IT retention: Top 8 Strategies for retaining talent [CIO's role]

 8 strategies for retaining talent in the IT industry 

1. Build relationships from the beginning 
2. Ongoing mentorship and clear paths to career advancement 
3. Flexible Working Options  
4. Competitive Compensation Packages 
5. The leadership of senior management 
6. Collaborative working environment 
7. Making Work irresistible 
8. Turnover is inevitable 

The first step to retaining top talent is recruiting the right employees in the first place. When looking for new hires, businesses should focus on finding candidates who fit not only the job requirements but also the company culture.  

By identifying the cultural aspects and values that are most important to the company, businesses can make sure they are only interviewing and hiring candidates who would be a good fit for the organization. Once you’ve found the right fit, it’s important to nurture and develop that relationship from the very beginning. 

For instance, including questions like: “What made you want to pursue a career in IT?” “What are your long-term career goals?” or “How do you see yourself developing and growing at our company?” during the interview process can help to hire managers to get a better sense of what motivates and drives each candidate. 

According to “The Linkedin Job Switch report“, 45% of top tech talent leave their work because there is a lack of opportunities for advancement. IT is a rapidly changing and evolving industry, which means that IT professionals need to continuously update their skills and knowledge in order to keep up with the latest trends.  

Organizations can retain top IT talent by investing in ongoing education and training opportunities for their employees. This could include sending employees to conferences or workshops, providing access to online courses or training, or even offering in-house lunch-and-learns led by company experts. 

In addition to providing opportunities for learning, it’s also important to create clear paths to advancement within the organization. 59% of why tech talents join any tech company is because they are seeking career growth and a stronger career path. IT professionals want to know that there is room for them to grow within the company and that their hard work will be rewarded with promotions and raises. 

Remember: Employees who feel like they’re stuck in a dead-end job are more likely to look for new opportunities elsewhere.

The pandemic has changed the way we work, and many businesses have found that remote work can be just as effective – if not more so – than traditional office settings. For IT professionals, working remotely can offer a number of advantages, including increased flexibility and freedom, which can make it easier to balance work and life commitments. And for businesses, offering remote work options can help them attract and retain top talent who might otherwise move to another city or state for a job that offers more flexibility.
 

While many large companies in the US are eager to bring back employees to the office, including Apple, it’s important to remember that not all employees feel the same way about returning to an office setting.  

Brian Elliott, the Future Forum’s executive leader, and Slack senior vice president said in an article published by CNBC: “Many executives simply aren’t experiencing the same lives of their employees and are falling back on an antiquated view of work to make inferences about what’s important for a company to flourish.”  

He continued, “They probably have an office with a door. They probably don’t have the same child care issues as many employees. The risk that we run, as a society, even in a hybrid-work setting, is executives don’t listen to employees looking for flexibility, and a real proximity bias sets in among people who are at the office and those that aren’t.”
 

Hybrid work models, which offer a mix of remote and in-office work, maybe the best solution for IT professionals who value flexibility and the ability to work from anywhere. Also, leveraging modern work technology tools can help to create a seamless transition for employees who are working remotely. 

IT talents are in high demand, and businesses need to offer competitive compensation packages in order to attract and retain the best talent.  

According to Robert Half’s 2022 Salary Guide: “Starting compensation for U.S. professional occupations is expected to increase 3.8% overall in 2022. Roles in strong demand, such as revenue cycle analyst and database administrator, may see even bigger gains. In addition, 48% of employers are offering signing bonuses to entice new hires.” For instance, a front-end developer can expect to earn a salary that ranges between $76,250 and $107,750. 

It’s without a doubt that salaries are rising in the IT field, but it’s not just about the money. IT professionals also want to know that their compensation package is fair and equitable. Salary transparency can help to create a more level playing field and ensure that IT professionals are being paid what they’re worth. 

Unsatisfaction with the leadership of senior management comes second to why IT talents leave their role, with 41% citing this as their reason for leaving. (Source: Linkedin Jobs Switchers Report) They want to work for a company where they respect and feel inspired by senior management. Nobody wants to work in a toxic environment, and IT professionals are no exception. 

Leadership starts at the top, and it’s up to senior management to set the tone for the rest of the organization. They need to be clear about the company’s vision and values and ensure that they’re communicated throughout the organization. They also need to lead by example and create an environment where IT professionals feel valued, respected, and motivated to do their best work. 

Self-awareness, influence, learning agility, and effective communication are at the core of great leadership. If you want to build a leadership team that IT professionals will want to work for, start by developing these qualities in your senior management team. 

In addition, the best way to ensure that IT professionals respect and feel inspired by senior management is to create a culture of transparency and open communication. Employees should feel like they can openly give feedback without fear of retribution, and senior management should be accessible and approachable.

A collaborative and supportive working environment is key to retaining IT talents. In fact, it’s one of the main reasons why they leave their role, with 36% citing this as a key factor in their decision to quit. 

A positive and supportive work environment can make all the difference in employee satisfaction and retention. IT talents want to work in an environment where they feel like they’re part of a team and their input is valued. 

Creating a collaborative environment starts with open communication and mutual respect. It’s important to encourage employees to share their ideas and give feedback, and to create an atmosphere of trust where everyone feels like their opinion matters. Again, this is why it’s important to build that relationship from the beginning and continue to nurture it.  

[Related: 7 toxic team behaviors IT leaders must look out for] 

Daniel H. Pink, in his book, “Drive: The Surprising Truth About What Motivates Us”, coined the term “workplace autonomy”. According to Pink, employees are motivated by three things: a feeling of progress and mastery, the purpose of their work that goes beyond money and tangible rewards, as well as control over what they do.
 

Here, commitment is driven by purpose. A purpose that makes an employee want to come back and do more. Retaining employees consists of giving them the feeling that each step they make, in their role or career, gives them a sense of purpose. 

Companies that are mission-driven have 30% higher levels of innovation and 40% higher retention rates.  ––Deloitte University Press 

To truly retain your IT talent, you need to make their work challenging, irresistible, and meaningful. How? you can start by setting challenging goals and objectives and providing them with the tools and resources they need to achieve success.  

Lastly, you can help make work irresistible by giving employees more autonomy in how they do their jobs. By empowering your IT professionals to take control of their own work and make decisions on their own, you can help them stay engaged and motivated over the long term. After all, who doesn’t want to feel like they’re in charge of their own destiny?  

Despite all of the above strategies, there will always be some degree of turnover in the IT industry. It’s important for businesses to be prepared for this by having a talent management plan in place. This could include using temporary workers, trained workers, contractors, or freelancers to fill the gaps left by departing employees.
 

Retaining talent in the IT industry is no easy feat, but with the right strategies and mindset, it is possible. Make sure, you always have your employees’ best interests at heart and provide them with the support they need to succeed.

CIOs and IT Leaders need to take an active role in employee retention. They need to think long-term. This means understanding the reasons why IT talents leave and putting together strategies to address those issues. IT leaders also need to be aware of the latest retention trends and practices so they can adapt their own strategies accordingly.
 

In an interview with CIO, Sabina Ewing, Global CIO and Vice President of Business & Technology Services (BTS) at Abbott were asked about her advice for CIOs and technologists who are managing a lot of people and trying to retain them. This is what she had to say: 

“Regardless of whether you have a person for two, or five, or even 35 years, you need to make it an experience where they’ve connected to the brand. And it’s not just about compensation. The compensation package is important, but people are looking for satisfying, high-impact work where they can develop their careers. When you do that, you’re creating an environment where people are more likely to stay. And if they decide to leave because they think the grass is greener on the other side, but then realize it’s not, they may be more likely to want to come back.” 

To effectively manage and retain your IT talent, it is important to focus on building meaningful relationships with your employees. This involves taking the time to get to know them as individuals, understanding their career goals, and providing support and guidance where needed.  

Additionally, you should strive to create a culture of continuous learning and growth within your organization, where employees feel empowered to take on new challenges and grow as professionals. By investing in your people, you can not only retain your IT talent but also help them thrive.