According to the recently released Harris Allied Tech Hiring and Retention Survey, 58.1 percent of senior executives cite opportunities for professional growth and career advancement opportunities as a leading factor in retaining technology workers.
“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 noted that Wall Street companies are approaching the issue by offering tuition reimbursement, senior management mentoring, and leadership training supplemented by opportunities for internal and external recognition.
“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.”
Other factors uncovered in the survey include a competitive salary (23.6 percent), benefits packages (4.5 percent), and bonuses (2.7 percent). Also, while increasing compensation can be a useful recognition tool for loyal employees, it was found to not be especially effective tactic for retention as it is perceived as a move of 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.”