Money, while the main incentive, is not the only reason why tech talent decides to change jobs.
One of the biggest challenges for many companies today is the retention of technology talent, especially in key positions for the organization. For many recruiters, it is not uncommon to see professionals changing jobs every 2-3 years.
Changing jobs from time to time is a strategy that allows professionals to advance in their careers and especially useful to increase their remuneration. And the truth is, what are we with things for, if at the end of the day we all expect to have a good compensation, it is not surprising that if another company comes along offering 40-50% more money it will be a very difficult offer to refuse.
But while money is the main incentive, it is not the only reason why tech talent decides to change jobs. Here are their main motivations, gathered from our community, along with some talent retention strategies.
Salary is the main reason for changing jobs, and it is not surprising, since the demand for technology-related professionals has increased 126% from the first quarter of 2020 to date, and that has led to an increase in salaries, especially for senior positions. For example, for a Full-Stack Senior professional, an average of USD$2,829 was offered at the beginning of 2020, a figure that by the end of 2021 amounted to USD$5,023.
The problem faced by many companies is that they conduct their salary surveys only once a year, so they are unable to compensate their talent fairly and effectively. In this case, the strategy that many professionals employ is to constantly apply for other jobs, allowing them to increase their value to other companies, until they receive a better offer and can say 'bye-bye boss'.
Career development is the second most voted option by professionals when deciding to change jobs. Being a second and first level need on Maslow's scale, it is a trigger at a personal level and of a deeper nature than in the previous case.
The constant urgency to move projects forward in the area of technology can generate a feeling of 'stagnation' on the part of professionals, as they may perceive their work as a 'job' (just fulfilling tasks) and not a 'career' (future vision).
When development projects reach their "maintenance" phase, the work of several team members is reduced to fixing bugs. This can become an unchallenging task in the short and medium term, so it is important to maintain interest and motivation towards the project.
Today's professionals are not the same as they were 25 years ago, and they are increasingly valuing their freedom and the opportunity to manage their own time. If in the past a company's greatest benefit was to provide supplemental insurance or performance bonuses, today they must compete against remote work, flexible hours and clothing, among others. And once professionals have tasted that freedom, it will be very difficult (or almost impossible) to return to an office with established rules and schedules.
When a professional leaves the company due to a bad working environment, it is imperative to raise the alarm and evaluate what could be going wrong. Is it a specific problem or is it an organizational problem?
Keep in mind that the technology area is one of the industries with the fastest salary variation in the market, especially influenced by the increase of remote work and the presence of international companies (especially the United States) hiring tech talent and offering much more attractive salaries for Latin American professionals. That is why a single annual salary survey (with outdated data) is not enough to retain the best talent.
In response to this industry need, we have launched Insights Pro, a tool that provides you with accurate salary reports, with up-to-date and global information on salary fluctuations in technology and customized to the positions you are interested in.
An ideal way of retention for points 2 and 3 is to have a dedicated talent management department within the company, although that may be unrealistic for small companies or startups.
The best way to address this is to create a talent management system aimed at identifying and developing the talent of professionals in terms of their retention.
This system can be applied within the different management of the different areas of the company that encourage meritocracy within the company. To begin with, it is essential to obtain information from the professionals themselves, through regular 1:1 meetings where you can inquire about things such as:
The company must have a culture that allows collaboration and feedback between the different areas . This allows, for example, that the 'pains' perceived by users who come to support or through the sales channel can be taken by the product team, design and development, and have a fluid cycle of new implementations, changes and challenges, which, aligned with the objectives of the company and the ambitions of each professional, can help maintain a level of motivation and fulfillment of people.
If I as a professional am participating in more than 1 process, and I have to decide which company I should go to, I assure you that unlimited coffee will not be the benefit that most attracts me to your company. Offering trivial benefits is not the way to attract and retain professionals, since all the data points to the fact that remote work and flexible hours are the most attractive for talent.
In this case, retention goes hand in hand with talent attraction and a clear definition of the company's culture(the famous cultural fit). It is normal for there to be 'friction' between people (we are all human and we all have good and bad days), but it is important that these situations are dealt with in an appropriate manner.
The Human Resources department or People Ops can collaborate in the development of conflict resolution strategies within the organization, but it is very important that all members of the company know the internal regulations, the manual of conduct, and these strategies and guidelines to effectively resolve these situations and to be able to go to the corresponding headquarters in an open and safe manner if required.
--
This article originally appeared on the Get on Board blog.
Edited by
Raquel Rojas
.svg)
Let's transform our perception of failure and use it as a catalyst for growth.
.png)
.jpg)
.png)
.png)
.avif)
