taxes, HR and team retention.
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