Cyberspaces 2017, an organization that tracks the workforce of the growing tech sector, recently reported how the Information Technology industry is thriving in the United States. Multiple trends illustrate the industry’s boom, including growth in total workers in the past year, the total number of jobs as compared to other industries, the total jobless rate for technology professionals and the fact that technology roles represent about 8% of the nation’s economy.
One aspect of the tech industry Cyberspace does not showcase is that the industry also has one of the highest employee turnover rates. With so many jobs available, it is easy for IT professionals to find jobs that are a better fit for them individually or better meets their individual needs.
Similar to recent jobs reports, this should be alarming for professionals in charge of hiring and retaining talent. When there are a substantial amount of open positions, employees are more confident leaving their roles to find greener pastures, or companies that better meet their needs.
Companies must be proactive in understanding the expectations and intents of employees to retain them. If the expectations and intents of employees are not met by their current employer, employees may readily leave to join an organization that does meet those expectations.
It’s critical to ask employees for feedback to understand their preferences, expectations and intents. Now is the time to set up processes for employees to give feedback to the company. There are multiple strategies and tactics available that will generate feedback organizations can act on to curtail employee turnover.
In the tech industry, or in a thriving economy, employees have options and they will leave for better opportunities. Ask employees for feedback. Listen to their suggestions. Implement changes to better meet their needs. Watch retention increase.