For the second year in a row, research by executive search firm Harris Allied found that acquiring top technology talent is management’s biggest concern for 2014. The survey was conducted in November 2013 with 123 executives from New York companies in financial services, professional services, consumer goods, digital media, and technology.
More than one out of three respondents (36.6%) identify the most important strategy to retain key technology employees as offering competitive compensation and more than two out of five (42.3%) believe that competitive compensation is the most important strategy to attract key technology employees. In fact, nearly one out of two (44.7%) said that candidates are most likely to reject a job offer because they’re offered better compensation elsewhere.
Corporate culture was also identified as an important strategy by executives for retaining (26%) and attracting (13%) top technology talent. More than one out of three executives (34.1%) believe that the chance to work on new technology elsewhere is one of the most common reasons people have left their companies in 2013. A corporate culture that attracts and retains top talent was described by executives as one that:
- Is creative and inspires fun = 67.3%
- Gives people the chance to work on interesting projects = 64.5%
- Offers flexible work hours or opportunities to telecommute = 52.3%
- Offers outstanding professional development opportunities = 42.9%
Clearly, attracting and retaining top technology talent is challenging for companies. What has your company done to hire and keep the best technology talent? Leave a comment below and share your thoughts.