Money talks, but it's not the only employee loyalty tool being used in the information technology industry, according to a recent survey by Robert Half Technology. When Chief Information Officers (CIOs) were asked to identify the most effective ways to retain IT staff, compensation topped the list at 27%, but providing opportunities for professional development was close behind, with 21% of respondents citing this method for employee retention.
Another 18% said flexible schedules helped improve retention rates, followed by telecommuting (7%), extra vacation days or time off (6%), and granting company stock or options (2%0.
"Attractive pay is always a key selling point for IT professionals, but it's only one element of an effective retention program," says Katherine Spencer Lee, executive director of Robert Half Technology. "Creating an attractive corporate culture, which includes everything from training to work/life balance programs, is crucial for keeping valued employees, especially when the hiring environment for highly skilled professionals is competitive."