{"id":765,"date":"2021-08-24T12:28:42","date_gmt":"2021-08-24T06:58:42","guid":{"rendered":"https:\/\/codequotient.com\/blog\/?p=765"},"modified":"2024-02-14T18:26:48","modified_gmt":"2024-02-14T12:56:48","slug":"6-key-tips-to-unlock-your-talent-retention-potential","status":"publish","type":"post","link":"https:\/\/codequotient.com\/blog\/6-key-tips-to-unlock-your-talent-retention-potential\/","title":{"rendered":"6 Key Tips to Unlock Your Talent Retention Potential"},"content":{"rendered":"

Great talent is hard to come by, but it is even harder to retain them. When Anglo-Dutch multinational professional services network KPMG<\/b> asked<\/a> hundreds of CEOs the most significant threats facing business growth through 2023, \u2018talent risk\u2019<\/i> was a unanimous answer.<\/p>\n

One year post-Covid, skyrocketing remote work adaptation is rebounding economic recovery. Tech firms, in particular, are scrambling to retain talents. But, according to enterprise hiring managers, the increase in IT job openings has not been met by the rise in the number of techies available to fill them. The reason? There are several, perhaps remote-work-friendliness and many opportunities are the most significant.<\/p>\n

It goes without saying, employee retention is going to be challenging amid this changing business landscape. So, how do recruiters unlock the potential to retain tech talent amid this crunch and the war for employee retention?<\/b> The answer is by implementing efficient employee retention techniques.<\/p>\n

Why do (Tech) Talented Employees Leave?<\/b><\/h2>\n

\"Why-do-(Tech)-Talented-Employees-Leave\"<\/p>\n

A LinkedIn study<\/b> (of tech talent) found that the primary reason why an employee leaves an organisation and joins another is a career opportunity<\/a>. Employees not only require learning continuously but they also expect fresh challenges to stay motivated.<\/p>\n

When speaking specifically about Covid, one study<\/a> found many employers have serious doubts about their employees’ abilities to complete tasks without direct supervision. It’s no surprise that, in the face of a sweltering post-pandemic economic recovery, people would rather find a new job than return to a supervisor and organisation that had lost faith in them during the pandemic.<\/p>\n

Hence, companies that want to unlock the talent retention potential must take a step forward now to understand the priorities of their workforce.<\/p>\n

Five Strategies to Retain Talented Employees<\/b><\/h2>\n

These five tips are based on expert advice<\/b> and time-tested principles to retain tech talent in the face of challenging circumstances:<\/p>\n

Tip #1 – Anticipate What Employees Want<\/b><\/h3>\n

The needs of the employee can be ideally categorised into:<\/p>\n

    \n
  1. Personal needs<\/b> (individual “me” needs like financial, physical, emotional and employment-related)<\/li>\n
  2. Relational needs<\/b> (“me and you” need like relationship between the employee, superiors)<\/li>\n
  3. Collective needs<\/b> (\u201cus\u201d needs meaning common needs of all employees like having an efficient workplace technology etc.)<\/li>\n<\/ol>\n

    A study by Harvard Business Review <\/a>revealed how critical workplace technology is when hiring and retaining employees. The respondents (58%)\u00a0 said that the organisation’s technology would play a crucial role in working for a company. Three main trends (as per the study) in employee retention were: more self\u2013service, access to critical knowledge, ability to choose their device, and self-service setup for various technology tools.<\/p>\n

    Thus, organisations that want to move forward must anticipate the needs of the employees. As well in advance and must embrace new methods and create work models suitable to employees. By doing so, the company will boost employees\u2019 morale and attract the attention of their brightest recruits and retain them.<\/p>\n

    Tip #2 – Care for the Six Basic Needs<\/b><\/h3>\n

    Accenture<\/a> found that by meeting six basic human needs <\/i><\/b>at work, an organisation can unlock its employees\u2019 full potential. These six dimensions are:<\/p>\n