88% of people have found that their meaning of success has changed since the pandemic. While employers often focus on hitting salary expectations, employees are usually willing to negotiate for the right combination of other features. In fact, 71% of data and tech professionals would take a pay cut for their ideal job. Work-life balance, mental health support, and flexibility are among the top priorities that employees want from their employers, but when it comes to data and technology professionals what else can you offer to attract and retain the top talent? 

Investment in new tech

Data and tech professionals want to work with the latest tech in their field, and they’re impressed when they see employers investing in cutting-edge technology and tools. In fact, it’s been reported that 55% of people are more likely to stay at a company if they use advanced technologies to support career growth.

Despite recent restructures and layoffs, the data and tech field is still experiencing a talent shortage in many niches, so it is critical that employers take this on board to avoid teams becoming overstretched, resulting in high stress levels and with that, a high turnover. McAfee Enterprise EMEA president Adam Philpott suggests that if automation can take on manual, time-consuming tasks then data and tech teams can spend their time on more value-based, innovative tasks, resulting in a happier staff population and better business performance. 

Investing in the right tech will help to retain your data and tech teams. If an organisation doesn’t provide access to the tools necessary for data and tech employees to do their jobs well, it will lead to frustration. People won’t be able to do their jobs to a high standard or achieve their goals, resulting in short tenures. This investment will help to transform your business, with the right tools in place data and tech professionals will be able to access full datasets and be able to report accurate insights, leading to better informed decisions. 

A strategy for tackling gender inequality

Employees want to work in a collaborative and inclusive environment. When it comes to data and tech professionals, this is no different. As well as an imbalance in the gender makeup of the tech sector as a whole, currently 50% of women leave their careers in the field by the age of 35.

With the market already experiencing a talent shortage, putting practices in that encourage women to join firms and grow their tech careers could drastically move the dial for firms looking to scale. Dave Prezzano, managing director of HP UK & Ireland, suggests that to improve this statistic “companies must examine flexible working policies and create better routes back to work for women who have left the industry to focus on other aspects of their lives”. While Forbes lists these eight strategies for bringing more woman into the tech sector and retaining them:

1.Network outside your usual suspects

2.Encourage company influencers and leaders to build more diverse networks

3.Remove gender bias from job descriptions

4.Build women-centric mentoring and training programs

5.Watch for unintentional exclusion

6.Increase communication training

7.Give everyone at the table a voice

8.Champion women colleagues’ achievements

Diversity in the workplace is valued, and employers that can demonstrate a truly inclusive culture are highly appreciated and sought after.

Company culture 

47% of people actively looking for new positions claim that company culture is the main reason. You could offer eye-watering salaries but if you’re not providing a culture that people want to be a part of and get behind then they will look to move somewhere else. 

The tech industry has a reputation for quirky offices and new-age perks, and while on the surface these can make you stand out from other employers, if your culture is not built on open communication, a healthy work-life balance, and strong leadership and company values, then you will find it difficult to retain your employees. 

Reward and recognition schemes

How transparent is the career path for your data and technology teams? Well, seeing as 27% of tech professionals consider a clear career path to be the most important factor to stay at their current workplace, it should be something you consider when it comes to employee engagement and retention strategies.

Be transparent and realistic about the deliverables, the process, and the timeline for career progression. Relate promotion competencies to key company goals and the business will become more aligned, improving company culture. Deloitte investigated what drives job satisfaction of Data Scientists, they found that changing their job title so that it was more representative of their actual duties increased job satisfaction, and this was twice as effective when there were already underlying workplace tensions. Sometimes, simply recognising the achievements can go a long way to retaining your high-performing talent. 

Ethical and responsible data practices

In recent years, there has been a growing awareness among data and tech employees about the importance of ethical and responsible data practices. People are now looking for employers who have clear policies and procedures in place to ensure the safe and responsible handling of data. They want to work for businesses that take data privacy and security seriously, and that have a culture of transparency and accountability when it comes to data use.

Additionally, employees are now interested in working for companies that are committed to using data in a way that aligns with their personal values, such as promoting environmental sustainability. Overall, data and tech professionals now see responsible data practices as a key factor in their decision to work for a particular employer.

Retaining your data and technology employees is going to be key in 2023 as experts predict that a shortage in skills could prevent 65% of businesses from realising the full potential of their automation, cloud, and data investments. When employees feel heard and valued, they are more likely to be engaged, motivated, and committed to the organisation. Listen to and address the needs of your data and tech professionals and you will be more successful in build a sustainable organisation.