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Six ways to address the IT retirement boom

Posted by Rudy Mitra on Jul 1, 2019 10:38:04 AM
Rudy Mitra
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Six ways to address the IT retirement boom

There is a dramatic change about to hit the IT industry, with the Baby Boomers set to retire. And this is on top of the shortage of IT professionals coming through the ranks in Australia.

So how do you ensure you attract and retain the right employees and avoid taking a hit to your business when the Boomers leave the workforce?

 

1. Hire talent when available

Good staff are hard to find! It makes sense to try and hire outstanding talent when you come across it, even if there isn’t a current vacancy. According to McKinsey & Company, superior talent is up to eight times more productive, and this is especially so in roles that are highly complex, like many found in IT.

If you don’t hire high quality staff when given the opportunity, your competitors just might snap them up and then you’ll find yourself behind in a competitive sense, something no business wants.

 

2. Focus on training for existing staff

Skill shortages can be stopped in their tracks if you’re willing and able to offer specialised training for your team. Offering career development and job satisfaction is also a great way to retain key staff.

In IT there are a multitude of certifications that can be easily accessed, with training often taking as little as a couple of days to complete.

 

3. Create a supportive, inviting company culture

While salary is going to be an important factor in accepting or keeping a role (we understand that, Australia is an expensive place to live), employees also look for roles where the company culture is positive. Enjoying their work and their colleagues are the key reasons they choose to work for, and stay with, a particular company. And, it’s been proven that positive, values-driven organisations benefit financially as well as on a competitive front.

Does your team do Friday lunches or have a regular ‘bring your dog to work’ day? Do you all volunteer together or try out new craft beers? Whatever it is that your business does to foster closeness amongst employees and a sense of enjoyment in the workplace is worth talking about with prospective employees.

But it is important to ensure the vision you offer to a potential employee during the hiring process lives up to the reality of what your business has to offer.

 

4. Evolve your approach to compensation and benefits

Unsurprisingly, money matters. It’s one of the top reasons employees leave a business. Offering a competitive salary, along with regular pay rises or other monetary recognition for high performers makes your employees feel valued and increases their chances of staying with your business in the long term.

The cost of living in Australia is at an all time high, so it makes sense that money is an important factor when it comes to deciding where to work. With IT roles in high demand, being competitive with salary and commission structures and targets is vital if you want to attract and retain the best of the best.

 

5. Expand upon your existing hiring approach

Agility is key in IT, so why expect that should be any different when hiring? If you haven’t used a recruiter in the past, why not give it a try. There are lots of specialist IT recruitment firms in Australia that will do all the hard work for you.

Or why not keep an eye and an ear out during conversations with clients, at industry events and across social media platforms. You never know when the right person is going to present themselves to you and it pays to be ready to start the conversation.

 

6. Retain, retain, retain!

If you have great staff, it’s vital that you show them how valued they are and ensure they’re happy in their work life. Happy staff are more productive, go above and beyond for their customers and their positive attitudes rub off on other members of the team.

Can you offer (even encourage) flexible work hours and the ability to work from home? Indeed found that 68% of businesses allow employees to work remotely. And some of the benefits include more productive employees (67%), improved morale (64%), reduced absenteeism and employee turnover (57%) and operational cost savings (51%). For most businesses and employees, this is definitely a win-win situation.

 

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Rudy Mitra

Digital Marketing Assistant

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