If employee retention strategies haven’t been a priority for you as of late, now may be a good time to refresh your staff priorities, because IT talent is in high demand.
According to the June Dice report, 71% of technology recruiters and hiring managers expect to add more staff in the second half of the year than they did in the first half. And salaries for new hires are on the rise in the battle for talented IT, with 30% of respondents paying more for new hires, as opposed to 9% six months ago.
With a promising job market on the horizon, there are more employees quitting their jobs than there are getting laid off. The recent Job Openings and Labor Turnover survey showed that in April, almost 2 million unsatisfied employees quit their jobs, up 12% from January — while layoffs went down to about 1.75 million.
After a 15-month stretch of holding on to what you have, the slight post-recession upturn has given workers the confidence they need to walk away from unsatisfactory jobs. And it’s not only about making more money. Employees who feel underappreciated, overworked or disengaged will also start packing up their desks — especially the most talented ones, who know they deserve more.
A recent survey published in the May edition of the Harvard Business Review showed that 12% of the top talent (employees dubbed as having “high potential”) in the 100 organizations studied were actively looking for new jobs.
So what kind of employee retention strategies do you already have in place, or what can you establish to hold onto the talent you have? Try to create a working environment that employees like being part of. Providing a great workplace that offers flexible work hours, better work/life balance and the opportunity to be creative and innovative could trump the more-money card a competing employer might offer.