Employee retention is going to be a top concern of CIOs and information technology managers in the coming years, as IT hiring rebounds and salaries rise by as much as 15% over the next three years. As managers know, it can cost up to 2.5 times an employee's annual salary to hire a replacement, so investing in existing employees is truly cost-effective.
Savvy IT managers and executives will focus on employee education, incentive plans, work-life balance and succession plans over the coming years to keep the best employees. Meanwhile, managers will be held accountable for employee retention, and will be encouraged to improve their leadership, communication and team-building skills.
Retention will likely be a crucial issue in the case of female IT workers. Women are leaving IT in ever-increasing numbers, citing stress and the difficulties of balancing work and family.
In the past, many IT organizations have paid lip service to these concepts, but if the hiring statistics remain on track, they are going to have to put them into practice to remain competitive.
Sources: NewsFactor, CIO Update
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