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Yes, the U.S. has a tech talent shortage problem. However, the constant headlines on the shortage of high-end tech experts stateside overlook a core piece of the puzzle: Even when companies effectively attract and recruit niche tech talent, they’re lucky if they retain them for more than one year. In fact, the tech sector has the highest turnover rate at 13.2% out of every single business sector, according to a recent turnover report from LinkedIn.
You might not expect it given the success of tech giants like Google and Amazon, but a majority of Fortune 500 tech companies tend to suffer from high turnover rates. Median tenure at Amazon is just one year, and Google performs only marginally better with a median tenure of 1.1 years, according to Payscale’s recent employee turnover report. Apple arguably has the best median tenure among leading tech corporations, boasting just two years.
Considering it takes 51 days on average to fill vacancies in the information technology (IT) industry, companies are spending billions to not only recruit hard-to-find tech talent but to then replace that same talent when they leave in one to two years. Not to mention the impact on project timelines and your bottom line when your best software engineers suddenly put in their two weeks notice in the middle of a product launch.
So, how did we get here and how can you improve retention of tech professionals? With more than 18 years of experience in recruiting and staffing high-end tech professionals at Mondo, where I currently serve as the CEO, here’s what I’ve found.
https://www.forbes.com/sites/for ... nover/#492b62d44201 |
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