How to win the battle for high tech talent
Strategic Talent Management in High Tech
High tech talent has always been scarce, but will be increasingly so in the next few years. For instance, information workers represent larger portions of the workforce than ever before, and the sector is growing twice as hard compared to the larger economy. How to find and bind top talent?
Fierce talent competition
In a world that is changing rapidly, challenges in attracting and retaining high tech talent are on the rise. These challenges require a strategic approach to high tech talent management. Helena Lisachuk, director at Deloitte’s High Tech Competence Center, recommends that to attract and retain highly qualified professionals in technical fields, employers should evaluate both structural as well as intrinsic models.
Clear career path and motivational elements
Helena: “On the one hand, professionals need to see a clear career path with future objectives, growth opportunities, and learning support, among other things. On the other hand, employers should not lose track of motivational elements and ask themselves questions such as ‘Do I provide the right technical challenge / problem to solve to my employees?’, ‘Do I view them in a holistic way, including both professional and personal goals and aspirations?’, ‘Do I provide a sense of fulfillment and purpose and do I provide an environment where my people feel empowered to pursue their purpose?’”
It is crucial for high tech employers (and others, for that matter) to understand their employees. Especially the Millennials who are now entering the labor market and who are a little different from earlier generations when it comes to purpose, learning and work/life balance. Millennials expect a clear purpose and positive social impact from their employers. This is an important issue, as purpose is a human need and mobilizes people in a different way than profits. Companies with a true purpose are more successful in finding and binding talent, have more engaged employees, purposeful and effective leadership and can improve their business performance.
As so many generations work side by side within organizations, with their different values and expectations, it is clear that the classic one-size-fits-all HR practices are no longer sufficient. Forward thinking organizations act employee centric by implementing practices that are connected to a purpose, tailored to the individual and attuned to implicit expectations. Another important aspect is the psychological contract. Employers who value their high tech talent should pay more attention to this ‘contract’ with their employees, which centres around the expectations of employee and employer and the terms and conditions of their ‘exchange agreement’.
Sjoerd van der Smissen, managing partner Education, Employability & Sustainable Economy at Deloitte: “Establishing and maintaining positive psychological contracts leads to greater employee satisfaction and engagement. A constant dialogue between managers and employees and explicating mutual expectations are crucial in creating a sustainable and realistic set of agreements between both parties. Very often, this requires a major shift in the management style of the organization, from a ‘traditional control and hierarchy style’ towards one that emphasizes participation, involvement and purpose”.
Rise of regions and ecosystems
Finally, employers should understand the benefits of being part of a high tech ecosystem, consisting of e.g. start-ups, corporates, investors, and universities. Successful ecosystems possess a mix of attributes and are becoming central to talent attraction and retention. For instance, companies within ecosystems can work with universities to identify talent prior to graduation, or offer rotational programs with ecosystem partners to give talent a breadth of experience. In cooperative programs with universities, they can continuously develop technical and leadership skills.
Stef Oud, leader of Deloitte’s High Tech Competence Center: “People with the right skills and mindset are hard to find, but being part of the Eindhoven ecosystem is definitely an advantage. The top notch organizations in this region attract top talent. Being part of such an ecosystem offers high tech employees, who are always looking for new challenges, ‘the latest and the greatest’.” For example, the brand new Dutch Data Science University in Den Bosch (JADS) – for which Deloitte was one of the project members - will attract even more talent. Oud: “This university, aimed at ‘datapreneurs’, i.e. data science students with strong entrepreneurial skills, will be an enormous boost for talent challenges in this region.”
Strategic Talent Management
The insights above, aimed at solving talent challenges in high tech, are part of the Deloitte Strategic Talent Management value proposition. Deloitte is a major player in serving the high tech industry. From our High tech Competence Center (HTCC) we work together with the high tech ecosystem in the Eindhoven region, facilitating strategic alliances and partnerships and developing high tech specific knowledge, capabilities and eminence. Next to Strategic Talent Management, we offer value propositions such as Mergers, Acquisitions & Post Merger Integration, Digital & Innovation, Financial Information, and Business Transformation & New Business Models.
More information about the High Tech Competence Center?
Do you want to know more about the High Tech Competence Center? Please contact Helena Lisachuk at +31 (0)88 288 2286.