Discover How Motivating Your Tech Team Will Help You Reduce the Cost of Turnover

At UTOPIC0DE, we all know how hard it is to recruit and attract top dev teams. But even when companies manage to hire skilled candidates, making sure they grow with the business is the real challenge.

Technology is the industry with the highest turnover of any business, with a staggering rate of 13.2%. And this problem is affecting every tech business, no matter the size. Both top tech companies, like Google and Amazon, and startups are struggling to retain talent, with a median employee tenure of just about one year.

This high turnover rate has an enormous financial impact, especially on startups, as for each employee lost, the cost to the company could be up to 150% of the annual salary. Just think about the need to recruit new candidates, train them, not to mention the impact on project timelines and productivity. More importantly, startups also lose key knowledge from the people that left.

If you consider this enormous cost in terms of money, time, and knowledge, your business simply can’t afford to ignore turnover.

But why are they leaving? There are different factors at play, but the main reason for leaving is the lack of career opportunities. Tech employees, more than anything else, want to advance their careers, master new skills. If you can’t offer them a challenging job that keeps them motivated, they have plenty of opportunities to change jobs.

The good news for HR Leaders, CTOs, and Tech Leads is that high attrition is avoidable. Indeed, there are robust strategies to engage tech talent, leading to better product outcomes and higher career satisfaction for both you and your team.

In this UTOPIC0DE Tech Talk, Maya Dadoo, CEO and Co-founder at Worky, Andrés Martínez, Head of talent management and culture at BITSO, and Melina Cruz, CEO and Co-founder at Homely, discuss the importance of staff motivation to reduce staff turnover rate. They share insights and best practices to help you successfully onboard your tech talent and reduce the cost of turnover on your company.

Read here the main takeaways to:

• Discover how turnover is affecting your business.

• Gain insights from great team leaders who have successfully engaged their workforces.

• Learn tips to improve your employee engagement.