Approaches to Talent Acquisition and Retention in the Tech Industry

According to the LinkedIn survey, 82% of global leaders consider the HR function more paramount now than ever.

If you work in the tech industry you probably feel it. For latest 4 years it has been extremely difficult to attract and retain top talent. In this context, traditional talent acquisition and retention methods may not be enough to stay ahead of the curve. 

"Your employees are the lifeblood of your business. Their collective attitudes, abilities, and actions determine the success or failure of your organization." - said John C. Maxwell said in his book The 5 Levels of Leadership.

This article will be helpful if you're looking for new ways to attract and keep talented employees.

What is Talent acquisition in IT?

Talent acquisition in IT refers to identifying, attracting, and recruiting top talent with the right skills and experience to fill positions. While talent acquisition is similar to traditional recruitment, it differs in several ways. Let's compare these processes:

Traditional recruitment

Traditional recruitment is a reactive process that involves finding a suitable candidate to fill a specific role within a company. It is initiated by an immediate need to fill a new or existing position, which requires a quick response to ensure the organization can continue functioning effectively. In contrast to talent acquisition, traditional recruitment tends to be less strategic and more focused on filling immediate vacancies rather than building long-term relationships with potential candidates.

Talent acquisition

Talent acquisition tends to be more proactive and strategic, focusing on building long-term relationships with candidates rather than filling immediate job openings. It involves flexibility, an active approach, and an understanding of the long-term strategic goals of your company.

Talent acquisition involves leveraging various sourcing channels, such as social media, job boards, and employee referrals, using data and analytics to identify the most promising candidates.

Besides, talent acquisition in IT strongly emphasizes technical skills, industry-specific knowledge, cultural fit, and alignment with the organization's mission and values. 

Challenges in Talent Acquisition

The process of talent acquisition in IT comes with its own set of challenges:

#1 Finding and hiring quality talent

Selecting a suitable candidate from a group of unqualified applicants can take time and effort. Furthermore, engaging with these candidates can be challenging, as the top talents usually get multiple job offers and recruitment messages. At the same time, it is difficult for talents to manage an overwhelming amount of information, resulting in the possibility of them disregarding your employment opportunity.

Creating a compelling employer brand is a must as a recent survey conducted by LinkedIn revealed that 75% of job seekers conduct research on a company's reputation and employer brand before submitting their job applications. The survey also showed that 69% of job seekers would refuse a job offer from a company that has a negative reputation.

#2 Talent retention

Once companies have successfully recruited top talent, they must focus on retaining them. The IT industry is known for high turnover rates, with talented employees often leaving for better opportunities. 

How to develop effective retention methods to avoid losing their best employees? Be kind to your employee and care about them. That's all. No secret rules. Provide competitive compensation packages, create for every employee personal roadmap, so that they know where to grow, through corporate parties, it's actually fun:) and don't forget to reward your employees. But don't just deliver pizza to the office this is dull... even Tik Tok says so:)

#3 The cost of recruitment

Let's say a software development company needs to hire a new software engineer for a position that pays $60,000 per year. 

To find the right candidate, the company needs to advertise the position on specialized job boards or IT industry websites, which can cost $200 - $20 000, depending on the reach of the advertising. There is the cost of the time and effort spent by the company's technical team and hiring managers in reviewing resumes, conducting technical interviews, and assessing the candidate's technical skills.

On top of that, if a candidate comes through a referral program, the company must pay a bonus to an employee that corresponds with the newcomer's salary. Thus, all of these costs can be a significant challenge for smaller companies or startups with limited resources.

#4 Lengthy and Complex Hiring Process

For example, a company is seeking a skilled senior automation QA engineer with expertise in Java Script. The recruitment process involves an initial screening followed by two interviews, typically taking around two-three weeks to complete. 

However, a company is currently facing a delay in scheduling the final interview with the client, which must be arranged according to the client's availability.

This situation creates complexity as the developer's level of interest and engagement in the recruitment process has decreased, despite the initial strong desire to work with the company.

Key trends of Talent Acquisition in IT are worth paying attention to

By staying up-to-date with these trends, companies can better position themselves to attract the best candidates. Let's explore some of the innovative trends below.

#1 Consider the genuine factors that drive tech experts' motivation

It's important to note that employees at different levels may have various interests. For instance, entry-level employees may prioritize opportunities for growth and learning, while mid-career professionals may place more value on work-life balance. 

As an illustration, tech giant Google has implemented a "20% time" policy, where employees can spend 20% of their workweek on projects they are passionate about, giving them the autonomy to pursue their interests and driving motivation.

Employers must consider the factors that drive tech experts' motivation to attract and retain top talent. Remote work, parenting leave, company courses, loyalty programs, coop with educational institutes, or even a membership in a pool near your office (if you have a really sporty team). Be creative.

#2 Follow tech trends

Thanks to the hard work of Mira Murati and her talented team, who develop and refine AI tools daily, the Talent Acquisition team can leverage technology to identify the best candidates and streamline their hiring processes.

AI algorithms can analyze vast amounts of candidate data, screen resumes more efficiently, and review references. And by utilizing various technologies such as AI chatbots, systems to track applicants, customer relationship management tools, and video interviews recruiters can save valuable time and resources. These technologies help streamline the recruitment process for employers.

#3 Provide feedback. Always.

Provide clear communication, timely feedback, and a positive and respectful candidate experience throughout the entire process.

Recently we hired an absolutely amazing Senior Node.js developer - Max. He came to us through Instagram and told a story about the previous company he tried to apply for. He passed the tech interview and then HR as well. And eventually, the recruiter just forgot to provide him feedback on the HR interview.

Just one little issue - forgotten feedback - and they've lost a skilled candidate that just left for another company.

#4 Prioritizing developer happiness leads to increased productivity and performance

Developers are motivated by multiple factors beyond a high salary, including a sense of autonomy, personal and professional growth opportunities, a positive work environment, and a strong company culture. 

Developers always appreciate exciting and meaningful work, the best tools and options for career development.

Companies can create an environment that fosters developer happiness by focusing on these factors, increasing productivity and better performance. Happy developers are likelier to take pride in their work, stay engaged, and collaborate effectively with their peers. 

Takeaway

The effectiveness of the recruitment process also depends on the people responsible for the hiring process. 

Therefore, ensuring that recruiters act as excellent and inspiring team representatives is essential. When a recruiter speaks about the company with enthusiasm and passion, they can make a case.

Finally, by prioritizing talent acquisition and investing in employees' happiness, IT companies can build a skilled and motivated workforce to drive innovation and growth in the industry.

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