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Talent Retention in IT companies- A Rising Issue

Incentives, a passionate work culture, and several other benefits are offered by the IT companies for retaining talent in a highly competitive business environment. Though companies tend to put in a lot of efforts and investments in an attempt to hire and retain the most talented employees, many of them find it difficult to keep a talented staff for a long. Today, as the competition deepens, talent retention becomes a major issue for the IT firms. Read on to know how companies get failed in retaining talent, and what they can do to overcome this difficulty:

Even if companies offer a handsome salary, attractive retirement plans, and ample of vacation benefits, they may fail to retain the talented staff for the following reasons:

  1. Lack of training and support: Talent and ambition go hand in hand. Talented staff wants professional training and real-time assistance to sharpen their skills. Also, talented people want an appreciation in the form of promotion on a regular basis. If any company gets failed to give any of these, such persons readily get dissatisfied and leave the company.
  2. Lack of innovative work options: In the edge of technology, professionals want freedom of place and time while working on assigned projects. Work-from-home is an approach that markedly improves employees’ job satisfaction level. If a company fails to give such innovative work options, talented people may consider leaving the company.
  3. Lack of collaboration: Nowadays, many IT companies are used to BYOD concept and successfully implement enterprise mobility for better collaboration. If an IT company fails in adapting such changes, its skilled staff may get dissociated because of lack of proper collaboration.

Here are the tips to retain talent in your company:

  1. Pet on the back: At times, entrepreneurs do not think beyond the financial incentives for the talented employees. It is a wrong and unprofessional approach as such employees want verbal appreciation also along with incentives. It is necessary to give continuous feedback to shape and nurture their talent.
  2. Say ‘No’ to stack ranking: Stack ranking is a method used to classify employees by productivity. Such practice creates stress in the mind of employees and introduces politics and other malpractices in the company.
  3. Give growth opportunity: Talented staff should be directed and lead in such a way that they find growth opportunities while giving their best to the company. Growth opportunity is essential for the skilled employees as they are highly ambitious and career-conscious people.
  4. Integrate retention strategy: Hiring and retention strategies are the integrated part of any company’s work culture. Companies need to implement retention strategy from the day of hiring to close any possible loopholes.
  5. Focus on matching: The management should hire people whose skills are perfectly matched to the work requirement. Any mismatch regarding skill and type of work can frustrate talented people, and they might consider leaving the company.

IT entrepreneurs should keep in mind that in the edge of ever-growing competition, retaining talent becomes far difficult than hiring. These handy tips will help them to get rid of a mounting issue of retaining talent in the company.