Fact: Tech employees are always going to leave your organisation for a multitude of reasons that are often out of your control.
Employees follow their partners to different locations to support their careers; they take leave to start families; sometimes, it is purely down to a career change.
However, knowing the main reasons that cause tech employees to leave when it is possible to do something to prevent it can drastically reduce staff turnover in your organisation.
This then ultimately leads to increased employee engagement, higher productivity, and in general, a stronger and more valuable team.
At Flow Financial & Technology, because we work closely with those candidates that are at the stage of their careers where they have decided to leave their current employer; we hear first-hand the reasons great candidates give for wanting to leave.
As a tech employer, it is critical that you understand what it is that talented tech employees are looking for right now (and into the coming year) so that you provide the best employee experience, and more importantly – keep your turnover to a minimum.
From the responses I have heard, three main areas cause tech employees to leave, which I will go through in this article.
Salary and Benefits
Every tech employer wants to believe that they are offering their employees the most generous package they possibly can, but how does your offer compare against your competitors?
The current worldwide tech skills shortage has meant that employers are finding it harder than ever to attract top talent, and the UAE tech hiring market is one of the most competitive in the world, thanks to digitalisation and the expansion of the start-up ecosystem.
A recent salary survey of UAE tech employers
found that the digitalisation of companies and growth in small and medium enterprises mean that 83% of CEOs believe they need to spend more employing hiring managers to find the right talent for their organisations.
Yet the same survey found that 19% of businesses felt that they didn’t offer enough unique benefits and perks compared to their competitors.
How competitive is your salary and benefits package? Even if you know that you are offering a highly competitive salary, this is sometimes not enough to get the best employees to stay.
Added benefits like paid holiday allowance, health insurance, flexible working options, free and discounted parking and gym memberships can all help sway an employee in favour of staying with your company versus being tempted elsewhere.
Review your salary and benefits package at least annually and make amendments periodically to stay competitive and relevant in light of your competitors.
Management Style and Culture
I have covered the topic of how to build a positive company culture within your tech organisation in a separate blog post which you can read here
, but I will reiterate the importance of company culture in tech organisations right now, and how crucial this subject will be going forward into 2020.
A 2019 survey of over 180 tech professionals who had just left their position found that 80% said that poor culture and management was their main reason for leaving. Just imagine how much these tech organisations could have benefitted from ensuring that the company culture in their business was working to keep employees in their roles rather than looking for positions elsewhere.
So, what constitutes a ‘good’ management and company culture style that makes tech employee want to stay? A workforce with a set of shared values, an atmosphere of trust and collaboration, mutual respect between all members of staff.
Additionally, ensuring that your management team are invested in training and developing your employees is a crucial point, which I want to discuss in more detail next.
Training, Development and Career Progression
A lack of career development is such an essential issue to tech employees, and excellent training and development opportunities are often viewed as more important than salary and benefits.
One survey conducted earlier this year found that only 29% of tech employees are currently ‘very satisfied’ with their career advancement opportunities.
If you conducted a similar survey in your organisation, what do you think the results would show? Do you offer all employees a clear career path? What kind of support do you provide to help your employees develop their skills?
Improve your training and development practices, and you will see an improvement in your employee retention. Doing this will not only be of benefit to your employees – when you invest in your employees you strengthen your entire business, you develop their skills, you reduce recruitment costs and enhance your talent pipeline
Have you experienced problems with staff retention in your organisation? If you find that you have struggled to attract and retain top talent, you’re not alone. The skills gap in the UAE tech sector has meant that businesses are finding it increasingly difficult to locate and retain the most talented individuals.
If you would like to discuss how Flow Financial & Technology can upgrade your recruitment process to attract better candidates in the first instance, and ensure that the candidates you interview are right for the role and that they are looking to stay and develop with your organisation, get in contact with our team today
The Middle East is a dynamic and growing market where identifying top talent and world-class professionals for the financial services and technology industry is highly competitive.
Flow provides an executive search service led by industry experts, geared to any level of role within the Financial Services and Technology Industries. This service is driven by innovative, established and proven research teams who customise each requirement from our clients.
Importantly at Flow, we meet with all our candidates face to face to gain an understanding of their requirements, ensuring we guide them in finding their ideal role.
To find out more get in contact
with one of our team today.