More than any other concern as it relates to hiring and retention, finding and hiring top tech talent keeps executives up at night – more than keeping the team they have in place and more than staying competitive with regard to salary and bonuses. According to the just-released Harris Allied Tech Hiring and Retention Survey for 2017, half of all executives report that this is their biggest worry and that number has continued to grow by 11% in the last three years alone.
So what are executives doing to attract top tech talent? While being able to offer excellent compensation and benefit packages were most often cited as important recruiting tactics, being able to attract new employees with an amazing corporate culture or a company’s unique industry position ranked as the next most important strategies. An environment that is creative, inspiring and fun (63.4%); being industry-leading and innovative (54.8%); and having the chance to work on interesting projects (51.6%) were cited most often as contributing to an exceptional corporate culture.
Corporate culture also plays a critical role in employee attrition. Nearly 26% of survey respondents said that people left their company for more exciting opportunities and the chance to work with new technology; another 16.7% said they thought it was because their corporate culture was very challenging. Competitive compensation and benefits packages always play a role, too, with another 19.2% citing that as a reason people had left the firm.
So what do executives feel they should be doing, or doing better, to attract and retain top tech talent? Of the 120 executives that were surveyed, the answers were fairly evenly split among improving professional development opportunities, increasing employee compensation, improving corporate culture and employee morale, and improving benefits, vacation and PTO time.
Among the other key findings of the Harris Allied Tech Hiring and Retention Survey are:
- Social media plays an important role in a company’s recruitment strategy, said 86.7% of those surveyed.
- Offering both competitive compensation packages and outstanding benefits packages were cited most often as important (ranging from slightly to extremely) as a recruitment strategy. Offering employees the opportunity to telecommute came in as a close second.
- On 2016 year-end bonuses, 35% said that their bonuses would be 1-5% higher than last year’s.
- Nearly one-third of respondents said their hiring plan for 2017 would grow by 10-15%. But another 27.5% said their plan was still being worked on as of the end of Q4. Another 18.3% plan to hiring aggressively, citing 15% growth or more in their hiring plan for 2017.
- User experience design and web development projects were cited most often as driving corporate hiring needs in 2017. Software application developers/architects were the roles that employers expect to recruit most aggressively for in 2017.