STAMFORD, CT--June 3, 2002--At a time when many tech workers would be happy just to have a job, it seems that a large number of companies are willing to pay a premium to retain key IT skills.
According to a recent survey of 600 American companies -- conducted by META Group, Inc., a worldwide research and consulting firm -- retention bonuses have jumped dramatically from 12% to 44% during the past year.
Experts say that a continued imbalance in availability of key skills among workers is driving this surprising trend. "Although the total number of available IT workers in the market exceeds demand, the number of individuals with the requisite skills continues to lag demand, keeping salaries high and retention bonuses increasingly necessary," said Maria Schafer, program director of META Group`s Human Capital Management division. Among the IT skills that were considered most difficult to retain were e-commerce (24%), Internet (24%), and application development skills (20%).
How, then, do companies retain key skill sets without paying a premium? "Developing critical skills and moving toward the `all learning, all the time` organization must become a core competency for all IT groups," notes Schafer. She adds that the benefits to skill development that result from expanded training and development practices outweigh the risks and contribute to an environment in which employees understand that they are of value to an organization that invests in them.
Tips for Retaining Key Employees
According to Schafer, `"It costs far less to maintain key employees than it does to hire new ones." Therefore, employers should consider implementing some of the following incentives to keep their top IT talent:
-- Strive to provide continuous learning opportunities for employees to perfect their skills and expand their knowledgebase
-- If possible, offer work/life balance incentives such as a flexible work schedule and telecommuting options
-- Consider options such as on-site day care or postal services
-- Ensure that top performers have access to interesting and challenging projects, and provide training to this group as needed in the hottest and most current technologies
-- Consider other incentives such as qualified financial assistance for employees` personal needs (e.g., home mortgages, car loans)
-- Recognize high-performance employees through one of the various modes of communication available or provide specific awards to emphasize employee value
-- Ensure clarity in career paths, and make career advancement attainable
About the Report
META Group`s 2002 IT Staffing and Compensation Guide is the industry`s most comprehensive compendium of IT staffing and retention-related research, containing the latest facts, figures, and guidance required for attracting, compensating, and retaining business-critical IT talent.
Salary information is based on interviews with more than 600 compensation and IT specialists within Global 2000 organizations ranging across industries and geographic locations. The report analyzes and compares workforce and compensation trends within four geographic regions (Northeast, South/Southwest, Midwest, and West) and among eight economic sectors: IT services, high-tech, government, retail, banking/finance, energy/utilities, healthcare, and manufacturing.
For more information about the 2002 IT Staffing and Compensation Guide, visit www.metagroup.com, or call 800-498-META (6382) or (203) 973-6700.
About META Group
META Group is a leading research and consulting firm, focusing on information technology and business transformation strategies. Delivering objective, consistent, and actionable guidance, META Group enables organizations to innovate more rapidly and effectively. Our unique collaborative models help clients succeed by building speed, agility, and value into their IT and business systems and processes. Connect with www.metagroup.com for more details.
META Group, Inc.
Peter Ward, 203/973-6923
peter.ward@metagroup.com
or
Jacobs & Prosek Public Relations
Wilson Cleveland, 212/896-1263
wilson@jppr.com
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