Organisations in Nigeria are struggling to attract and retain top technical talents to drive their digital transformation agenda and meet current business demands. A recent survey conducted by pcl. on Retention of Tech Talents across organisations has revealed.
Covid-19 came with enormous responsibility on IT practitioners to adapt to changing work models and operating requirements to meet safety and regulatory conditions. As organisations undergo digital transformations, they need to effectively attract employees with the requisite skills to apply new technologies and digital services and an agile and adaptive workforce to navigate the changes.
Increasingly, young professionals are finding themselves drawn to tech firms or innovative startups. This poses a challenge to what traditional organisations can match in terms of the required creativity and opportunities to readjust digital demands and possibilities. The future of most organisations will likely be different from its past in terms of the technology, processes, talent and strategies to compete in new value pools and markets.
The evolution of AI and emerging technologies are potentially replacing several back-office jobs. Also, the redesigning of existing technologies is creating new ways of doing things, demanding new skills and competencies and emphasising the ability to rapidly develop and diffuse a range of professional skills across the organisation.
Today, companies face forces of change whose velocity and impact are more significant than anything they have experienced before. Digital technology is disrupting the traditional business models and competitive sets while also providing a pathway to improvements in productivity and cost-effectiveness. As rising costs and emerging competitors pressure traditional organisations, they will need to look to new sources of growth and profitability.
These forces represent complex challenges and great opportunities for those companies that can anticipate and adapt to change. HR must play a vital role in acquiring and developing the talent required to move forward while ensuring that companies align their organisational structures, policies and talent management strategies with the demands of a changing business environment.
Winning the battle for technology talents retention
Retention is part of the critical challenges Technology leaders, and Human Resource teams encounter in today’s world of work. Employees exit organisations for various reasons like getting a new job offer, advanced degree, relocation, retirement, working with a demanding boss, or even an involuntary exit.
To better understand the trends and dynamics of tech talents retention, pcl. recently conducted a survey to analyse the underlying factors why the attrition rate for technology talents is high across industries. Through the analysis, we identified that technology experts or employees would remain with an organisation due to competitive compensation and benefits, work conditions, developmental opportunities, and career progressions (Exhibit 1)
retention of tech talents
Today, turnover or attrition rate is critical for organisations, considering the cost implications of the talent acquisition process (time and cost for advertising the vacant role or roles, candidate sourcing, shortlisting, screening). Sometimes, it takes new talents months or years to become as productive as those they replaced.
Businesses focusing on employee retention have more reliable results and various accumulations. They also tend to preserve their talented, active, and inspired employees who genuinely want to be a part of the company and contribute to its vision.
Globalisation is also forcing Tech Talents to want to be at the top of the niche they have tagged for themselves. Today, the tech workforce is primarily dominated by millennials who want to evolve, progress as the best in their career and benchmark against those within the local and international environments.
To address this, Human Resources cannot stand aloof any longer in a bid to keep the tech talent. A conscious and deliberate effort should be encouraged to understand the world of Tech talents, identifying their roles and the competencies that will drive the business and strategic objectives.
Benefits of getting your recruitment and retaining strategy right for technology talents: