Attrition rate in it industry 202211/21/2023 ![]() For example, hiring managers can effectively and quickly investigate candidates by working with a trusted background screening provider to integrate identity verification directly into the hiring process. ![]() Tech companies can help mitigate this risk by more thoroughly vetting candidates. Unfortunately, remote work will also expose brands to new vectors of potential security risks including cyber-crimes, data breaches, or identity fraud. Expanding your tech brand’s social presence is especially effective for attracting millennials looking for new job opportunities on sites such as LinkedIn and Indeed. According to BetterTeam in 2021, 94% of professional recruiters use social media to network and post jobs, while 59% of employees say a company’s social media presence was part of the reason they chose their workplace. Negotiating with an indifferent workforce, tech businesses will also take the initiative to “Go Social” with their recruiting. Mentoring, training in soft skills, and professional development reimbursement are great examples of supporting millennials as they grow into their careers. Employers can help incentivize them to take ownership of their roles by offering career development and growth opportunities. As a common example, many millennials say that they just don’t feel engaged at work. With this in mind, tech brands will need to “show their value” to candidates in 2022’s highly-competitive environment. Managers often joke that supervising bright but individualistic workers is like “herding cats,” but the reality is that any leadership role means recognizing and cultivating each employee as an individual. Ongoing hiring trends in tech will continue to make candidate recruitment - and retention - a real business challenge. ![]() Candidate Retention Takes More Than Just “Herding Cats” In fact, according to the iCIMS 2021 Workforce report, 53% of organizations say they’re already providing stipends or hiring bonuses for home office setups. What candidate retention strategies can yech businesses use to improve recruiting and candidate retention? Offering flexible remote work and prioritizing work-life balance is a strong start, along with health and wellness programs, merit-based pay plans, and career development opportunities. This and other quality-of-life factors are likely to intensify the labor market’s already-high turnover rates and hiring costs: LinkedIn’s September talent blog reports that worker burnout rose by nearly 9% between April and July 2021 and nearly 12% from a year ago. Thanks to the Great Resignation, they have no patience left for “toxic” work environments. Millennials have long said in countless generational surveys that they highly prize work-life balance. To improve candidate retention and employee satisfaction in 2022, tech recruiters and talent acquisition managers will need to offer more hybrid or fully-remote options to candidates and employees. After all, Forbes has already reported that the majority (70%) of the US workforce will be working remotely at least part-time by 2025. This means that early next year will be an opportune time for many tech businesses to transition to remote work. According to Devskill, tech’s high turnover rate (13.2%) exceeds that of any other industry (10.5% average).įigure 1: Hiring Volume across several industries, 2020-2021 As a main reason for the ongoing “Great Resignation,” a lack of remote work options will push tech candidates to seek more flexible employers in 2022. In 2022, tech employers will increase their efforts to recruit labor’s largest demographic, the millennial workforce, in light of the latter’s ever-rising demand to “go remote.” While remote work still remains industry-specific in many sectors, the technology industry is taking the lead in shaping the modern, remote, and hybrid (partly-remote) workplaces. Since the economy slowly began to revitalize after 2020, tech businesses have been steadily ramping up their hiring. ![]() How can tech brands attract and retain top talent in tomorrow’s labor market, and what technologies and tools are available to help them stay in compliance with new mandates looming? The Great Resignation Has Tech Brands Looking Inward As tech companies delve into strategic planning for the year ahead, now is the ideal time for HR teams to look to emerging trends already shaping the future of the industry in 2022.
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