Rocked by massive layoffs and significant leadership changes in recent weeks, the tech sector is entering 2023 in disarray and uncertainty. To regain a footing and retain talent in the coming months, tech companies must work on improving company culture – before their best remaining employees head for the exit.
My company’s recently released Future of Work Report 2022 confirms that a brash, hardcore leadership style won’t cut it moving forward. The pandemic fostered a shift in values for many workers, who are now calling on the C-suite to revamp their company culture and foster a more supportive and flexible environment. It’s time for tech leaders to understand not only why culture matters but how their organization can improve and prioritize it.
To retain top tech talent, leaders need to think beyond pay. There are many reasons employees look for new jobs, including lack of flexibility, limited learning and growth opportunities, and even insufficient rewards and recognition for what they offer to the company.
[ Also read Employee engagement: 3 considerations for 2023. ]
As company culture increasingly becomes the deciding factor for employees debating whether they should leave their current organization, here are some areas to focus on:
1. Diversity, Equity & Inclusion (DEI)
It’s vital for employees to feel represented within their leadership and organization. To improve diversity at all levels, focus on recruiting and hiring candidates with different backgrounds and varying levels of experience and education.
Ensure that your company culture supports and encourages diversity from junior level to management roles and that employees of different ages, races, and genders are represented.
Promote your organization’s commitment to DEI by sharing with candidates your ongoing strategies and initiatives, such as LGBTQ-friendly policies or employee resource groups.
Avoid unconscious bias by using applicant questionnaires to screen candidates on what matters and filtering out information on tracking systems unrelated to the role.
2. Learning and development
Companies that don’t offer learning or upskilling opportunities will fall behind the competition. To ensure that your learning and development programs are successful, make opportunities readily available and ensure that employees have enough time to complete their courses.
According to our report, when organizations allow adequate time to complete training programs that align with their values and objectives, training can reduce employee turnover and layoffs, improve employee engagement and productivity, and fill existing skills gaps.
Here are some other tips for creating a successful training and development program:
- Focus more heavily on managerial training
- Recognize and reward employees who complete training programs
- Offer a well-curated training library with a range of topics
3. Remote/hybrid work options
Remote work has transformed from a short-term solution to the pandemic into a long-term workforce trend. Consider giving your employees permanent opportunities for flexible schedules and work locations, including the option to work remotely. This is a power move that will help improve employee productivity, well-being, and life-work balance.
Our report shows that flexible schedules help employees balance their professional and personal lives. Employees feel refreshed when they have time to manage their responsibilities inside and outside work, which can boost productivity. In addition, when employees can complete their work when and where they feel most productive, they are more likely to perform efficiently and effectively.
4. Strong communication
In a healthy company culture, employers and employees feel empowered to spark communication. Here are some easy ways to open the lines of communication:
- Schedule regular team meetings to discuss the organization’s culture, values, and initiatives
- Incorporate culture into one-on-one discussions between employees and managers
- Offer regular anonymous surveys to collect employee feedback
By keeping up with best practices, communicating with employees, and constantly evaluating cultural initiatives, you can ensure that your company’s culture is evolving to meet the demands of today’s talent.
[ Leading CIOs are reimagining the nature of work while strengthening organizational resilience. Learn 4 key digital transformation leadership priorities in a new report from Harvard Business Review Analytic Services. ]
