A Study by LinkedIn on How to Motivate Employees in an IT Company
The globally renowned LinkedIn has done some interesting research on what exactly motivates employees in product companies and what bases should be used to motivate employees to work for the firm.
From this graph, it follows that:
- The potential probability that an employee will stay with the firm after one year of employment is 76%;
- After two years of employment – 59%;
- After 3 years or more, the probability drops to 48%.
Therefore, let’s consider the factors that influence the potential dismissal of employees.
Employees Who Regularly Change Positions Are More Likely to Stay in a Company
For example, QA consultants in a software testing company who change positions are much more likely to stay at the firm than those who hold the same position for several years. This difference is based not only on the fact of promotion itself but also on the change in a person’s job specialization and set of credentials.
If you analyze the chart, it becomes clear that:
- Those employees who have been promoted remain after 3-4 years of employment in 70% of cases;
- Specialists who changed their positions without an increase in salary stay with the same company in 62% of cases after 3 years;
- All those who worked in the same position for more than 3 years in 45% of cases stay with the company.
It is fairly obvious that all those who were given 2 or more positions in a company will work there longer than those employees who held only one position according to the staffing schedule.
Effective Management
According to statistics, all those companies that have room for advanced managers can retain employees long enough. Firms that prioritize the “efficiency of bosses” criterion are statically less likely to say goodbye to people than others.
The graph shows that:
- Product companies with effective management retain employees with a 48% probability;
- All others retain employees with no more than a 32% probability.
Empowered workers are loyal colleagues
It’s basic human nature: we like to control, we like to be respected, and we easily go along with changes around us. If you are given more power and corporate influence, you have very little chance of leaving the firm somewhere else (except for life force majeure).
In conclusion, by prioritizing recognition, professional growth, communication, work-life balance, and positive company culture, IT companies can effectively motivate their employees. By implementing these strategies, organizations can foster a motivated workforce that contributes to productivity and success.
