HOW TO FIND AND RETAIN TECH TALENT

Every industry and business model is undergoing a gradual transformation due to technological innovations. Key operational processes and job roles are getting automated, while at the same time, AI  is changing the way business is conducted. With such an incredible impact of technology on business, quality tech talent is highly demanded. Unfortunately, the supply is far behind the demand, and there is a severe shortage of tech talent.

According to a McKinsey survey, 61% of HR professionals feel that hiring and retaining tech professionals will be their biggest challenge in the years to come. Coupled with the post-pandemic 'Great Attrition,' retaining tech talent is becoming as difficult as finding new talent. Thankfully, you can find and retain tech talent for your business with careful talent management strategies. Here's how.

Finding Tech Talent

To find tech talent as per your organization's skill needs, you have to view the recruitment process from the talent's point of view. Do they know about your organization, how they view you as an employer, what kind of recruitment and onboarding experience you provide, and are you meeting their expectations? 

By basing your talent search strategies on these insights, finding top tech talent will become easier.

Go Where The Talent Is

Tech talent is highly aware of new market opportunities and different platforms or channels to reach the right employers. While third-party recruitment sites, referral platforms, head hunters, and niche communities are the standard channels for searching for tech talent, you must also be prepared to explore unconventional methods to find viable candidates.

Tech professionals scour social media sites for entertainment and professional engagement. They are also open to new opportunities if the right recruiters can reach them.

Cultivate A Strong Employer Brand

Once you have set up a multi-channel approach to reach quality talent, you need to focus on projecting a solid employer brand. 86% of passive job seekers evaluate a brand before applying for a job. As a result, businesses with a favorable brand reputation receive 50% more qualified applicants. 

Thus, cultivating a strong employer brand is essential to your success in finding tech talent. Employee reviews and ratings on third-party platforms can be supplemented with the active posting of employee-friendly activities and policies on social media. Your 'Careers' page should also be more than just about the open positions. Promoting the talent nurturing aspects of your organizational culture is the key.

Focus On Candidate Experience

About 50% of qualified candidates decline a job offer if their recruitment experience is poor. This number worsens if candidates join the company, go through a poor onboarding experience, and quit within a few days. Thus, focusing on candidate experience is critical to finding and retaining quality tech talent. 

Routine aspects of profile selection, recruitment, and onboarding can be automated, but the personal touch still counts. By maintaining transparency with potential candidates and sharing the process, the candidate experience improves significantly.

Prepare For A Remote And Flexible Workplace

Remote work and flexible work hours have become the new normal after the COVID-19 pandemic. While 'WFH' used to be a privilege or unique perk offered by some employers, most employees now expect it. This expectation is further normalized for tech talent, as their jobs were least affected during the pandemic due to ready digitalization.

Thus, to find new talent, you need to be prepared for the possibility that remote or hybrid work models would be not only expected but demanded. Preparing your workplace for this reality can help bridge the talent gap faster.

Retaining Tech Talent 

While finding new talent is a challenge, retaining top tech talent is also challenging. With the strategies mentioned below, retention can become more manageable.

Strategize The Compensation And Benefits

Studies reveal that 46% of talent find their compensation and benefits the biggest motivator for staying with their current company. Reasonable compensation and benefit plans become even more critical for retaining tech talent that keeps upskilling and is in high demand.

By making sure that employee salaries undergo regular market corrections and are competitive, you can continue to retain quality tech talent. Furthermore, benefits like loyalty bonuses, medical coverage, performance-linked incentives, ESOPs, etc., can be part of your personalized and flexible compensation packages.

Nurture And Develop Talent

Tech talent values up-skilling and learning opportunities to remain relevant in their field. Employers who recognize their employees' training and development needs and provide a nurturing environment will successfully manage to arrest their attrition. 

Development support can be extended to employees through partnered training courses or sponsored training opportunities. Up-skilling and cross-functional skilling should also be rewarded in lateral career moves and promotions.

Build Diverse And Inclusive Culture

Finally, the millennial and Gen Z tech talent is increasingly seeking inclusive and diverse workplaces. Employee engagement, productivity, and performance improve significantly if the workplace is more inclusive. For software development and data management profiles, innovation and creativity can only be encouraged in an open and supportive environment.

Therefore, building a diverse and inclusive culture is key to retaining tech talent of all genders, races, and ethnic backgrounds.

To read more such interesting content and explore how the talent management space is evolving, visit the Cogent Infotech website.