The tech industry is one of the most competitive landscapes regarding recruitment. With constant evolution and innovation, tech jobs demand more and more expertise, and companies have to work hard to attract and retain the best talents and remain competitive. This piece explores how they can do that, including leveraging mental health awareness and employee well-being initiatives to create a supportive workplace culture.
Why Talent Retention is so Crucial
Talent retention directly impacts business performance, innovation, and competitiveness. This is easily proven when we look at:
- The cost of turnover: according to a Gallup article from 2021, Replacing an employee costs one-half to two times the employee’s annual salary. Those costs go up the more senior the employee is. Indeed, recruitment, onboarding, and loss of productivity quickly increase, and high turnover can also negatively affect employee mental health and team morale.
- Talent Scarcity: according to a 2024 survey from Man Power, there is a talent shortage in many industries, including tech. Across industries, 74% of employers mention struggling to find the right fit for their positions. This means a company’s productivity loss and increased workplace stress, which can impact overall mental well-being.
- Knowledge Loss: when they leave, the employees take their skills and knowledge with them, which disrupts productivity and can hurt the product or service development.
- Impact on Team Morale: Finally, a high turnover always impacts the remaining team members, who can feel uncertain about the future and have to take over some of the tasks of the departing teammate. This can lead to burnout, anxiety, and other mental health issues if not managed proactively.
What Top Tech Talent Looks For in a Company
While salaries alone might have been the answer in the past, today, it is clear they are seeking work experiences that are more holistically aligned with their values, offer a growth perspective and respect their well-being and mental health needs.
Here are some key factors tech talents tend to prioritize when looking for a position:
1. Purpose and Values Alignment
Like many other professionals, finding meaning in their work has become very important to many. Knowing that they are contributing to the greater good, having a social impact or working for a company that shares their values is becoming an essential requirement for many talents.
2. Flexibility and Work-Life Balance
Flexibility around work-life balance, such as hybrid and remote work options, flexible hours and autonomy are becoming a non-negotiable, especially in the tech industry.
3. Career Growth and Skill Development
The fast-paced nature of the tech industry means talents must constantly be learning and improving their skills. That is why they wish to join a company that will support their skills development and offer opportunities for career growth.
4. Inclusive and Diverse Culture
A diverse and inclusive workplace will draw in many tech professionals who want to feel acknowledged and valued as individuals within a team that will respect everyone’s voice.
5. Competitive Compensation and Comprehensive Benefits
In addition to competitive pay, benefits have become very important for tech workers who count on their company to support them in terms of physical health but more and more so in terms mental health through resources such as employee assistance programs, counselling services or mental health days.
6. Access to Modern Technology and Tools
Top talents will expect to have access to state-of-the-art tools to deliver their best work and constantly improve their skills and productivity.
7. Recognition and Constructive Feedback
The size fits setup does not attract tech talents who want to be recognized for their achievements and receive feedback to continue to grow.
Only by understanding these priorities will a company be able to create innovative recruitment strategies that work.
Smart Recruitment Strategies
Once you know precisely what skills you need and what top candidates are searching for, it is all about mastering the recruiting process:
- Optimize Job Descriptions and Employer Branding
Some steps are easy wins, such as ensuring your job ad is well-written to reflect your Employer Brand. It should be clear and inclusive, expressing your company culture, values and benefits, as well as share employee stories to increase credibility.
- Use Employee Referral Programs
Use your in-house resources and incentivize referrals from current employees.
- Run Diversity, Equity, and Inclusion (DEI) Initiatives
Ensure you actively promote DEI through standardized interviews, anonymous applications, and so on.
It has never been easier to hire abroad. Embrace remote work and open up your pool of talent beyond borders.
- Use Skills-Based and Practical Assessments
Think outside the box with interviews and assessments, giving candidates a chance to show their skills truly.
- Streamline your Decision-Making
Make sure you are not losing talents to competitors by having an efficient process that moves quickly and keeps candidates waiting too long.
Never hesitate to ask for help when filling roles that are particularly hard to fill by working with professional recruiters.
A strong employer branding, Efficient recruitment processes and a competitive employee value proposition including mental health, flexibility and career growth are today’s essentials to attract and retain top tech talents.
Morgane Oléron
