Harvard Business Review survey of 500 tech employees and 230 enterprise technology organizations globally states the top three reasons tech employees look for a new job are:
- Lack of learning and growth opportunities
- Inflexible work environment
- Not receiving enough recognition for their work
Owing to the ever-evolving IT industry, retaining top talent has become increasingly challenging. The competition for skilled IT professionals is fierce, and according to a recent report by Forbes, the technology industry has the highest turnover rate of any industry at 13.2%.
By investing in talent development and career advancement, and by creating a culture of growth, companies can build a strong and loyal team that drives long-term growth and success.
Here are 5 strategies to help manufacturing companies retain top IT talent:
1. Invest in Talent Development and Career Advancement
IT professionals are highly skilled and passionate about technology. They aspire to work for companies that offer continuous learning and growth opportunities.
Enrolling employees in professional development programs and offering training can be a great way to help your IT professionals adopt new skills and excel in their careers. Provide IT personnel with the tools to flourish so they are encouraged to stick around for the long haul.
2. Create A Culture of Growth
Creating a culture of growth that fosters innovation and encourages employees to take risks is important for success. A healthy culture keeps your employees committed to their work and growth.
Don’t (always) punish mistakes. Reward innovation and risk-taking, and make growth something you highlight in your meetings and communications.
3. Offer Competitive Compensation and Benefits
Manufacturing is a rewarding career with tremendous potential for growth opportunities. With the fierce local and national talent competition in the industry, more companies are increasing wages to attract talent.
93% of respondents of The Manufacturing Institute and Colonial Life study said they were struggling to find qualified applicants for various positions. 89.5% said that they have increased compensation—including wages, salaries, and benefits to attract talent.
4. Provide a Flexible Work Environment
Hybrid and remote work options are more prevalent in the IT industry. Naturally, the top IT talent would prefer working for a company that provides flexible working options.
Maintaining a work-life balance has gained more traction ever since the pandemic as more people are now focused on prioritizing their mental health and family commitments.
5. Foster a Positive Work Environment
A work culture that values teamwork, collaboration, and open communication is crucial to attracting top talent. For IT professionals to thrive, they need an environment that inspires them to do their best but also allows them to work on their projects independently.
Creating a culture that provides your employees the space to be themselves can not only help retain them but also help create innovative solutions.
Keeping and attracting skilled IT workers is crucial for staying ahead of your competition. Adopting a growth-focused culture and improving wages and benefits can help attract talent that brings innovation and success to your team.