Lilit Davtyan is the CEO of Telephone xaan all-in-one marketing solution for calls, leads, clicks, email, SMS, accounting and more.
Despite the rise of tech giants and startups around the world, the tech industry is currently experiencing a talent show arising from a lack of skilled workers eager to enter or stay in the field.
Recent research prediction the global shortage of technical talent will grow over the next decade, forcing companies to not only revamp their recruiting practices, but also improve retention of internal talent.
As the CEO of a marketing automation solutions company, my responsibilities include establishing recruiting practices focused on building a formidable team of technical professionals. In my experience, in-house talent retention is driven by engagement, connecting with team members on an individual level, and adapting to changes due to attrition.
Retaining top talent is integral to building a solid talent pipeline. The following are three effective strategies for tech companies looking to improve their internal talent retention.
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Keep employees engaged at all times.
As hybrid and fully remote working models become more popular, it becomes more and more complicated to connect with employees. If there are not enough or no company bonding activities, out-of-office employees do not feel connected to their colleagues and therefore not to the company culture.
With hybrid and remote working models in mind, business leaders need to figure out how to engage all employees in team bonding activities, whether by actively involving them in team projects or organizing team events. Department heads can keep corporate culture intact by fostering an environment based on open participation, teamwork, and collaboration.
Open participation from each employee can be achieved through weekly one-on-one conversations – in-person or virtual for remote workers – focusing on new company initiatives, department projects and goals, individual progress, and creating a roadmap for professional development. Teamwork and collaboration can be achieved by encouraging interaction between team members, whether through video calls, virtual team building exercises or inviting remote employees to the office for company social events.
Establish individual relationships with each team member.
It is imperative to understand your employees enough to gauge their commitment to the company. This is important because once an employee loses a sense of the company culture, it becomes almost impossible to retain that employee.
For example, before an employee is fired or about to resign, there are usually hints that point to a team member’s lack of commitment to the company. These warning signs can be caught in advance – or even avoided altogether – by having conversations and engaging with an employee on an individual level. In addition, if an employee feels disconnected, it is likely that other employees will feel the same way and portray the company in a negative light.
Connecting with team members on an individual basis is key to understanding what an employee values and how invested they are in your company. Doing this will also prevent negative attitudes from permeating your entire organization.
Focus on areas most impacted by revenue.
For technology companies, one business area directly impacted by revenue is employee training. This is especially challenging for new managers who want to implement processes that work for them as they adjust to their new role.
If there is employee turnover, training procedures should be updated for each new employee who joins the company. This shifts the focus from training to ensuring that new employees are immediately informed. For example, technology companies need new employees to learn the company’s products and services so that they can engage with customers as quickly as possible. That ends up costing managers a lot of time — time that could be spent on talent retention and customer acquisition, among other important business initiatives.
Retaining talent is more achievable than business leaders think, but it does require building individual relationships with each employee and keeping them engaged in the vision for your company. Improve your retention rates by implementing strategies that empower and encourage employees to stay with the company.