Why Retaining Top Tech Talent Is More Important Than Hiring Them?
Technology professionals play a huge role in driving innovation and business transformation today! This is why it's crucial for companies to not only attract the top tech talent but also manage to retain them, especially as these professionals are in high demand by IT staffing and recruiting companies in the job market.
Employee retention can be an excellent solution for a business to cut hiring costs, improve employee engagement, and save HR from paperwork hassles! Here are some reasons why you must put efforts into retaining your existing IT employees before you set out to do hiring initiatives.
1. Replacing Talent is Expensive
A high rate of employee turnover can get expensive for any company. As more talented employees leave the business, there are significant hours spent and expenses made to find worthy, competent replacements. From hiring hassles to training expenses and lost productivity due to the position staying unfilled for a while - the costs can quickly rise. In fact - according to Forbes, even losing an entry-level employee costs around 50% of their salary! This is why retaining employees work better for the company to save turnover costs.
2. Hiring is a Challenging Process
Whether the recruiting is done in-house or by outsourcing to IT staffing companies, hiring is quite a challenging process in itself! From shortlisting resumes to conducting interviews - there are significant hours, resources and expenses involved to recruit the right tech manpower for a company.
Employee retention, on the other hand, reduces the constant hiring of new faces for the company to do the same job. In fact, retaining your top tech employees also helps you acquire new talent! Happy employees often bring aboard new candidates from their own existing networks and even quickly help their friends assimilate better into the company culture once they're hired.
3. Employee Retention Enhances Productivity
Employees in a business need to build excellent work relations and form good communication channels with their co-workers. This is a big part of what makes the company enhance its productivity through the right collaboration of people in it. While retained employees have already formed these connections, new employees often need a significant amount of time to do so. Thus they take time to reach the productivity levels of the person they have replaced in the company.
4. Existing Employees Help Boost the Company morale
Lastly, when employees see their colleagues and managers exiting the company time and again - it lowers the general morale in the company. Moreover, constantly changing the staff does not allow the employees in your company the time to develop long-lasting friendships with their co-workers. This affects the happiness of your employees, eventually leading to a poor work environment.
However, if you retain the same employees - they will stay for a long time, become comfortable, have a stronger sense of belonging, and develop better relationships with co-workers. This enables them to contribute well to the company culture and boost morale.
Here are some strategies to help companies retain their top tech employees:
Provide learning opportunities that enable career development.
Establish a supportive work environment where employees can flourish well.
Employ managers that build trust and help their employees to grow.
Invest in employee training and development.
Run regular wellness surveys to see if employees are happy in the company
Provide deserving incentives, salary boosts, health benefits etc.
At IDC Technologies, we help you hire the best tech talent in the industry so that you can find the perfect fit in order to build an epic IT team for your company. From background checks to screening top candidates - we do all the hiring work for you, so that you may later retain these talented employees and advance your business.