May 30, 2023
Overcome Top Workplace Challenges In The Technology Industry
The technology industry is constantly evolving with new technological advancements and innovations. However, major tech firms still face obstacles. As new competitors enter the field, the importance of hiring and retaining top talent increases, and firms must keep up with the ever-changing workforce. Creating sustainable and scalable solutions prioritizing employee well-being and development is more critical than ever.
What Are The Biggest Challenges The Industry Is Facing?
The technology industry faces a competitive labor market, and it will take strategy and adaptability to stay ahead. HR professionals are noticing not only the need for core competencies such as agility, resilience, and technological proficiency but also the value of diverse perspectives and an increased focus on employee well-being, career development, and engagement.
Challenge 1 – Turnover & Retention
High turnover and retention rates are critical for HR departments in the technology industry. The industry is innovating, and the competition for top talent is rising. At 13.2%, the tech industry stands at the highest turnover rate of any sector. With new technologies emerging and new generations joining the workforce, Human Resource leaders must examine their retention strategies holistically.
Challenge 2 – Diversity & Inclusion
Diversity in tech is one of the industry’s most significant HR challenges; there is a growing responsibility to move the needle forward. While most tech companies value diversity, progress toward a more inclusive workforce has been slow. Let’s use Facebook, for example; its workforce has gone from 3% Black to 3.8% in the past six years. Additionally, a report from McKinsey found that for every 100 men promoted to manager, only 85 women were promoted—and this gap was even larger for some women: only 58 Black women and 71 Latinas were promoted.
Challenge 3 – Employee Burnout
Employee burnout is very common in the fast-paced, competitive environment of the tech industry. While an unreasonable workload and too much overtime are major contributors, burnout often occurs because of poor management and negative workplace culture. According to the Burnout Index – a survey conducted by Yerbo – 2 in 5 of the IT professionals surveyed show a high risk of burnout.
Challenge 4 – Attracting & Hiring Top Talent
Like every other industry, the often high-pressure technology industry has seen its share of hiring challenges. Today’s workforce has higher expectations than ever before and is looking for more human-centric work environments – employees are demanding more from their employers than just a paycheck. With a smaller talent pool of qualified candidates and high turnover rates, tech companies must adapt and implement innovative changes to the hiring and recruitment process.
New generations of talent join the workforce and expect a different kind of workplace. An increased focus on people will allow the technology industry and its workforce to grow. By leveraging the TaskHuman platform, your organization can improve employee engagement, attract and retain talent, and create development opportunities.
Solutions To Turnover & Retention:
Empowering an organization’s learning culture is vital for employee turnover and retention. With the high turnover rates of the tech industry, HR must develop and implement strategies that keep employees empowered, productive, and engaged. Providing flexible programs that support personal and professional development is extremely valuable – especially when opening the talent market to the younger generation. Create a positive and supportive work environment where employees feel valued, respected, and empowered through leadership coaching and mentorship programs.
Resources for HR Leaders:
Solutions To Diversity & Inclusion:
The tech industry has been severely lacking in diversity, and workers have made it clear that diversity, equity, inclusion, and belonging (DEIB) matters. Employees are 47% more likely to stay with an organization if it’s inclusive. Who people work with and work for is important – employers should not underestimate those working relationships. HR departments can support and empower an inclusive workplace by implementing DEIB programs and robust Employee Resource Groups (ERG). ERGs act as culture-builders that can create a sense of community and drive change toward a more equitable workplace. ERGs can work hand in hand with DEIB initiatives, and when done right, they drive the organization’s culture, increases employee engagement, and empowers productivity.
Solutions To Employee Burnout:
Take steps to help reduce burnout by implementing flexible well-being programs that provide stress management and healthy work-life practices. Create a space where employees can thrive by improving company culture. 89% of workers at companies that support well-being initiatives are more likely to recommend their company as a good place to work.
As important as it is for employers to offer well-being support, employees can also receive the support they need from their managers. Leaders must be trained to develop soft skills and implement proper engagement strategies. Engagement drives many positive outcomes, including higher productivity, efficiency, and profitability. Effective engagement strategies can consist of regular one-on-ones, consistent feedback and praise, tangible goals, and career development.
Resources for HR leaders:
Best Well-being Program Practices Checklist
Solutions To Attracting & Hiring Top Talent:
Considering the competitive job market, tech companies will have to put their best foot forward when it comes to recruiting talent. Aside from competitive compensation, positive company culture will enhance an organizations recruitment strategy, attract and retain highly qualified talent, and promote positive changes with more innovation. There is no question that a positive, innovative culture is critical to the continued success of any company. Organizations can achieve such a culture by expanding the hiring pool and focusing on empowering their employees as a whole. By providing development opportunities, DEIB initiatives, and career advancement, HR departments can more easily attract talent that will want to grow and develop within the company.
Resources for HR leaders:
Diversity, Equity, Inclusion, & Belonging Checklist
Employee Growth & Support At Scale
The TaskHuman platform connects a global network of professional expertise to your employees, unlocking their fullest potential, improving performance and engagement, and providing preventative support – instantly.
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