Employee retention: 10 strategies for retaining top talent

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Employee retention is fast becoming a key competitive differentiator. A company’s ability to hold on to its talent — especially in tight hiring markets — has profound ramifications for its ability to operate at a high level, without the disruptions that employee turnover bring.

IT departments in particular have been ramping up efforts to retain valuable employees in the face of ongoing talent gap issues, as IT job growth has not been met with a similar bump in the number of technologists able to fill the roles, according to CIOs and enterprise hiring managers.

“There is a talent shortage, which is expected to grow. Numerous studies show that recruiting tech talent is become more and more difficult. Competition is fiercer than ever,” says Nancy Parsons, president and CEO of CDR Companies, an assessment, leadership development, and talent management firm.

Consequently CIOs must focus as much on retaining their own employees as they are on hiring new ones if they want to have the talent they need.

“You can’t always stop the poaching, but you can slow down the people on your team looking on their own to leave,” says Grayson Williams, vice president of enterprise applications at Red Hat, a provider of open source software products.

For Williams and his colleagues, that means creating the right culture with competitive compensation and flexible work options — all critical elements now that tech workers don’t have to relocate to land their next job.

Copyright © 2021 IDG Communications, Inc.



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