Attracting and retaining top talent is becoming a bigger challenge. 27% of employees voluntarily left their jobs in 2018, looking for better opportunities elsewhere. If this trend continues, by 2023 this percentage will reach 35% putting US companies at a huge risk that will only continue to rise. The cost of unfilled jobs varies, but on average a vacant seat at a company costs around $14,652 to fill, but there are also the unseen costs—like decreased productivity, increased workload for other employees, and suffering morale.
This data all sounds pretty bleak, begging the question—what can my organization do to attract and retain quality talent? Luckily, the power is in the hands of the business owner. Businesses are in control of the employee/employer relationship, and if organizations are willing to put in the time to rethink some strategies, they can make themselves look far more attractive to incoming talent and reposition perceptions of current employees as well.
The easiest way to do this with the most impact is integrating current technology offerings into every part of your business. In 2016, Millennials surpassed Generation X and Baby Boomers as the largest generation within the labor force, totaling 56 million. What is unique about Millennials in terms of technology is that they’re the first generation to grow up completely surrounded by emerging technologies. If your business isn’t operating on the cutting-edge of technology, you’re not going to attract or retain this crucial demographic. (As a side note: if you’re a B2B, customer-facing business and you’re not selling the latest tech, you’re not attracting this critical buying group either.)
44% of businesses plan to increase tech spend in 2020, up from 38% in 2019. In order to stay competitive, consider upping your spend as well. Keeping all of this in mind, here are 3 ways to spend some of your allotted technology money in 2020.
1. Human Resources
If your HR is still doing specific tasks analog, you’re doing them a disservice. Several programs exist that can automate lots of HR tasks, leaving them free to focus on recruitment, company training, and individual career planning. HR departments should utilize a customer relationship management system (CRM) or an accounting system to manage employee information. HR professionals have too much talent and innovative spirit to spend their time answering questions about sick leave—they should be structuring company culture and a positive work environment, creating new onboarding processes, and conducting meaningful exit interviews. An investment in HR is an investment in the entire company.
2. Mobility, Engagement, and Collaboration
Workers want flexibility. Not only do they want to be able to have a flexible schedule with remote working capability enabled by technology, but they want non-traditional ways to engage with each other. Collaborative technology enables workers to share documents, chat, comment on each other’s progress, and share personal photos and video in real time. Technology like Microsoft Teams allows employees to take phone or video calls when they’re offsite or traveling, gives them access to files they’ve shared in the past, and provides them direct access to anyone on the company’s network.
3. Professional Development
Sure, Millennials are the fastest-growing generation in the workplace, but that doesn’t mean Gen Xers and Boomers don’t have value and should be ignored. These groups crave career development, and want to learn about new technology, too. Taking the time to invest in the members of these groups as individuals, meeting them at their level, and creating customized learning plans for their technology development opportunities help them invest in your organization, which goes a long way toward their retention.
The problem sounds dire. The talent pool is shrinking, and employee turnover costs are rising; workers are leaving jobs, and employers feel powerless. There are ways, however, to save your bottom line, boost retention rates, and encourage employees throughout the day to day. Hopefully, assessing the state of your business, looking for smart ways to spend your budget on types of technology, and speaking with current employees will go a long way to helping your organization attract and retain quality talent for years to come.
If you’d like some help, speaking with a trusted technology partner, like SumnerOne, is a good place to get started. Contact us for an IT Services Assessment today.