3 Strategies for Elevating Tech Talent Retention

With 32% of tech workers likely to change jobs in the next 12 months – versus 26% of the overall workforce – tech organizations must be more strategic than ever in their approaches to attracting and retaining talent. With the rising demand for tech talent with specialized skill sets such as artificial intelligence (AI), organizations need to find ways to differentiate themselves from their competitors. One of the fundamental ways to do so, is by strengthening worker experience. In this blog post we’re going to cover three key ways savvy tech companies are amplifying their worker experience to win the war for talent. 

1. Providing a Smooth Onboarding Experience

Giving workers an easy and positive experience from the beginning of engagement gives them a positive impression of your organization from the onset and helps strengthen your employer brand. Although technology organizations may have a standard process for onboarding their FTE employees, many organizations lack the centralized technology and processes necessary to enable a consistent onboarding experience across the contingent workforce. Having a centralized system of record in place such a Vendor Management System (VMS) enables you to configure processes to meet the unique needs of your organization including:

• Quickly scheduling interviews with candidates,
• A fast and easy onboarding experience, which can improve retention by 82% according to Brandon Hall Research,
• An expedited training process, and
• Prompt responsiveness to a candidate either via technology or dedicated support.

Learn more about the importance of the candidate experience in attracting top talent.

Partnering with an Employer of Record (EOR) can also enable your organization to provide top tech talent with an excellent worker experience, as well as offering best-in-class benefits to strengthen your retention efforts. 

2. Offering World-class Benefits and User Experience

Some organizations in the technology industry may lack insight into the benefits their workers need and use, leading to significant losses in business resources. Finding the right EOR partner for your organization, on the other hand, can help you provide your tech workers with industry-leading benefits more affordably, helping to bolster your talent retention. These can include health benefits, retirement options, payrolling, and even same day or on-demand pay. Learn more about the benefits of an EOR in our blog post and discover more about Magnit EOR in the video below.

Organizations that manage the contingent workforce with a decentralized approach can have their workers face issues in completing onboarding paperwork quickly enough, difficulty communicating with managers, and more. Utilizing a VMS can enable you to give new and existing workers a smoother worker experience via tech. A VMS is a software-as-a-service (SaaS) platform which organizations use to manage all aspects of the non-traditional labor ecosystem, from processes to service providers, to statements of work – all via a single cloud-based platform. Worker experience can be enhanced via VMS software by providing workers:

• An easy-to-use solution with intuitive user experience,
• A seamless experience across devices on web, mobile and email,
• Quick and simple management for timecards, and more.

Learn more about Magnit VMS when you check out our solution brief.

While offering excellent benefits and a smooth user experience will go a long way in retaining tech talent, it’s important to address the human component of worker experience as well.

3. Fostering an Inclusive and Supportive Environment

Many organizations in the technology industry still do not view their contingent workforce with the same regard as their full-time counterparts, causing them to minimize the importance of nurturing a professional environment and losing out on top contingent talent. Creating an inclusive and supportive environment for tech workers is a key differentiator for organizations. So what does a supportive professional environment look like? It takes both tangible and intangible efforts from coworkers, leaders, and companies as a whole. When workers first join the organization, getting access to an onboarding coach, being introduced during team meetings, and having managers frequently check in with them can go a long way in making them feel welcome. It’s especially important to note that when it comes to retention, the first 30 days are absolutely critical, so managers should be checking in early and often to maintain engagement.  

According to our joint report with Werklabs and The Mom Project, workers also feel supported in their roles when they receive actionable feedback during assignments, get invited to team building events, receive information on internal jobs, get the chance to network, and more. Additionally, opportunities for professional growth can also make a tremendous impact on workers’ willingness to remain at the organization long-term. Providing them with educational resources, relevant training, and upskilling opportunities on a regular basis, as well as avenues to move up the rankings in the company, will go a long way in making them feel supported in their career development.

Gain more proven insights about the different ways your organization can create an inclusive and successful workplace by watching our webinar.

As the battle for tech talent rages on, organizations will need to continue recalibrating their approaches to talent attraction and retention. And while specialized skillsets continue to rise in demand, finding ways to stand out among the competition will be paramount to future-proofing their talent strategy. 

Interested in learning how an innovative EOR partner can help your organization thrive with the evolution of work? Download our eBook, “4 Contingent Employer of Record Trends Shaping the Future of Work.”

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.