employees company top tech turnover order

techsuch May 9, 2021 0 Comments

Tech Company? Here’s why your employee turnover is too damn high# Tech Company? Here’s why your employee turnover is too damn highOkay, the following article is not related only to tech companies, but tocompanies with IT departments in general, and who struggle to hire andmaintain their tech workers (so, basically, all of them…?).According to a LinkedIn study, software and internet companies had the highestemployee turnover rates in 2017, when compared to other major industries. Thisis explained by the fact that there is a shortage of supply of tech workersagainst company demands.Within a field in which there is virtually zero unemployment and so muchcompetition for talent, what can you do to ensure that your turnover rate doesnot go through the roof?We can have a look at Maslow’s pyramid of needs to see what influences thecareer decisions of your tech workers, and in which key areas you should applyyour strategy:In this pyramid, in which at the base rest our most fundamental needs, and atthe top the things we need in order to be happy; we are able to uncoverexactly where we can act in order to have happier and more loyal employees atour firm.Lets just get it out of the way and assume you provide your employees withadequate compensation and benefits in order to write off the base of thepyramid. If this assumption does not fit you, then it is easy to figure outwhy you are having a brain drain.Let’s now have a look at the top of the pyramid, where the Self-fulfilmentneeds are — these pertain to when an individual finds its true calling. To beable to reach this level, one has to have their basic psychological needs met,hence why Maslow himself considered it rare to reach the stage of self-actualization in a competitive society with scarce resources such as ours.Most people are way too busy surviving and caring for their basic needs, to beable to reach a point in which they can focus on uncovering their truepotential and become a fulfilled and happy individual.> What does this have to do with my employee turnover then?Everything! If you provide your employees with fair wages and benefits, anddon’t have them on precarious contracts, then you do not need to worry aboutthe base of the pyramid. On the other hand, the top of the pyramid issomething outside of your control. More money will not unlock someone’s “fullpotential”, nor will it another promotion. However, what you can do is createthe pathways that may lead your employees to become the best possible versionof themselves, both professionally and personally. You cannot control whatgoes on their personal lives, but you can interfere in their professionalenvironment. The pathways you need to create for your workers to reach the topof the pyramid are related to the middle of Maslow’s pyramids: thePsychological Needs, the feelings of belonging, of prestige and ofaccomplishment.There are 2 of these pathways in which you can start working immediately:retention policies and strong company culture.Pathway One — Retention PoliciesAn effective Retention Programme starts at the hiring process by choosing teammembers that will fit well within the company. Access to training for furtherimprovement of skills and ability to participate in relevant conferences andevents should also be a staple in any modern organization. Flexibility shouldalso be key — the offering of a remote day per week, plus the ability to workfrom home when the kids are sick or the plumber needs to come around and dosome fixing, not only allows your employees more free time to be with theirfriends and family (it is estimated that LA drivers spend 102 hours in trafficper year, for example), but it also makes them feel trusted. Some otherobvious, but not less important features, include a comfortable and well-litoffice and provision of free coffee and fruit/healthy snacks.Pathway Two — Strong company cultureA company culture is considered to be the set of beliefs, values andbehaviours than workers share within an organization. However, by strongcompany culture, I mean a healthy, vibrant and dynamic psychosocialenvironment — an environment in which social relationships can thrive, evenoutside of work, and in which everybody feels respected and in possession of asay in how work is managed and developed.It is no easy task to create such an environment nor is there that one recipewhich you can simply apply to every organization. Nevertheless, there are afew key areas we can identify and get to work. To allow social relationshipsto thrive, we need to give the space for them to happen at work — having aspacious common room/area where people can relax and unwind — and at home —having a whatsapp or slack group for team members to share jokes, nicerestaurants they visit, or just occasional accomplishments in their day-to-daylife. Another important input you can have is team-building events — preparingfun outings for your employees can have incredible benefits in the overallmood and dynamic at the office -, these can range from a lunch out, or a fewbeers at the lounge area, to a full day of activities such as paintball,escape room, soccer tournaments… your imagination is the limit. It isimportant to do it on a semi-regular basis and include a surprise or two. Itmakes your employees feel pampered and recognized. To have a healthy andbalanced method of working, it is key to have in place a conflict resolutionframework to tackle issues between team members as soon as they arise, and togive space and voice for people to raise their concerns.There are several other minute features you can put in place in order tofortify you company culture, so many one could write a book on them, but theseare two of my personal favourites: introduce new hires to everyone in thecompany (bonus points if the person doing the introduction is seniormanagement/c-suite) — this makes new employees feel protected and includedright from the get go. And, in roles that do not require customer-facing time,allow for an informal workplace — this results in everyone feeling the freedomto express their true selves and becoming more productive as a result.Concluding, influencing the middle of Maslow’s pyramid in order to allow youremployees to be happy and engaged at work, and also give them the tools toreach the top and achieve their full potential, is a process that will notonly grow your organization, but will allow you to retain your top talent andattract high performers from your competitors.

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