Structured plans for professional growth as well as career advancement opportunities drive retention among technology workers as cited by 58.1 percent of senior executives, hiring managers and team leaders, according to the Harris Allied Tech Hiring and Retention Survey.
"Despite recent buzz about telecommuting and its impact on the work force, technology professionals that are agents of change within an organization or considered stars within their field place far more value on their future professional development as well as how much a company values their contributions over work-life issues," says Kathy Harris, managing director of Harris Allied.
The survey also finds that Wall Street and other companies provide tuition reimbursement, senior management mentoring and leadership training along with opportunities for internal and external recognition to retain technology employees.
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"Worth noting, only 7.3 percent said telecommuting was their most valuable retention tool, according to our recent Harris Allied Tech Hiring and Retention Survey," Harris says. "Culturally speaking, work-life benefits are not retention tools for Wall Street."
Harris adds that today's economy has impacted company loyalty, and job security that came with working on Wall Street is no longer there.
"At the same time, the demand for star talent is fierce today, and it is a job seeker's market for those technology pros that positively impact an organization," Harris says. "As a result, employee retention has become both a corporate strategic initiative and a concern all the way up to the C-suite."
Other retention factors include competitive salary at 23.6 percent, benefits packages at 4.5 percent and bonuses at 2.7 percent, the survey finds. According to Harris, compensation can be important when it comes to showing employees how they are valued; however, if an employee is ready to leave, offering a higher salary typically is not effective because it is seen as a last resort.
"Technology stars feel appreciated and know that their contributions are valued when employers allow them to work in collaborative teams, offer them access to senior leadership, or have them interface with the business on a regular basis," Harris says. "They like to see how their work fits in with the overall business picture. At the same time, offering them that kind of access provides them with context for their technology solutions, as well. It's a sound business move for employer and employee alike."
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