For the past year, record-breaking amounts of people have left their jobs in search of better opportunities. In September alone, over 4.4 million people in the U.S. resigned — and the trend is only continuing. Research shows that 40% of the global workforce is considering a change in profession (or employer). Welcome to The Great Resignation.
The tech industry has certainly felt the impact of this shift. Resignations in the field are up 4.5%, and 72% of the tech workforce in the U.S. is considering quitting within the next year.
Understandably, this has sparked a lot of conversation around employee retention. But, it also raises another question. How do you hire a tech team when everyone is quitting? What steps can companies take to ensure new team members stick around long-term?
Spoiler: It comes down to investing in your teams — both personally and professionally.
1. Embrace remote work
Remote work took the world by storm after the COVID-19 pandemic, and judging from the demands of the workforce, that's not likely to change any time soon.
Microsoft reports that 73% of people prefer hybrid or fully-remote work. This comes as no surprise when you consider it cuts out the drudgery of commuting and can contribute to a better work-life balance.
But remote work can be great for businesses too. While the pros and cons of remote work vary by company and team, studies show that it can boost engagement, retention, and even productivity by up to 40%.
2. Offer comprehensive benefits
The pandemic did more than usher in a new era of remote work. It impacted all of us — on a macro and micro scale.
Unsurprisingly, more and more teams are reporting higher levels of stress, anxiety, and depression. This often bleeds into their work.
As a result, companies are revising their benefits packages, and many are providing perks like time off, counseling and other mental health services, and technical training to boost morale and ensure their team is taken care of.
3. Show that you invest in your team’s growth
No one wants to feel stagnant in their career. Many people in tech leaving their jobs listed limited career progression and a lack of training opportunities as their primary reasons. In fact, 91% of the tech force is seeking further development from their employers, particularly in fields like:
- Machine learning
- Artificial intelligence
- Cloud development
Investing in your team’s growth is mutually beneficial. Not only does it help boost productivity and innovation, but it also helps create more value for your organization's stakeholders.
Technical training opportunities also entice your team members to stick around. We surveyed hundreds of leaders in the tech industry, and 25% reported that upskilling opportunities increased retention within 4 to 6 months. Twenty-two percent reported even greater retention at 13 months or more.
4. Identify candidate goals
Madison Olson, Codecademy's Manager of Technical Recruiting, highlights how interviews help us discern which candidates are most likely to stick around. As she explains:
"When interviewing, we typically assess motivations or what a candidate is looking for in a next role. If their motivations (or what they're looking for out of their next role) align with company values or mission (or the position they're interviewing for), this is typically a good indicator that a candidate might be likely to stick around longer."
5. Emphasize your company's values
No one wants to feel like a cog in a wheel. People need to know they're making a difference, that their work is meaningful, and their voices are being heard.
Companies that emphasize purpose and impact over processes and operations have lower turnover rates. This can be achieved (in part) through a quality onboarding process and by connecting individual responsibilities to overall organizational goals.
The good news? You don’t have to go at it alone. If you need assistance with training and onboarding new team members, we're here to help.
With Codecademy Teams, you can take a hands-on approach to your team’s training. There's also Teams+, which is complete with a customizable curriculum and advanced reporting dashboards that help ensure everyone's hitting the right goals in their development.
Want to learn more about Teams? Check out the Codecademy for Business page and reach out to our sales team for more info.