The attrition of technical employees in the IT industry is real. Today, the tech sector (software, not hardware) figures as the number one sector with the most talent turnover, reaching a 13,2% turnover rate – it is followed by Retail & Consumer Products (13%), and Media and Entertainment (11,4%).
According to studies, the high turnover rates in IT are most likely driven by the increasing demand and compensation. Nowadays, senior tech talents pick the company they want to work in, not the other way around. And that’s why you should be aware of how you treat your software employees.
If you’re not familiar with those terms or got worried about your employees’ expectations, keep on reading. We’ll clarify the meaning of attrition and turnover rates. Also, learn how to avoid high turnover rates by using our tips to get your digital product team motivated and happy. Check out!
How to avoid high turnover rates within digital product teams
First things first, let’s dive into the concept of attrition. It commonly refers to an employee or staff turnover. But, in a broader sense, the attrition rate can be defined as the number of individuals or items that vacate or move out of a larger, collective group over a specified time frame.
Meanwhile, the turnover rate specifically speaks to HR and says more about the act of replacing one employee with another. It means that primordial employees, – the ones that are really needed by the IT industry, – are leaving their jobs faster than expected.
It implies that new hires, for example, are not an option, but necessary along this cycle. After all, we’re talking about senior and expert professionals that leave companies sooner and sooner.
That said, it is extremely important that you take care of your employees’ happiness in order to keep them working with you. This leads us to the next topic!
4 tips to keep your digital product team happy and motivated
1. Be aware of the average compensations
Let’s cut to the chase: be aware of the average industry compensation in different areas of expertise, and do salary reviews when needed. In other words, pay well. Of course, you can have a pool table or a nappy room, but it doesn’t replace income.
If you have a distributed team, it is also important to be aware of average wages per region, and that benefits and perks have to be compatible too.
Remember that senior employees don’t only have bills to pay, but also an increased concern with the quality of life. To really have them happy and engaged at work, they need to feel that way in regard to personal life too. That includes fulfilling dreams, allowing for family vacations, and so on.
More important, it’s proven that the lack of a good compensation package is one of the main reasons IT experts leave their jobs, as said earlier.
2. Have a flexible work schedule
Having a flexible work environment goes beyond no strict in/out time. Employees, especially software developers, love innovative workspaces and the possibility of working from home without being interrupted by their bosses every one hour.
We can go further here and even suggest that you shouldn’t establish a fixed period for vacation. Whenever an employee feels burned out or stressed, well, that means time off is long overdue. It makes well more sense than specifying a month/week without considering the context they are inserted in.
You probably know it by now, but indeed Diversity & Inclusion are musts. Interested to learn more? Read our article on “Distributed teams: How to prepare Mindset and Culture”.
3. Measure what matters
When we are all “measure” and “metrics” it seems cold or dehumanizing. But trust me: it’s essential to give your team clear guidelines by metrifying it. For them especially, as their victories will be undeniable. It also promotes feelings of ownership and turns them accountable for their own development.
On the other hand, you’re going to acknowledge their performance, individually and as a team. Apart from that, the quality of the code and the deliveries can be measured, as well.
Enjoy the insights to also know your team better and understand their ups and downs. Which also means providing them different resources…
4. Have your team’s back and give them the resources they need
In case your company’s working remotely (which I expect it is, considering we’re in the middle of a pandemic), you can also help your team in setting dedicated workspaces, for example.
Bring your own device (BYOD) or bring your own technology (BYOT) are common practices, but risky. Allowing your team to use personally owned equipment compromises delivery. In worst-case scenarios, it enables data breach.
It’s better to be safe than sorry, right? So take it as an investment in your employee and hopefully you’ll have a low turnover rate within your digital product team.
Being resourceful also means having your employees back when necessary. We all have families, health issues and heavy stuff to deal with sometimes. And you, as a tech leader, should be there at these times, too.
Last but not least, be able to care and worry about your team, each and every member of it. At the faintest sign of a problem, be sure to check it and, if needed, intervene in a positive way. At the end of the day, you’re their leader, and it is expected that you truly guide them through.
Want to know more about how to avoid high turnover rates within digital product teams? Please feel free to contact us by using the form below. We’ll get back to you asap!