The market for senior IT talent is as competitive as ever. With so much demand for senior-level IT executives and many open positions, how does a company successfully retain senior talent in this environment?
Ensure Salary and Benefits Are Competitive
To retain senior-level IT executives, employers must provide pay and benefits that are competitive. In some cases, it may require employers to go a little above market value to compensate current executives for institutional knowledge. Additionally, when looking at comp packages, focus on not only salary but healthcare, disability, vacation, and 401K. For example, if you provide your executives with a salary that is at market or higher but then offer a high deductible health plan without an HSA (Health Savings Account), you could find yourself re-staffing sooner than you expected.
Keep Work Challenging
If a senior-level IT executive keeps delivering on time and above expectations, it may be time to tweak their scope of work. It is all-too-easy to want to keep in place leaders who are doing a job well. However, too long in any position can quickly lead to burnout and boredom. If an executive doesn't feel challenged in their current role, it can cause them to start looking for other, more exciting opportunities.
The key to achieving work-life balance for any employee is an employer who is supportive of such an effort. Employers who provide flexible work arrangements and encourage teleworking have happier employees who are less likely to leave. Employers can ensure that teleworking is made as easy as possible by investing in the latest video conferencing and VPN tools to prevent any obstacles to working outside of the office.
It’s in the Details…the Little Perks
Today’s highly competitive market requires out-of-the-box thinking to retain senior staff, especially in IT. Including employee perks into your corporate identity may be the ticket to keep executives in place. Perks can range from on-site food, wellness programs, fitness facilities, corporate discounts at stores, and even student loan repayment programs/college savings plans for children. The great thing about these perks is that they can be accomplished on budgets of all sizes. For example, if a Google-style cafeteria isn’t in your budget, consider having a catered lunch brought into the office once a week. Going further, if on-site fitness facilities aren’t possible, try providing fitness trackers to executives and rewarding them for achieving fitness goals.
Ensure Senior-Level Executives See a Future in Your Organization
Finally, the main reason a professional leaves an employer is the lack of a clearly defined future, and this is especially true for senior-level IT executives. The best way to combat this is to make sure your executive sees a path of progression within the firm. Providing a clear career path with goals and objectives outlined makes it more likely your senior leaders will stick around. Keep in mind that a career path for an executive doesn’t necessarily always mean upward mobility, as exposure to other parts of the organization can provide much-needed change and be just as fulfilling.
With employment at record numbers, it’s crucial to retain senior-level IT executives. However, if you find yourself in a position of replacing or adding to your roster in this complex market, it’s best to consult an industry expert, a professional recruiter. At ASB Resources, we provide our clients with top industry executive talent who deliver results. Connect with one of our executive recruiters today!