Have you read the 2022 Tech Sector Report yet? Using YouGov data, we’ve looked at the state of the industry to uncover what employees care about, and where tech leaders should focus.
Why focus on the technology sector? For this industry, the past few years have seen considerable amounts of growth. And while that’s a positive, it comes with its challenges – like impacting retention rates.
The tech sector has been growing at 2.5x the speed of other industries… and that’s before the pandemic hit. After that, the boom really began with start-ups seeing investment rise by 34% in the first month of the UK lockdown, online retail surging by 10%, and the ‘big 4’ seeing significant successes.
Although that’s a positive, fast growth can disrupt your culture. From pushing out employees who don’t like the new changes, to exacerbating D&I issues, you can quickly see attrition becoming an unexpected side effect of success. Our research may help you address that.
Our data shows that ‘leadership’ is a low-scoring area, according to tech sector staff. That’s a problem, because we know that negative attitudes toward leadership and management can impact retention rates.
This comes from our data – which shows you’re 2x more likely to have high attrition if your ‘leadership’ score is low. But it’s supported by other research into the reasons people quit: “bad managers” come top of many people’s lists.
Tech leaders can use this as a sign to think about how they, and their managers, are supporting their staff. Are they making the right decisions, communicating them clearly, and remembering their employees’ needs? If not, it’s time to make that a priority.
‘Purpose’ was another low-scoring area, at just 57.8%. Again, that’s a worrying sign – 50% of UK managers would quit if an organisation didn’t reflect their own sense of purpose. It’s an abstract concept, but employees are more led by purpose than many managers realise.
This low score could be a result of the fast growth the sector’s seen. As priorities and market positioning shift to adapt, the original ‘idea’ of a company can be lost. For an employee that joined a hungry, scrappy start-up with big dreams, the inevitable structure that growth brings can impact this vision.
Tech leaders can make sure to reinforce the organisation’s purpose, even if the company’s actual offering has shifted. They can find ways to reinstate that original passion, even if things have to be done more ‘by the book’ than before.
Although it’s not necessarily a weak point for the industry, ‘listening’ is the third area most linked to retaining talent. And it’s not hard to understand why. Your people want to feel heard and – as you’ll likely know – they’re integral to furthering your organisational success.
It’s easy to get listening ‘wrong’. Chucking out an annual survey, or asking for feedback that’s never acted on, is not the best way forward. It only serves to frustrate your people more.
Tech leaders can use a platform like Qlearsite, that delivers actionable people insights. This means surveys are turned into a powerful understanding of your employees, making it easy to identify what will make them stay (and more productive, profitable, and engaged).
Whatever industry you’re in, whatever size your organisation is, our platform can help you understand how to boost retention. Combining research-led surveys with powerful analysis, you can quickly spot retention risks and find opportunities to improve. Here’s how it works:
Interested in trying the platform for free? You can! Get started today, and discover a faster, simpler way to understand what your employees are telling you: