The Doyle Group recently hosted a webinar on “How to Attract and Retain a High-Performing Team During Uncertain Times.” Founder and Managing Partner Andrew Doyle covered key findings from The Doyle Group’s Q3 economic climate survey, and explained in detail how companies are responding to the current climate and adapting their hiring practices in the competitive tech space.
Here are some of the biggest takeaways from the webinar:
1. The Sky is Not Falling!
With inflation at a 20-year high, energy and food costs rising, and other issues in play, it’s understandable that many business executives, employees, and jobseekers are concerned about the state of the economy with regard to tech roles.
The good news is that “the sky isn’t falling.” In fact, over 50% of The Doyle Group’s survey respondents stated that the economic climate has not had a negative impact on their company’s overall business operations. Moreover, nearly 60% indicated that projects were being added or moving forward as planned despite current market conditions.
2. Your Top Concern is Still To Attract (and Retain) Talent
According to The Doyle Group’s survey findings, the three top concerns for hiring managers are:
- Finding the right candidates to fill their open roles.
- Having the budget to attract top talent.
- Retaining existing talent.
Interestingly, only 22% of job candidates left their last job to pursue a higher salary. The point? Mission-based opportunities, flexible schedules, and growth opportunities may be the difference-makers when attracting top talent.
3. Companies Need To Focus on Crafting Exceptional Job Descriptions
One of the best ways to attract exceptional candidates is to make your job description really stand out from other open positions. Job descriptions should be written in a compelling way, and highlight offerings that are important to candidates: e.g., a flexible work schedule, hybrid/remote work, growth opportunities, and other benefits.
Your job description may be the first touchpoint a potential employee has with your organization. As such, it can create a favorable first impression that will encourage them to further investigate the possibility of employment with your company.
4. Be More Flexible in Your Candidate Search
Most hiring managers want to find the most experienced candidate on the market for each open role their company has. However, looking for those 5-10 extra years of experience within the current climate may not be realistic. Instead, managers should ask:
- Can we work with this individual?
- Are they aligned with our company culture?
- Are they willing to learn and grow, both personally and professionally?
Technologies are in a constant state of flux, and an experienced candidate in the present may not have the necessary skills to do their job three or four years from now, unless they’re willing to keep learning and adapting. At the same time, if you invest in developing your existing talent (e.g., by investing in educational opportunities, like Guild Education, Udemy, or hackathons), you can help your employees to achieve sustainable success.
5. Communication is Key in Terms of Retaining Talent
Employees appreciate transparency and regular, consistent communication from middle and upper management. For example, 54% of surveyed employees prefer monthly communication from management, while 33% prefer quarterly updates. Moreover, respondents overwhelmingly state that transparency (88%), clear company goals (83%), and frequent communication (78%) are key ways to stay engaged during turbulent times.
Even when your company is facing difficulties, clear and open communication can be the catalyst for your teams to come together and work toward a unified solution. This is much better than the alternative — namely, scaring away your talent through silence.
Watch “How To Attract and Retain a High-Performing Team During Uncertain Times” in its Entirety
In summary, despite the turbulent economic climate, there are many compelling reasons to hire new talent, and many opportunities for organizational and individual growth. To view the webinar in its entirety, click here; and to read the full report, click here. If you’d like to discuss the report or survey results in more depth, feel free to schedule a time to connect with us by filling out a contact form here. Our team of friendly experts will reach out to you as soon as possible to help you develop an effective strategy to attract and retain top tech talent.