Is a high salary enough to retain tech talent?

Singapore IT employers are looking beyond providing a fat pay check to retain their tech talent, according to a recent report by Robert Half.

To maintain their competitive edge in an ongoing skills-short market, employers are being proactive in their approach to staff retention.

Over the last three years, the top three retention initiatives have focused on:

-employee benefits (41%)
-professional development (37%)
-flexible working arrangements (37%)

This suggests that non-financial benefits are key to retain top performers.

“Money talks in a market where jobs are aplenty and skilled candidates in short supply,” said Matthieu Imbert-Bouchard, managing director at Robert Half Singapore. “Because of this, IT employers often need to offer above-average salaries to attract the best professionals. Companies, however, also need to think beyond salary.”

He added that while salary is a key component of an overall remuneration policy, companies realise they need to diversify their incentives to attract and retain the best talent.

Besides offering higher remuneration (47% of employers) to attract top IT talent, a close 43% are offering additional training and development opportunities, while 37% are promoting an enhanced work culture, such as health and well-being programs.

“Companies with the lowest turnover rates are the ones who have ongoing conversations with their staff about what motivates them – and act on it, to the extent possible,” he said.