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Hiring and Retaining the Best IT Program Managers
Hiring and Retaining the Best IT Program Managers
Despite the recent pandemic, the job market is currently in one of the harshest and high demand conditions for experienced and seasoned technology transformation leaders. Companies are fighting to hire or keep talent that can execute and implement their IT modernization strategy within time and budget. If a company does not have the budget to hire high scale talent, then it hires a junior level or aspiring leader only to see them fail or leave after a few months.
This often turns into a cycle, which makes it hard to focus on long term growth, with high turnover and low team morale. This makes the CIO to think about how he/she can navigate this harsh recruitment environment and ensure that the company has the resources to fulfil the IT’s commitment towards the business.
Talent attraction begins with a good recruitment strategy,
plus a solid employer brand.
Why is attracting top talent important and how to attract them?
It is true that there is a shortage of talent in general in the modern technology fields. It is also true that staff retention is a real issue in places like Silicon Valley and other startup havens. And to prove that this problem is top of mind, a research done by HR Drive has shown that as many as 83% of recruiters believe that attracting and retaining talent is a growing challenge.
The scenario for good talent at the technology leadership level is not much different. The CIO may have a business case and approved funds to transform and modernize the technology stack and processes. The lack of a seasoned Program Manager – the executioner - of the CIO’s strategy would halt the transformation train. Many times, CIOs outsource a critical initiative to vendors without having a strong internal PM who can monitor and govern the vendors and their deliverables. This model of execution is filled with known and unknown risks.
However, these issues are very solvable. Talent attraction begins with a good recruitment strategy, plus a solid employer brand. They are two sides of the same coin. Presenting your company in the best possible light, and having a rock-solid recruitment program gives you the best chance at hiring and retaining top employees for the long haul.
Why is retention important?
A high staff retention rate means that a large number of a company’s talent base have stuck around with the organization for a long period of time. It points to loyalty and engagement among the employees, and typically comes from employees being treated with respect, compensated appropriately, and a sense of belonging to something greater than themselves.
A high staff retention rate also occurs when the staff doesn’t feel like they are at a dead end, and that there is room for growth, without having to leave the company. Making these options available will not only improve the employee retention rate, but also increase the chances of having a strong work ethic within staff.
What the hiring company must know is the cost of having a low staff retention rate. While it is difficult to pinpoint an exact number, the cost of employee turnover is estimated to be as much as 2.5 times an employee’s salary, depending on the role.
In other words, one employee leaving can result in financial losses of more than double that employee’s salary in the form of lost productivity and re-hiring and training costs. If a Program Manager leaves, the lost productivity would also include the lost/unproductive time of the team that may be hanging around without proper direction, until a good replacement steps in.
Hiring a good Program Manager ensures that Business gets
the most from their relationship with the Program Manager
and the IT — a costly and emotional process.
Key Needs & Wants of Managers
When we boil it down, the Program Manager retention really comes down to knowing what the professional wants, and giving it to them (within reason and the means of the company, of course). Those wants of the managers, most often un-expressed, are:
- To have a say in the program budget, scope or timeline.
- To have a say in hiring and retaining talent in his technology team
- To know they have a future with the company
- To be compensated fairly and recognized for his/her achievements
- To know their loyalty will be paid off and they will grow as the company grows
The additional aspects that solidify a long-term employee is the first impression, culture, their ability to make a difference and provide value.
The First Impression
The key focus when hiring is to make sure that the CIO is hiring the right person, and the first impression with the company is maintained, which leads to a long-term employee.
Part of the battle is determining what the right manager is for the culture of the business and the technology to be implemented. Hiring the right Program Manager enhances your IT processes, culture and pays you back a many times over in high team morale, positive forward-thinking planning, and accomplishing challenging goals. It also ensures that the CIO is making the most of the time and energy that his/her business colleagues invest in a relationship with the Program Manager and the IT — a costly and emotional process.
When it comes to attracting and hiring talent for a leadership level technology talent (including IT Program Managers), a highly specialized recruiting agency is the need of the hour. A good agency would understand the supply side of the market and the fitment needs well.
Here at Silver Business Services, we offer hiring services for IT Program Manager positions that focus on delivering high quality candidates and help with the hiring process so that the first impression is delivered to help develop and hire a great professional talent leading to many successful transformations in the company.
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For more information on how Sliver can help your company find the most qualified Program Manager for the execution of your IT strategy or implementation of business-critical technology systems, email us at info@sliverusa.com.
