8CIOReview | | OCTOBER 2023IN MY OPINIONIN MY OPINIONThe IT industry has always been a highly competitive and dynamic field, with companies constantly vying for the top talent in the industry. However, the past year has been particularly challenging for both employers and employees. The 2022 great resignation saw a record number of workers leave their jobs, while the 2023 layoffs have left many IT professionals feeling uncertain about their future. In this article, we'll explore five strategies for retaining your IT talent during these challenging times.Prioritize Employee Well-BeingIn a post-COVID world, employees are placing a greater emphasis on work-life balance and mental health. Companies that prioritize employee well-being and create a positive work environment are more likely to retain their top talent. Creating a supportive workplace culture, including mental health resources, flexible work arrangements, and team-building activities, is no longer an added benefit but rather an expected one. In a recent Gallup study, 2022 saw as many as 39 percent of employees work fully remotely. Compare that to only 8 percent pre-pandemic in 2019. Going forward, approximately 53 percent of people who can work remotely expect a hybrid arrangement, working at least 2 to 3 days at home. Hybrid policies are conduits to a better work-life balance, providing a nice blend of in-office collaboration and work schedule flexibility. Promoting such policies as part of the job description will attract new talent to your openings. Retrofitting the expectations of your current team members to include hybrid policies will enable you to better retain your talent. Offer Professional Development OpportunitiesIT professionals are constantly looking for ways to grow their skills and advance their careers. Companies that invest in professional development opportunities, such as training programs and mentorship initiatives, are more likely to retain their top talent. Managers that focus on developing their team members will see better retention and higher-performing teams. A 2022 Gallup study finds that "opportunities to learn and grow" are the top reason younger generations are attracted to an organization, while "lack of development and advancement opportunities" is the top reason that employees of all ages quit. But what does development look like? Signing up employees for classes and conferences is a good start but may not yield the intended results. As much as 70 percent of the development in any area should come from key experiences and applied learning, whereas only 10 percent should come from training. The remaining 20 percent should revolve around feedback from managers and peers. Creating a proper development plan using the 70/20/10 model involves identifying 2 to 3 areas for development and planning how to learn the skills, practice the skills, obtain feedback on how the skills were applied, then adjust further development. Managers focusing on this area will not only see better retention but also higher-performing teams.STRATEGIES FOR RETAINING EMPLOYEESIN THE WAKE OF LAYOFFS AND RESIGNATIONSBy Scott Lee, Associate Vice President, Head of IT Infrastructure & Operations, Arch MIScott Lee
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