Is The Tight Labor Market Here to Stay
For years, tech has maintained one of the highest turnover rates across all industries. In 2022, according to LinkedIn, turnover came in at 12.9%, putting tech second only to “professional services.”
That means more than 1 out of 10 employees you interview won’t stay longer than 1 year, which can amount to a low return on investment when you weigh the costs of hiring and onboarding time.
While some companies have found success in offering greater flexibility for its employees - including the ability to work from anywhere - others have found that more perks do not equal more success. So how do you turn the tables on turnover?
Here are three questions to help you dig deeper into candidate motivations, which could provide better insight into whether he or she is in it for the long(er) haul.
What are your main motivators and how do you keep yourself motivated?
When it comes to retaining employees, your best bet is to keep them motivated. Constantly motivating employees and working to extract their best shows them you have a vested interest. It’s even better when you praise them for their work; a “well done” can go a long way in motivating your team members to keep striving.
But all motivation can’t be external. In the interview process, find out if your candidate can stay motivated on their own. If they can’t, chances are they won’t feel indispensable to the organization - which increases their chances of leaving early.
What are your goals for self-improvement over the next year and what type of support do you anticipate needing to achieve them?
Be realistic with your candidate from the get-go. If they have an interest in growing professionally, be up front about your willingness to invest in them. If you do have that ability, they’re most likely going to view you with more appreciation, which helps to increase loyalty to your company.
Based on what your candidate says, try to devise a long-term plan on investing in them. Ultimately, an investment in your team members is an investment in your company.
How would you handle an instance of receiving criticism from a superior?
If candidates aren’t open to constructive criticism, they won’t stick around anywhere for long. Professionals who have the capacity and willingness to grow have the capacity and the willingness to hear about potential areas of growth. Professionals who don’t would rather choose an easier path - most likely at a different company. Keep his or her response in mind and you’ll have a better idea about whether they’re more likely to grow alongside you long term.