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What Can Companies Do To Retain Employees for More Than Six Months?
Hire for company fit, not a culture fit
It is common advice in the tech industry that employees should change jobs at least every two years. According to Monster.com, moving jobs often gains you a 25% increase over the typical yearly raise. Forbes even argues that staying at a company for more than two years will net you 50% less over a lifetime, with that number growing the longer you stay.
However, I find the more moving argument to be one about skill growth — new jobs allow for exposure to new technologies and experience with different types of teams. That kind of experience is priceless.
Technology is always evolving, and it’s one of the reasons people in the industry are drawn to the work. Unfortunately, the trait that keeps us moving and up-to-date in a constantly changing field also contributes to a reputation as job-hoppers.
However, companies that see a lot of churn should not be so quick to blame turnover on ambitious, disloyal employees. I was learning new skills at my previous job; I certainly did not leave for a pay increase.
So what can a company do to retain employees in a fast-paced environment like technology?
Take Employee Benefits Seriously
When hiring for a salaried position, there are plenty of “benefits” that are considered standard, like paid time off or subsidized health insurance. And, no, advertising unlimited coffee or company-provided equipment does not set you apart.
My current company advertised “unlimited PTO,” which we can all agree is not the most transparent phrasing. During my final interview, I took some time to discuss this because it actually made me hesitant about the position, since it seemed unrealistic and I knew there were some economic benefits for the company.
The hiring manager told me that of course work has to get done, but as long as the leave is requested far enough in advance the company will schedule around it. This is a huge benefit of true Scrum methodology, but that’s another topic entirely. In short, he said that “unlimited” means unlimited within reason and that he advocates for his team members to take at…
