Sunday, Jan 04 2015

Tired of Losing Top IT Talent? Here’s How to Stop It!

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Tired of Losing Top IT Talent Heres How to Stop It

There’s a new market for organizations to find and recruit the best IT talent—your company. With the war for talent heating up, savvy companies are bringing their IT employee searches to the competition, effectively doubling the blow by enhancing their own talent pool and weakening their rivals.

If your best talent is jumping ship to work for your competitors, you need to understand how they’re being lured away and what you can do to keep them on board. Here’s how your talent is being poached, and how you can turn the tides.

Professional search tactics

Professional search firms employ a subtle approach to luring in talent. They research and identify potential targets, then make contact with them to discuss a “great opportunity” through social media, professional networking events, industry events, and conferences.

Companies looking to tap their competitors’ talent pools will often hire these firms—or if it’s not in the budget, they’ll use the same subtle strategies to entice even employees who like their current jobs to consider a move.

Career matchmaking services

Recruiting passive candidates—IT talent who are not necessarily looking for a new job, but will make a move if they get a better offer—is a challenging strategy, but one that can pay off for hiring managers and recruiters. In the current market, both candidates and employers are interested in passive tactics: candidates for the opportunity to demand higher pay, and employers in the interests of solving the talent shortage and lengthened time-to-hire for IT jobs.

But hiring managers struggle with finding the right passive candidates, and employees who are working full time and not necessarily unhappy often don’t have time to search for passive opportunities. That’s where new tools like Poachable come in.

Poachable is an “anonymous talent marketplace,” geared for IT. Employees create a profile that describes their skills and experiences, and outlines their dream job—one that would lure them away from their current position. Employers then search these anonymous profiles for a match. The service, which has been called “Tinder for job searches,” makes passive candidate strategies easier on both sides of the equation.

Baiting with benefits

Smart companies looking to attract talent from the competition understand that money doesn’t always make the world go ‘round. Many talented IT professionals place a high value on the benefits and perks offered by a job—sometimes higher than the salary itself.

And they’re not just looking for healthcare, although a great employee-paid healthcare package is important. According to a recent study from Dice.com, tech pros are driven by benefits like flexible work schedules, free food, and the opportunity to work with cutting-edge technologies. Remote work opportunities, subsidized child and elder care, job sharing, on-site fitness facilities, and generous vacation time are also highly valued by top talent.

Showing them the money

While benefits can and often are a deciding factor, offering a truly competitive salary is crucial to retaining top talent—because if you don’t, your rivals will. Paying your IT talent well demonstrates that you’re invested in their future, highlighting their recognized and valued role in your company.

The best monetary incentives are more than a salary. IT talent values meaningful pay increases (those not tied to length of employment), generous bonus structures, and long-term incentive plans that hinge on the overall success of the organization as well as individual performance.

Keep your IT talent from working for the competition by offering competitive, meaningful compensation and great benefits, and being alert to strategies like passive recruiting and professional search tactics.