Strategies to Reduce Tech Industry Turnover

The way we do business has changed drastically in the past couple of years. Employee expectations have also changed, and many are leaving their jobs because they’re unhappy with how their employers operate.

In particular, the tech industry has seen extremely high turnover rates that aren’t slowing down. This turnover costs companies a lot of money. On average, it costs companies six to nine months of an employee’s salary to replace them. Keep reading to learn some important steps employers can take to keep their teams happy and reduce tech industry turnover.

  1. Promote a Work-Life Balance 

Work is a part of life, but it shouldn’t consume your employee’s entire day. Offering a work-life balance is crucial to preventing talent burnout and keeping workers happy. For example, providing employees with some flexibility during the workday to take a break, tend to family, go for a walk, or just step away from the computer will go a long way to improve talent retention

  1. Provide Growth Opportunities 

One of the main reasons employees leave their current job is because they feel they have no growth potential. Make sure you invest in your employees’ career development, such as training to grow their skill sets or tuition reimbursement, so they have a defined path for promotions and raises.

  1. Take Employee Feedback 

Employees want to work at a company where they know their voice is heard. Make sure you offer your employees plenty of opportunities to voice any concerns and ask for the benefits they want in the workplace. It’s also crucial to create a work environment where they feel comfortable expressing their concerns without fear of retaliation.

  1. Keep Workers Engaged 

The tech industry is fast-paced, so it can be easy to get caught up in work and forget to check in on your employees. Employers should include happy hours, volunteer opportunities, and other social events to break up an average workday and provide teams with something exciting to look forward to.

  1. Offer Remote-First Work Policies 

Remote-first work policies are quickly becoming the new normal. Remote work gives many different benefits to employees, including more flexibility in their day and increased productivity. As more companies shift to offering remote work, employees may leave companies that still require them to come into an office.

Easily Manage Remote Employees Around the Globe 

All of these workforce retention strategies make one thing clear—employees love the flexibility of remote work. However, hiring employees across country borders presents new operational challenges for employers.

Velocity Global’s Global Work Platform™ simplifies the global hiring process and enables companies to quickly onboard, pay, and manage workers in over 185 countries and all 50 United States. To see what Velocity Global can do for your company, visit our website or chat with one of our global hiring experts at the 2022 Dublin Tech Summit.