High turnover rates are a concern for any industry, but it is especially prominent in the IT world. If people are leaving your company, it very likely means you were not trying hard enough to keep them. In an article for CIO.com, Sharon Florentine explains why there is such high turnover and what steps can be followed to better prevent it.
When the economy is doing well, the turnover rate increases because IT professionals feel better about their odds to find better opportunities with higher pay. This constant vacancy in positions and price to onboard new employees costs an organization thousands, not to mention the loss of talent with which the organization must now cope.
In a study conducted in October 2015 for TEKsystems, it was shown that 42 percent of IT leaders and 43 percent of IT professionals believe that their organizations struggle to retain IT talent. The study also revealed that companies are not actively researching the time a person would stay at a job so they could better anticipate and manage vacancies.
Although 87 percent of people believe that compensation is the major reason for turnover, and it is a big one, there are a few other reasons. Employees seek a competitive benefit package, satisfactory vacation time, the opportunity for professional development, and the chance to continue their education. Sometimes, these elements exist, but unfortunately, the employee is just unaware and they leave for a company that is more up front about these assets. Only 31 percent of IT leaders and 41 percent of IT professionals find that their organizations are clear about what they offer. This discrepancy in numbers between leaders and professionals may indicate that professionals define things differently and are more focused on their paycheck and bonuses.
It often comes down to money, and organizations should strive to offer the most competitive compensation plans that they can. Hiring managers need to understand the market, available talent, and the compensation across the industry in order to present the best compensation offer. IT professionals need to do their part by actively refining their skills and staying in the know so they can ask for more competitive pay.
Despite an organization’s best efforts, it is inevitable that some people will leave. People are more than happy to entertain other career opportunities, even if they are perfectly content where they are. You can read the original article here: http://www.cio.com/article/3014526/careers-staffing/why-high-it-talent-turnover-is-your-fault.html