Many employers consider financial incentives to be the best way of retaining top employees. However, salaries and bonuses aren't the only option.
We all know how important it is to hire the right talent in IT&T, and for businesses in general. Without the right people, it's all but impossible to provide a top tier product or service, which makes the process of interviewing different candidates and deciding a critical procedure for all enterprises. But what about after the hiring process? Even if you do secure the very best staff, your business will struggle if you can't keep them motivated, or worse, if they leave.
There are a lot of ways to motivate and retain top IT&T staff, with many of these incentives financial ones such as higher salaries or performance-related bonuses. These can work on some employees, but aren't always the best way to keep morale and productivity high. For that, it may be worth considering an alternative approach.
Motivating and retaining employees with training and progression
The IT&T industry is a rapidly growing field, with technologies, workflows and even available positions changing from year to year - if not week to week! To stay abreast of these changes, it's a good idea to devote time or resources towards training and personal development. The first benefit of this will be reaped by your business, which will be consistently staffed by employees who have their finger on the pulse of the latest happenings in the industry.
The second benefit is for your staff, with top performers valuing training as a very valuable way to increase their skill set and remain at the forefront of the industry. The same applies to career progression. For an employee, promotions to new positions with more responsibility are about far more than just a pay rise, serving as a reward for hard work and a recognition of an ability to take on harder tasks.
Many employees will also be thinking about their future after leaving your business. This is only natural, especially in a fast-paced sector like IT&T, but a promotion's value will be felt in years to come, encouraging hard work while staff are with your company.
The benefits of training for your business
So, training and progression are two things that employees care a lot about, but they can also have a host of positive effects from a business perspective. Aside from better motivation and higher retention, training can also ensure you have a workforce ready to tackle new challenges such as shifts in the industry. Similarly, identifying top performers and providing training in areas such as leadership and management can help to prevent a skill gap if an important member of your executive team leaves - as you'll have a replacement ready to step in.
Providing training opportunities can also have a huge impact on company culture, and the way that staff view you as an employer. In an environment where staff are more and more likely to shift between roles with regularity, any business that can be seen investing in its workforce will be far more attractive to potential candidates.
For more information on all things tech, contact our team at Talent today.