A new study by TalentLMS and Workable shows that a whopping 72% of employees working in Tech/IT roles in the US are thinking of quitting their job in the next twelve months. While the Great Resignation is hitting all industries, the same rate for the overall workforce stands at only 55 percent.
The study provided three main takeaways to help retain tech talent:
- Nurture your existing team, rewarding them rather than recruiting afresh
- Provide more career development opportunities, including training
- Offer flexibility and a better work-life balance
Interestingly, 91% of tech employees (compared to 21% of all employees), would like more L&D opportunities from their current employer. This could be because for tech employees, being on the cutting-edge is crucial and stagnation is career death. Sixty-five percent of those surveyed wanted training on hard skills related to their current role, and 60% on emerging technologies.
Only 24% of survey respondents wanted to invest in a postgraduate degree, due to fears of too much unnecessary, irrelevant or outdated information in the syllabus.
Address these concerns with the right corporate L&D strategy. Create and frequently update multiple modules for each emerging tech. Allow the employee to select which they wish to study. Keep the content of each short and focused, and leverage microlearning.
Medium of Learning Delivery
When asked what mode of delivery they preferred, an overwhelming 71% of respondents chose video tutorials. Videos work well for visual learners, and are well suited to training learners on simpler technologies and tools.
However, as tech becomes more complex, hands-on training becomes valuable. With Hornbill, enhance training videos with a layer of simulation, through which users can interact with the tool they’re learning about.
Eighty-one percent of respondents stated that, in their opinion, the onus is on the employer to regularly provide L&D as part of the job, and not on them to request it. This is because the expense and ultimate benefit of the training accrues to the employer.
Commit to regular employee training and institute a continuous learning policy to deliver on this promise. Create a learning management system through which modules can be regularly rolled out to all employees.
Engagement in E-learning
One of the takeaways from the study is that well-nurtured employees are less likely to move on to new opportunities. An interesting way you could increase employee nurturing through learning and development is to implement gamification and game-based learning for more engagement.
You could even consider a strategy where points earned through completing e-learning modules can be used to claim real-world benefits and rewards. Everything from gift vouchers to nominal internal roles (Learning Overlord, for example) could be up for grabs!
When planning talent retention, learning and development does not always seem like the obvious path! However, employees (especially those in tech) find it immensely valuable, as it prevents mental stagnation and shows that the organization is invested in their growth. Give your employees an edge and show them that you care. Roll out a strong learning and development program in consultation with our experts. You will soon reap the rewards in the form of increased employee retention!