"What Do You Mean They Quit?!" Don’t Give Your Engineers a Reason to Leave
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This document discusses the high costs of engineering turnover for companies. It notes that 1/3 of new hires leave within 6 months, the average turnover rate is 57.3%, and over $1 trillion is lost to turnover annually. Retaining engineering talent is challenging due to high competition, remote opportunities, and the expense of replacing engineers. The panel recommends focusing on retention from the start, empowering engineers, and building a strong culture to reduce turnover.
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"What Do You Mean They Quit?!" Don’t Give Your Engineers a Reason to Leave
- 1. Quang Hoang Co-Founder and CEO Plato @qhoang09 Elaine Zhou CTO Change.org @softwired Michael Manapat Head of Engineering Notion @mlmanapat “What Do You Mean They Quit?!” Don’t give your engineers a reason to leave
- 3. It’s So Scary Out There…We Could Scream
- 4. It’s So Scary Out There…We Could Scream * Data reported on U.S. companies from various sources. ⅓ New hires leave after 6 months 57.3% Average turnover rate $1T Lost
- 5. Losing Engineers Hurts ● Extremely expensive to replace ○ Cost to hire ○ Vacancy cost ○ Productivity costs ● Competition for talent is at an all-time high ● Engineering salaries amongst the most expensive ● Remote-first work environments have opened up job markets ● Low retention has high impact on morale ● Negative impact on company reputation
- 7. Quang Hoang Co-Founder and CEO Plato @qhoang09 Elaine Zhou CTO Change.org @softwired Michael Manapat Head of Engineering Notion @mlmanapat “What Do You Mean They Quit?!” Don’t give your engineers a reason to leave
- 8. The best ways to retain your top engineering talent is to: 1. Focus on retaining your engineers from day 1 2. Empower your engineers to excel in their roles 3. Build a culture where people don’t want to leave Top Takeaways
- 9. THANK YOU
Editor's Notes
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- https://www.bls.gov/jlt/home.htm https://www.enrich.org/blog/The-true-cost-of-employee-turnover-financial-wellness-enrich#:~:text=The%20Society%20for%20Human%20Resource,in%20recruiting%20and%20training%20costs. https://www.bls.gov/news.release/pdf/jolts.pdf https://hired.com/2022-state-of-software-engineers/?utm_source=pr&utm_medium=content&utm_campaign=(a-all)(l-all)(r-all)(sose-press-release-mar-2022 https://thenewstack.io/2022-tech-salary-job-market-projections-recruiter-robert-half/ https://www.gallup.com/workplace/247391/fixable-problem-costs-businesses-trillion.aspx https://financesonline.com/employee-turnover-statistics/ https://www.linkedin.com/business/talent/blog/talent-strategy/industries-with-the-highest-turnover-rates
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