Social Media Means
Social Media Means
Photo: Anna Shvets
In short, people want a supportive work environment — opportunities, flexibility, and recognition are all elements of that. They're not the only ones, however. Other aspects that really matter include diversity and inclusion. We found that diversity can be particularly important for attracting new talent.
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Read More »To retain top tech talent, companies need to think bigger than pay. According to a survey of 500 tech employees and 230 enterprise technology organizations globally, the top reasons that employees start looking for a new job are: 1) a lack of learning and growth opportunities, 2) lack of flexibility, and 3) insufficient rewards and recognition for their work. In short, people want a supportive work environment — opportunities, flexibility, and recognition are all elements of that. Other leading factors include a culture that prioritizes diversity and inclusion, an inclusive working environment, and work that uses the latest tools and methodologies. Companies should consider the value proposition they’re offering employees, recognize that job flexibility and modern technology are key differentiators, and invest in diversity and inclusion efforts. Right now companies are having a tough time finding, hiring, and keeping the top technical talent they need to keep their businesses running and growing. Employers used to think that appropriate pay was enough, but that’s changed: To attract and keep talented people, companies need to understand how their priorities have shifted — and be able to offer people what they’re really looking for. To shed light on why top tech talent stay in a job or choose to move on, Bain surveyed more than 500 tech employees and 230 enterprise technology organizations globally. The survey delivered three important insights. First, the problem is very real: only 13% of these employers said they are able to hire and keep the tech talent they need most. Second, workers make employment decisions on much more than compensation alone. Finally, we learned that there can be a striking difference between the factors that influence a decision to join a company and those that determine how long a tech employee stays there.
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Read More »The second most common reason workers start looking at other jobs is lack of flexibility. About two-thirds of employees say they want to keep a mix of remote and in-office work, and 46% said they would consider leaving a company that stopped offering the flexibility to work remotely. While a third of employees say that they would like to work remotely up to four days a week, they also see value in working together in person sometimes to help build a cohesive team. Flexibility entails more than just where work happens, too — it’s also when employees are expected to work, with whom, and on what projects. (Flexibility is also one of the leading qualities people look for when searching for a new job, with 40% saying it was a top three reason for joining a company). Rewards and recognition rank third in reasons people start cruising job sites. But, because it’s an area that employers can have direct and immediate control over, most companies have actively been improving the package. About 70% of companies said they have increased salaries and base pay over the previous year, 47% said they have increased bonus pay, about a third said they have increased health benefits, and nearly one in four said they have added more time off. In short, people want a supportive work environment — opportunities, flexibility, and recognition are all elements of that. They’re not the only ones, however. Other aspects that really matter include diversity and inclusion. We found that diversity can be particularly important for attracting new talent. Companies that have clearly stated their ambitions to improve diversity and make their organizations more inclusive are about twice as successful at attracting and retaining top tech talent. Inclusivity, on the other hand, is more important in keeping people than in hiring them. Factors like connectedness and teaming were relatively more important to employees in their decisions to stay. That may help explain why so many companies see high attrition rates hindering their efforts to diversify, and it underscores the need to invest in inclusivity efforts to improve retention. Finally, there’s the question of how work is done. The latest technology and ways of working are also strong draws: more than 80% of employees say using modern tools and methodologies is very important. Companies that say they have had more success recruiting top talent are 30% more likely to work in agile and 16% more likely to organize work around products rather than projects.
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