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Key Considerations for HR Leaders to Attract and Retain Tech Talent
Key Considerations for HR Leaders to Attract and Retain Tech Talent

June 14, 2022

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Rising Attrition

The record level of attrition witnessed in the first quarter of FY22, which nearly doubled for most companies y-o-y, highlights that it remains a key challenge for companies across the technology segment. Moreover, this seems to be a constant worry with “war for talent” now being a constant board room theme.

Source: Company Reports

Making Employee Retention a Key Imperative

This rise in attrition coupled with growing talent demand has made fresher hiring and retaining talent a key imperative across companies.

  • Fresher hiring has become a key strategy over the last few quarters to meet the growing demand for tech talent. Consequently, companies are making robust investments towards making sure that the entry-level talent is in a state of satisfaction and delight. Some of the key measures in this direction include – strong entry-level compensation, good paid time off, competitive benefits, regular trainings, a clear progression path, flexible timings, etc.

With Focus on New Considerations for Attracting Tech Talent

Also, in order to attract and retain talent, today's companies need to rethink their employee retention strategies focused on five key considerations.

 

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Source: Everest

 

… which Includes an Evolving EVP that Amplifies Culture, Purpose, and Softer Aspects of work

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Source: Everest

…..And a realignment of compensation and benefits and an environment of continuous learning, in line with evolving employee expectations

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Source: Everest

Also, flexibility in terms of work models (a key ask from employees) and …

Consequently, IT leaders are focused on building hybrid models for their organizations, which have become most prevalent in the post-pandemic scenario.

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Source: Everest

…A pervasive DEI strategy, are the key considerations for HR leaders

Organizations need to look beyond gender diversity and evolve their approaches to DEIB to address evolving tech employee expectations. Notably, DEIB ranked as #1 in employee experience investments among enterprises in 2022 as per Everest.

 


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Neha Jain
Senior Analyst

Neha Jain

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