In today’s competition, CIOs should ensure that their organizations are prepared to take all the necessary steps to retain their top employees.
In 2020, when the first wave of COVID-19 hit, many employees were concerned about their job security. Hence, many employees stayed with their present job, even if they were not satisfied with it. However, in 2021, the scenario changed dramatically.
People aiming to find better job opportunities left their jobs. As per the US Bureau of Labor Statistics, over 19 million people quit their jobs between March 2021 and July 2021. For IT organizations that already struggle to attract top talent to fill their job roles, “The Great Resignation” wave was devastating. It not only hampered their ability to recruit top talent but also had a negative impact on their digital transformation initiatives. Dealing with this effectively requires CIOs to create a well-established, well-executed employee retention strategy.
They should concentrate on retaining their employees as much as they are trying to hire new ones, if they desire to keep the talent they need. To achieve higher employee retention, CIOs should create the right culture that provides competitive compensation along with flexible work options. They should ensure that employees and people find their workplace desirable.
While employee retention programs sound great, they are challenging to execute in practice. CIOs have to put a lot of effort and experiment with multiple strategies to boost their retention rates. Here are three strategies that CIOs can incorporate to retain top industry talent:
Know which candidates are more likely to stick
The first step towards retaining employees is being able to identify candidates that are more likely to stay. CIOs should identify the candidate’s willingness by their longevity at their previous firms. This will highlight that the candidates stayed with their employers through their ups and downs’ it shows loyalty, engagement, and perseverance.
Additionally, CIOs should seek candidates that are involved in team sports activities and are committed to volunteering or other activities outside of their work. This exhibits that they are invested in a cause and have the mindset to stick with something that they really care about.
Rethink about the onboarding process
CIOs should set up every new hire for success from the very beginning. The onboarding process informs the new recruits not only about their job but also about the culture of the organization. CIOs should ensure that the recruiters highlight the process of how the candidates will be able to thrive in the environment effectively.
CIOs should ensure that they do not skimp on this step and provide training and support from day one, whether in-person or virtual, to set the tone for the whole tenure of the employee at the firm.
Provide competitive compensation
Remote work has led organizations to compete hard and organizations that provide competitive compensation will be in a better position to attract top talent.
At the same time, CIOs should not neglect loyal workers to stay for the organizations and should not let them feel that new recruits will get better bonus pay. They should regularly review the payment of the existing employees to ensure that it is fair, equitable and competitive throughout the organization.
Even if the organization is not able to provide higher monetary compensation, they should seek alternative compensation such as work environment, opportunities for development, improved health care, and much more. Such things greatly enhance the job satisfaction of an individual.