In the current market, especially in the IT and project management fields, attracting qualified candidates is only part of the challenge. Retention of those hard-to-find skillsets should be another strategic workforce strategy for leaders to consider.

The cost of employee turnover can feel overwhelming, especially in specialized roles (around 3 3 % of an employee’s annual salary, including recruitment, training and lost productivity).

Retaining skilled professionals is crucial for maintaining organizational stability, fostering growth and keeping a sense of morale among your high performers. A sustainable retention policy not only reduces turnover costs but also enhances employee productivity.

Understanding the current retention landscape

Employee retention remains a significant challenge across industries. Recent data reveals that 51% of U.S. employees are actively seeking or would entertain new job opportunities (up from 44% in March 2020). This trend is evident in IT and project management, where skilled professionals are in high demand and short supply.

Key strategies for sustainable retention

Let’s look a few ways leaders are changing the game when it comes to retention.

Comprehensive onboarding for all talent:

Effective onboarding sets the foundation for long-term engagement. Joining a new organization can be stressful, and not being given the tools for success can sour things out of the gate. A survey indicated that 31% of U.S. workers quit their jobs within the first six months because of ineffective onboarding.

It doesn’t matter if they’re full-time employment candidates, contingent workers, freelancers, contractors or independent consultants. Their experience with your company’s brand can set the tone for future engagement.

Contingent workers are no longer there to just backfill roles. They are a growing resource that many organizations are utilizing extensively for difficult-to-fill positions, highly specialized skill sets, and to offer a powerful, flexible workforce on a global scale. Staffing Industry Analysts (SIA) estimated 18.3 million contingent workers in the US in 2021. In some industries or sectors, like tech, contingent workers can make up as much as 50% of the workforce for an organization.

That is a significant portion of the workforce, so don’t alienate them by treating them differently than your full-time workers.

Continuous development:

Beyond initial training, offering continuous learning opportunities and training also helps people feel valued and invested in their company. A survey by Amazon and Workplace Intelligence reveals that 74% of Millennial and Gen Z employees would leave their jobs if they weren’t given enough opportunities for skills development. Remote, hybrid and onsite training is becoming a necessary benefit for your talent’s happiness at work.

Recognition and reward systems:

Consistent recognition boosts morale and loyalty, not just for full-time workers but for contractors and consultants (they are collectively your brand ambassadors in the market). Companies with strong recognition programs have 40% lower turnover. Come up with structured recognition programs that acknowledge contributions effectively. You don’t have to overcomplicate things, just keep it consistent.

Career pathing:

Providing clear career progression opportunities encourages your talent to begin to see a future for themselves in your organization. Leaning on specialized talent pools and succession planning ensures that everyone can see potential for growth, reducing the temptation to seek it somewhere else.

Tailored benefits for specialized talent:

For roles requiring niche skills, standard benefits may not suffice. Tailoring retirement plans and other perks to meet the expectations of specialized professionals can be a decisive factor in retention.

Outsourcing:

Outsourcing allows companies to access high-level talent and necessary skillsets without the long-term commitment and overhead costs associated with full-time employees. It also ensures that existing employees are not overburdened, contributing to overall job satisfaction and retention. Platforms like Upwork and Fiverr have seen a 40% increase in demand for specialized freelance professionals, particularly in fields such as marketing, IT and data analytics. By outsourcing certain functions, businesses can remain agile and the culture positive.

How we can help

Developing a sustainable retention policy requires a multifaceted approach that addresses the diverse needs of the organization and those who work inside it. By focusing on comprehensive onboarding, recognition, career development outsourcing and tailored benefits, organizations can create an environment where top talent wants to work.

We empower organizations to retain top talent by providing specialized skill sets and flexible workforce solutions. With a robust global talent pool, we can quickly match organizations with experienced talent who bring industry knowledge and niche expertise to tackle complex projects.

By outsourcing critical roles, organizations can reduce overhead, minimize attrition risk, and maintain focus on their core business. Our tailored approach fosters a collaborative environment, promoting long-term employee satisfaction, loyalty and business continuity. If you want to learn more about how we can help, contact us today.

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Beyond hiring: How to build a sustainable talent retention strategy

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Beyond hiring: How to build a sustainable talent retention strategy 