There’s no denying the importance of employing the top talent at your engineering organization. This makes the retention of the company’s most productive engineers paramount. When considering the resources your shop invests in recruiting, hiring, and onboarding its staff, this becomes a high priority for you and your managers.
What follows are a few keen insights aimed at improving the retention rate of your engineering outfit. Leverage these ideas to help keep the company’s most talented team members in house. Good luck in your efforts!
A Strong Economy and Low Unemployment Rate Make Retention Difficult
An unemployment rate below four percent powered by the strong economy makes the current market one for job-seekers. This adds to the issues in retaining your company’s top engineers. Thankfully, retention becomes easier when you apply some creative solutions to the equation. Creativity is likely not a problem for an engineering company!
Going Beyond Offering Competitive Pay
Sure, competitive compensation is a must when hoping to retain engineering talent, but your organization needs to go the extra mile in the current job market. A generous year-end bonus definitely helps to foster loyalty among your staff, as does adding an extra percentage point or two to the annual raise. Project-based bonuses are another good idea for incenting exemplary performance throughout the year.
Additionally, make sure the company’s benefits package exceeds the industry standard. A robust training program and tuition reimbursement policy helps your engineering staff fully develop their skills. Consider adding a requirement to stay on for a certain period of time for those engineers using the tuition benefits – a direct boost to retention.
Company Culture Matters When It Comes to Retention
Building an office culture known for interesting project work, transparent communication, and employee development contributes greatly to retaining your employees. We already talked about how training and tuition reimbursement gives engineers a career ladder to success. Fostering an environment known for excellence and technical innovation also matters.
Additionally, give your employees the chance to work remotely at least some of the time. When combined with flexible scheduling, it allows your workers to add balance to their personal and professional lives. Company-sponsored charitable activities also serve to make your organization one where the best engineers want to work.
When your company needs additional advice on building a great engineering team, talk with the experts at Venteon. As one of the top technical staffing agencies in the Midwest, we provide the great candidates able to contribute to your success. Schedule a meeting with us at your earliest convenience.