Today’s talent landscape is challenging to say the least. Years of changing conditions, priorities and values have led to an upheaval of the workforce as we know it. The ‘war for talent’ has shifted to a battle to retain the best and brightest as companies face an unprecedented level of employee churn. Organizations far and wide are desperately searching for innovative ways to build a strong talent pipeline and inspire their staff to stay.
Pay alone isn’t cutting it anymore. So what is it that top talent really wants?
That’s the exact question a recent Bain & Company’s study sought to answer. Through a survey of over 500 tech employees and 230 enterprise technology organizations, they uncovered some telling insights into what today’s top tech talent are looking for in a job — and why they might leave the one they have.
Three Major Findings
Before we get into the the details of what tech talent wants, it’s worth highlighting the three major findings of Bain’s study:
1. The Struggle Is Real
The first thing the Bain study confirmed is the widespread belief that there is, in fact, a talent shortage in the tech industry. Only 13% of respondents said their organization is able to hire and retain the tech talent they need most.
2. Money Isn’t Everything
While money has traditionally been considered the biggest motivator for employees, that’s no longer the case with tech talent. Bain & Company’s research found that a large portion of workers now base their employment decisions on factors outside of compensation – such as company culture, values and mission.
3. Come For One Reason, Stay For Another?
According to the study, what attracts an employee to an organization may be very different from what keeps them there. For example, workers might be initially drawn to a company because of its prestigious reputation, but then stay for the opportunity to work on cutting-edge projects.
What do employees really want?
Now for the answer to that million dollar question – what do employees really want from their employers? The Bain study found several key factors that are important to tech talent when making job decisions, which can be grouped into three main categories:
1. Learning and Growth Opportunities
The top reason workers said they would leave their current job is for the opportunity to learn new skills and grow their career. And that would make sense – no one wants to be stuck in a job with no room for advancement.
2. Flexibility
Especially after the paradigm shift of the COVID-19 pandemic, employees value the ability to have a flexible work schedule and location. In fact, 46% of workers said they would leave their current job if they were no longer able to work remotely.
3. Rewards and Recognition
Finally, employees want to feel like their hard work is being appreciated and that they are being fairly compensated. While money may not be the number one priority, it is still an important factor in attracting and retaining top talent.
And employers?
In exploring what top tech talent wants, Bain also looked at what employers can do to make sure they hire and retain the best.
For starters, they need to consider their “value proposition” to both new and current employees. Sure, compensation is important, but today’s workforce wants more. Second, employers need to see flexibility — and the ways in which workers can do their jobs remotely — as a big factor in whether someone will take a job or not. Third, investment in diversity and inclusion can help set employers apart. It’s one thing to talk about it, it’s quite another to put meaningful, thoughtful action behind the words, and have clear policies and goals.
While the answer to the question of what employees want isn’t singular, Bain & Company’s recent report provides some valuable insights into the key factors that today’s top talent are looking for in a job. By understanding what workers value most, organizations can craft a more appealing employment offering and improve their chances of attracting – and retaining – the best and brightest in the tech industry.
