ICT Sector Employee Retention Remains Top Priority
BY: Ruzly Ismail
The information and communication technology (ICT) sector has been a key driver of economic growth and innovation in recent years. However, this sector faces significant challenges when it comes to retaining its top talent. A new survey has shown that employee retention remains a top priority for ICT companies, highlighting the importance of this issue for the industry's continued success.
According to a report by the Society for Human Resource Management (2021), the ICT industry has the highest rate of voluntary turnover of any sector in the United States, with an average turnover rate of 13.2%. This high rate of turnover can be attributed to a number of factors, including fierce competition for talent, the rapidly changing nature of the industry, and the tendency for employees to be drawn to new and exciting projects.
However, the consequences of high turnover can be severe for ICT companies. Not only does it lead to increased recruitment costs and productivity losses, but it also results in a loss of valuable knowledge and expertise that can be difficult to replace. In order to address these challenges, many companies are focusing their efforts on employee retention.
The SHRM report found that 92% of ICT companies consider employee retention to be a top priority, with many implementing a range of strategies to keep their top talent engaged and motivated. These strategies include offering competitive salaries and benefits, providing opportunities for professional development and career advancement, and creating a positive work culture that fosters collaboration and innovation.
Research has shown that these strategies can be effective in reducing turnover and improving employee retention in the ICT sector. For example, a study by the University of Southern California found that providing opportunities for professional development and career advancement was one of the most effective strategies for retaining top ICT talent. Similarly, a report by the McKinsey Global Institute found that companies with strong cultures of innovation and collaboration were more likely to retain their best employees.
In conclusion, the ICT sector faces significant challenges when it comes to retaining its top talent. However, a new survey has shown that employee retention remains a top priority for companies in this industry, highlighting the importance of this issue for the industry's continued success. By implementing effective retention strategies, such as offering competitive salaries and benefits, providing opportunities for professional development and career advancement, and creating a positive work culture, companies can improve their chances of retaining their best employees and maintaining a competitive edge in the market.
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Hi Ruzly,
ReplyDeleteGood explanations .Thank you for sharing the Knowledge , well done
I do agree with you. According to a turnover report from LinkedIn, "the tech industry has the highest turnover rate at 13.2%. In fact, even global tech giants often struggle with low employee tenure. Most have a median employee tenure of only one or two years" (LinkedIn, 2023)
ReplyDeleteGood one. Topic has some unique. Nicely listed and presented. Thank you for the knowledge sharing.
ReplyDeleteNice one. The topic is very unique. Each points were very useful and it encourages to read too. Nicely listed out and presented. Thank you for sharing such knowledge with us.
ReplyDeleteICT is a challenging working sector for employees and retension of workers in this sector should be given priority organizational wise. Good article Ruzly !
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ReplyDeleteThanks for sharing this informative article. It's interesting to see the challenges the ICT sector faces when it comes to employee retention. Hopefully, companies can come up with innovative solutions to address this issue and create a more fulfilling work environment for their employees.