It's an IT jungle out there ...and many of your employees may be thinking the jungles a bit greener somewhere else. With solo contracting becoming increasingly attractive, how do you make sure you retain key IT personnel?
Here are seven tips I've found helpful when working with companies suffering from talent drain, things you can do to not only retain staff but increase productivity and performance.
1. Stay on top of your rate of attrition
Ironically, many companies examine their rate of staff attrition only after extensive losses. A widely publicized survey (done by CareerBuilder) earlier this year reported that 32 percent of IT workers planned to leave their jobs in 2006. The Walker Loyalty Report for Loyalty in the Workplace reported that only 34 percent of workers were truly loyal."
Considering that Silicon Valley's average annual rate of attrition is about 20 to 30 percent and the national average has been just under 17 percent, these recent surveys should come as a shock.
If you don't already measure attrition rates within your staff, start now. Determine whether your retention rate is within norms for your industry, company and location. If you see an upward trend, you'll have time to take action.
2. Revisit your compensation plan regularly
Money isn't everything, but it is important when IT workers are in high demand. According to a recent study by Randstad North America, 59 percent of employees say they would stay in their job if they received competitive compensation.
Are you really paying the going rate? Can your benefits meet/exceed industry standards? You should be doing regular reviews to ensure that your compensation really is competitive.
Researching salaries can be labor intensive, as you have to factor skills, demand for skills, years of experience and your local job market. But some shortcuts are available.