How to attract and retain top tech talent with non-monetary incentives

To attract top talent, company incentives need to be appealing. And to retain talent, job satisfaction needs to remain high. Neither of these can be achieved by money alone.

Let’s take a closer look at the non-monetary incentives that can help employers attract, retain, and motivate tech talent during economic uncertainty:

Flexible working practices

After taking part in a recent four-day working week trial, 86% of participating companies said they are extremely likely, or likely to consider adopting a permanent four-day week policy. Condensing working hours over fewer days has the potential to improve employees’ work-life balance as well as their health and wellbeing.

It comes as no surprise then, that a recent report from McKinsey finds that 40% of workers say that workplace flexibility is a top motivator for staying in a role, with 26% saying that a lack of flexibility was a major factor in why they quit their previous job.

McKinsey’s findings echo CWJobs’ new research, which reveals that one of the top details tech candidates want to see in a job advert is working hours/time models (29%). Our report finds that over half of tech workers (55%) are looking for a combination of home and office working.

Companies should highlight flexible working policies in job adverts to attract more candidates to apply. Detailing additional information such as parental leave, holiday, and sick pay policies can help candidates make more informed decisions about whether a role is right for them.

Training and upskilling

According to a recent survey from The Harris Poll, 70% of employees say they’re at least somewhat likely to leave their current company for one that invests in employee learning and development.

Employers need to develop training and upskilling programmes to ensure that workers are able to develop the skills they need to advance their career with a company.

Our recent Tech Talent Trends report finds that 1 in 5 candidates say they wouldn’t apply for a role if they didn’t have at least 75% of the requirements.

To ensure job adverts don’t exclude applications from those who don’t have all of the required skills, employers can include a disclaimer to emphasise that training and development is provided in the role.

Mental health and wellbeing support

A recent report published by software company Yerbo finds that 46% of women feel themselves at risk of burnout, compared to 38.2% of men. The survey respondents cite long working hours as an underlying factor for feelings of exhaustion and emotional detachment.

Companies need to provide employees with the resources and support they need to maintain good mental health and wellbeing. Our Tech Talent Trends report finds that the top frustration for senior tech workers is not getting enough support from their employers (20%).

Likewise, the top support mechanism that senior tech workers expect from their employer is mental health support (40%). Companies can protect their workforce from burnout by establishing support networks and providing employees with a space to talk about stress to ensure that signs of burnout are identified early.

Create a positive company culture

According to Great Place to Work’s 2022 Employee Experience Survey, only 2% of recruitable workers say a great workplace culture isn’t important for their next role.

A positive company culture can improve employee motivation as well the company’s reputation in the industry. According to tech company, Glint, when people feel like they belong at work, they’re six times more likely to be engaged. And when they don’t feel a sense of belonging, they’re twice as likely to search for a new job.

By staying true to their brand values, companies can provide tech workers with a consistent, unified experience that makes them feel like they’re a valued employee.

Rewards and recognition

According to a new report from Work Human, when employees feel their efforts are recognised at work, they’re less likely to leave and 5 times more likely to see a future with an organisation.

A recent roundtable event organised by CWJobs found that the top measure employers should focus on to retain talent is rewards and recognition for hard work (52%).

As the tech workforce becomes more diverse, a one-size-fits-all approach to rewarding employees is no longer viable. Employers need to tailor benefits packages and make them as flexible as possible. Token gestures like ‘employee of the month’ are less favoured than benefits that focus on career development or wellbeing.