The most crucial part of any business is the people who run it. And retaining employees is now the topmost priority of IT giants. As a result, Tech talent directly contributes to the growth of IT companies.
But when a company has to replace an employee, it leads to a lot of investment in both time and money. Again, there’s no guarantee that the new employee will fit in. Hence, retaining employees becomes a must for IT firms to boost productivity and ensure everything is smooth.
Moreover, it is no secret that attracting the right tech talent isn’t exactly a piece of cake. And that the demand for tech talent is always higher than the availability of suitable candidates. Hence, retention of tech talent becomes a crucial factor for an IT firm to maximise its profits.
There is one solution to solving the tech talent retention problem of today: it is the hybrid work model.
Hybrid Work Model: A Solution for Tech Retention Problem
The coronavirus pandemic led to a massive shift in work culture across the globe. Over the last year, employees have shown that they can be just as productive working remotely, and the majority wish to keep this perk even after the pandemic has passed, the World Economic Forum has said.
But how bad exactly are employees seeking to work from home? And how much is the favour for hybrid work arrangement?
According to a study by Robert Half, one-third of professionals (34 per cent) who are currently working from home because of COVID-19 would resign if forced to work full-time in the office.
Nearly half of those polled (49%) prefer a hybrid work arrangement to split their time between the workplace and another location.
Convinced? If not, then these are the ways hybrid work model can benefit your business:
1. Greater Employee Satisfaction
According to Slack’s Future Forum survey of 4,700 knowledge workers, 12% of employees say they prefer to return to full-time office work. In contrast, the majority, 72%, want to stick to a hybrid work model once things are back to normal (which is uncertain).
The hybrid work model results in a more outstanding work-life balance for employees, which is a critical factor in retaining talent. If employees are satisfied with the organisation they’re working in and feel that they have an excellent work-life balance, they are less likely to switch jobs. The Hybrid Work Model, thus, is a viable factor when it comes to tech talent retention.
“Retention was earlier dependent on multiple factors like workplace, employer brand, and emotional connection to the organisation. Now, the Hybrid model is an essential part of any progressive organisation’s compensation and benefits policy. Hence, Variable pay can be efficiently linked to the hybrid model as it allows for tracking individual efforts,” Minakshi Arora Prasad, Head of Strategic HR & Global Talent Acquisition at Trident Group India, told Business World.
2. Maintaining Employees’ Mental Health
While working from home might be a way of spending more time with family members, there are cases where employees live alone and might not want to work remotely forever, and it might have implications on their mental health. However, human interaction is necessary, and 100% remote work hammers down the prospects of daily interactions with their colleagues.
The hybrid working model will thus enable employees to interact with colleagues when they are in the office and potentially aid mental health problems. This will directly contribute to employee satisfaction and allow them to feel more connected to the organisation. A sense of belongingness to the organisation is another crucial factor in tech talent retention.
3. Equal Opportunities Workplace
Remote work has dramatically affected working women positively. With the option of working from home, women no longer have to worry about leaving their kids unattended, home duties, and so on. Many women don’t take up managerial positions because their home calls for duties (often disproportionately), which interferes with their work lives. Thus, remote work can help solve this issue and boost the employee retention rate for many IT firms.
4. Flexible Working Hours: A key factor
As per a report from Absolute Personnel, 59% of employees felt that flexible working is the most critical factor in job hunting. Flexible working hours allow people to work at their own pace, leading to greater employee satisfaction.
With the hybrid work model, people have to choose their working hours. Gone are the days when a handsome salary package was all that was needed to recruit and retain tech talent.
These days, people want the extra perks as well. One of the perks that have gained popularity during the pandemic is the ability to work according to the schedule of the employee. To increase employee satisfaction, tech companies should consider a hybrid working model in order to retain their talent.
We hope this article helped break down the benefits of adapting to a hybrid work model to retain tech talent. For more such informative articles, check out the CodeQuotient blog by clicking here.
