We are operating in a tight IT talent market, and few organizations can afford to lose high-level employees. If you struggle with high attrition, you probably find yourself lagging behind your competitors in other areas, as well. Now is the time to stop struggling with turnover and start building and retaining a tech team that will help your company succeed.
The Business Impact of High Attrition Rates
The most obvious impact of a high turnover rate is an increase in costs. Hard recruiting costs will soar if you are in a constant state of sourcing, interviewing, selecting and onboarding replacements. The costs go much deeper when you factor in the lowered morale and productivity that are associated with attrition. Those problems can amplify quickly, resulting in decreased customer satisfaction, reduced innovation and a lack of creativity and new ideas.
The longer a company experiences high turnover, the worse the situation becomes. People are more connected than ever thanks to social media and internet platforms, and if your company has been branded as an organization with a revolving door, it becomes a real struggle to attract strong talent that might have staying power. And thus, the cycle continues.
Solving the Attrition Puzzle
Digging out of high-attrition quicksand can take some time, but it can be done with a commitment to drilling down to the root cause of the problem and taking the necessary steps to correct it. For some organizations, this means a major cultural shift. For others, it may mean changes in management. Still others may need to develop a more competitive compensation plan, stronger onboarding processes, more effective development programs, a path for advancement, etc.
Solving your company’s unique attrition puzzle often begins with talking to your most successful IT employees. Find out why they stay and what makes them so successful. Studying exit interviews can provide some insight if distinctions can be identified. If no clear pattern can be found, take those exit interviews with a grain of salt. When you know what makes some people successful within the organization and what leads to failure in others, you can determine the types of attributes to look for as you hire new employees.
Hiring for fit is almost more important than hiring based on skill sets. Certain skills can be learned on the job, but cultural alignment cannot be taught. People either mesh well with the culture and existing team, or they do not. They must possess the attributes and the qualities needed to add value to the existing team. Any hiring process that does not include evaluation for fit is sure to fail over time.
Finding Your Unique Recipe for Recruiting Success
Rectifying high attrition requires a commitment of time and resources that many internal teams don’t have. A strategic recruiting partner can often be the best course of action to help untangle the knot and build a strategy for future success. The right partner can help you get your hiring process back on track and can connect you to the talent you need to achieve your business goals.