from the Turning Good People Into Top Talent blog series
By Bob Moore, CMC
Today, the biggest obstacle to growth for software companies is lack of top talent. There is a shortage of programmers, engineers, sales and service personnel, particularly in the U.S. and Europe, which could slow innovation, revenue, and development.
A recent Morgan Stanley report found that lack of human capital may be the hardest ceiling for the IT industry to break through. It’s not just coding. The sales side is also struggling to hire top quality in enough quantities. “Many companies note constraints in their ability to attract and retain top level salespeople capable of good account management who have the ability to bring in the bigger deals,” says Jessica Alsford, head of the Sustainable and Responsible research team. As a result, they may also struggle to hit their revenue and growth targets.
“Employees who are more engaged are likely to be more motivated and productive, potentially leading to more innovative work, less absenteeism and greater focus,” says Alsford. “This may result in higher revenue and profit per head.”
Overall, software and IT companies may find that, the more creative they get with their retention methods, the more innovative their own workers can become. For example, to attract and retain more top talent, the focus is shifting to improving employee satisfaction. As with many of “The 100 Best Companies to Work For,” most companies include better stock-based compensation packages, as well as perks, such as onsite dry cleaning and free meals. Tech giant, Google, celebrates its sixth year at No. 1 and recently bolstered its parental leave benefits. New parents, regardless of gender (including dads, domestic partners, adoptive parents, and surrogate parents), can now get up to twelve weeks of fully paid baby bonding time.
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