One effective retention strategy I’ve seen success with at Mondo is our commitment to career mapping, where managers connect early and often with their direct reports to discuss the individual’s professional goals and potential career advancement opportunities available to them within the business. If you can’t compete with the six-figure salaries offered by leaders like Google and Amazon, there are other ways to retain talent and keep them from exploring the myriad of job opportunities headhunters are reaching out with. To start, do your research and provide competitive salaries for the in-demand tech roles you’re looking to hire for. It’s not an easy problem to solve, but it’s possible and worth it when adding up just how much high tech talent turnover is costing your business. In addition, a top reason employees jump ship is due to the lack of opportunities for advancement and professional development as reported by Linkedin’s latest turnover report. High salaries along with recently-reported toxic work environments and employee mistreatment (specifically among minority tech employees) are core drivers of tech talent turnover, according to the first-of-its-kind report by Kapor on why tech employees leave their jobs. It also means they don’t have to waste their time on job offers that don’t include competitive salaries, which are on the rise thanks to continued demand. And, Massachusetts is a relatively less-competitive location, compared to salaries at other tech talent hotspots like Silicon Valley or New York City.Ī shortage of qualified tech professionals and a surge in available, high-paying job vacancies has created a perfect storm resulting in the current candidate-driven marketplace today where candidates have more power than employers in job offer negotiations. Back in 2016, software developers in Massachusetts could get as many as 20 calls a day from headhunters trying to convince them to leave for another company. It also impacts your ability to retain that same talent, due to the rise of intense recruiting and poaching efforts. impacts your ability to identify and hire high-end talent. Revenue growth is expected to slow sequentially in the fourth quarter due to a high base effect.So, how did we get here and how can you improve retention of tech professionals? With more than 18 years of experience in recruiting and staffing high-end tech professionals at Mondo, where I currently serve as the CEO, here’s what I’ve found. The report says, this gap should begin to close in the fourth quarter of FY 23. The gap is also expected to minimise by the end of the year. While tier-II companies will continue to outgrow tier-I companies. There are some surprising findings that the report highlights. Similarly, the revenue is also expected to remain strong in Q4 FY22, with no impact from the Russia-Ukraine war or inflation. According to Motilal Oswal, hiring trends in recent quarters indicate continued strength in demand with good visibility in the coming months. The report also suggests that top Indian IT firms will continue to post strong growth numbers as the industry benefits from digital and cloud transformation initiatives with enterprise clients. However, some moderation is expected at the beginning of FY23.Īcross industries, attrition rates have been high in recent quarters as demand for technology talent with digital skills has continued to outstrip supply. According to a Motilal Oswal Financial Services Ltd report, attrition rates in the Information Technology industry is expected to remain high, and the supply will continue to lag ever-increasing demand.
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