According to a 2019 Work Institute Retention Report, more than three out of four team members who left their jobs in 2018 to go work somewhere else, could have actually been retained.
It goes on to say that 27% of employees voluntarily left their jobs in 2018. This is an 8.7% increase since 2017. If this trend continues by the year 2023 that number will reach a whopping 35%.
What is the cost of turnover rates? There is not an exact number but reports say it could cost as much as $600 billion. On the conservative end, losing a team member can cost an organization on the low end of $15,000 for each time. When you do the math the cost is astronomical.
There are currently over 150 million people in the US that are actively engaged in some type of work today, which is more than ever before. Unemployment rates are practically non-existent, making it essentially an employee’s market. That being the case, it is more important than ever for companies to work hard at retaining good talent.
Ashkan Rajaee and a handful of other top-level executives know this all to well and so have escalated retention as a top priority. Rajaee, CEO of TopDevz, a development company named one of the Top 10 Software Development Companies, boasts one of the highest retention rates in the industry. The company has a loyal team of US and Canada-based elite software developers, designers, project managers, and quality assurance testers.
What is TopDevz secret for cultivating and maintaining talent in an industry that is notoriously competitive? “The most essential component of any retention plan is individual engagement for each team member,” explains Rajaee. “TopDevz accomplishes this through continued education, challenging assignments, letting each staff member live and work where they choose, paying them well and by giving them easy access to communication, collaboration and masterminds with their peers and managers. Put this all together and you get the three main ingredients of their secret formula, or if you will, their company culture and flexible business model”.
What does the process look like? Rajaee breaks down the key components that form the foundation of his company culture.
Skill Development
Once onboard, each developer has the opportunity to increase their knowledge at TopDevz Academy. TopDevz not only supports the growth of each individual but it has also created an environment where everyone can hone their skills, develop new ones and earn more certifications. In other words, they facilitate increasing the value of their team within the industry.
“We vet, progress, mature and mentor the developers we work with,” says Ashkan Rajaee, CEO. “We invest in every person, we understand how to keep our talent engaged and happy over the long-term, in turn, they are loyal to our company and our clients.”
Challenging Assignments
By not keeping people in one assignment or one “box” indefinitely, it ensures they will be challenged and constantly stimulated because the work is always changing.
Letting Developers Live And Work Where They Choose
By not requiring developers to be on-site, they then have the option to work from wherever they choose. The company is able to contract with the best of the best because it’s not restricted by geographical location. This also alleviates the stress and burden of families having to relocate.
Paying Them Well
By having a remote team the company is able to decrease overhead expenses and in turn, are then able to redirect some of that savings into the pockets of its developers.
Easy access to communication and collaboration opportunities
TopDevz has been able to successfully facilitate an environment that provides a place for camaraderie, collaboration, and masterminds.
“At first glance, it may appear like an awful lot of time, effort, and dollars are being expended in order to keep their team happy. Many companies’ initial reactions might be that it’s just not possible for them. They don’t have the time, money and resources to make a significant impact on individual and team engagement. Unfortunately, most of them are not looking at the big picture,” explains Rajaee.
“Many organizations are not taking into consideration the time, resources and dollars it is already investing to hire and train new people, not to mention the cost associated with the learning curve each new team member goes through. If organizations would consider redirecting existing efforts, it may find that it can make a significant impact on their retention rates.”
Hopefully, more company executives will take note of the importance of retaining talent and address retention problems head-on.