Retaining Tech Talent in 2023: Futureproofing Your Business 

Today's workforce comprises a diverse mix of generations.

There might be four (or even five!) generations working together in any given company.  

Although these employees work together, what keeps them happy at work might be vastly different, based on their life stage. 

It's easy to overgeneralise and make stereotypical assumptions about employees based on their generation. But, while generational commonalities do occur, it is important to pay attention: to notice and appreciate the nuances between each stage. 

Because the same thing that attracts and retains a Gen Z worker isn't necessarily going to appeal to a Baby Boomer. 

So, in this multigenerational workforce, how exactly does one develop a strategy to attract and retain talent in 2023?

Gen Z 

It's 2023, and Gen Z has begun to enter the workforce.

Having seen older generations experience burnout and low job satisfaction, they're demanding more bounce for the ounce. 

Career progression, flexible working arrangements and greater social and environmental accountability are all drawcards likely to lure Gen Z to the table.  

If you're lucky enough to have scored a fresh new face on your team, how do you go about keeping them happy?  

Here's what we know about retaining Gen Z. 

According to our 2022 Candidate Motivators Report, Gen Z-ers put a high priority on: 

• Career Progression/Training and Support

More than anything else, Gen Z employees want their work to have meaning. To future-proof your business, get to know your employees. Find out what makes them tick; work with them to set career goals and enhance skills that align with these interests.   

• Work/Life Balance

Gen Z-ers are willing to work hard for the right employer, but where and when does that work take place? According to recent research, 74% would prefer either hybrid or remote work, as opposed to working from an office. If you want to retain Gen Z, give them the autonomy and flexibility to design their own schedules. 

Millennials 

By 2025, Millennials are forecast to make up 75% of the world's workforce.

Yet, a recent report has found that over half (a whopping 55%) are actively disengaged at work.

When the future of your business is indifferent, disconnected and ready to jump ship, it's cause for concern!

But these unhappy millennials also represent huge retention potential. They're looking for a new opportunity. 

Enter…you.  

Here's what you need to know to capture (and keep!) the attention of this cohort. 

According to our Candidate Motivators Report, millennials typically value the following: 

• Salary

According to our research, 2 in 3 millennials are attracted to companies that offer attractive salaries. However, an important side-note is, Millennials are now rating a good work/life balance almost as highly.

• Technology

95% of Millennials want access to the latest technology. Half say they would be willing to leave a company if the tech stack is not up to par. 

• Flexibility

2022 saw Millennials have a change of heart. For the first time, they now place higher importance on flexibility instead of career progression. So if you're looking to retain millennials, consider offering remote work, job sharing or hybrid working arrangements where possible. 

Generation X  

The X factor? They've got it – and they want to be acknowledged for it.  

Employees in the Generation X bracket have spent decades cultivating their industry skills. They've typically been in the talent lifecycle for the long haul, and they possess something that no amount of technology or Tik Tok videos will ever be able to replace: a wealth of knowledge and experience.  

Over half of all leadership roles are held by Generation X. Yet, they are sometimes referred to as the 'forgotten middle child', and research indicates they are some of the most overworked and underappreciated employees. 

To avoid losing your leaders, future-proof by rewarding loyalty and skill. 

Here's what hits the spot for Generation X. 

• Financial Health  

According to The 2022 Candidate Motivators Report, 40% Of Gen X consider the good financial health of a company a decisive retention factor. An attractive salary is also highly valued in this period of increasing inflation and a potential recession.  

• Flexible Work Options 

Consistent with responses in 2021, maintaining a good work/life balance and the option of flexible working arrangements remain important to Generation X.  

Baby Boomers 

OK, Boomer. We see you – and we appreciate you! 

But research shows that the Boomers are making their way out of the workforce. 

Retirement is on the horizon; it's the natural end of the employee talent lifecycle. But, if you play your cards right (and we're not talking a game of Bridge), there's potential to retain your Boomers just that little bit longer… 

One way to retain your Boomers is to resolve any roadblocks getting in the way of continuing work. Often, employees want to keep working but feel as though they can't. Common issues are around health and mobility, so ask yourself questions such as: 

• Can the workplace be more accessible or accommodating? 
• Are flexible working arrangements possible?

Other key retention drivers include: 

• Interesting Content 

Our 2022 Candidate Motivators Report indicated that 1 in 3 Baby Boomers deem interesting job content as one of the top retention motivators. 

• Values and Morals 

Working for a company that has strong values and morals was rated as the third most important factor by Baby Boomers. Providing employees with an opportunity to pass on these strong ethics through a mentorship program could be one way to give purpose to your Boomers and keep the company culture alive.   

Listen and Learn. 

No matter what age groups you employ, the first step to employee retention is making a commitment to invest in your people. 

This starts with understanding, then embracing, the generational differences, from the Silent Generation to Gen Z, and everyone in between. 

Most individuals simply want to be heard- that’s where our 2022 Candidate Motivators Report can help. The better you understand your team, the better you can cater to their needs, and retain happy, healthy, motivated employees.