Your money-making expert. Financial journalist, TV and radio personality.
The booming digital economy has made way for tech start-ups to launch at record rates. Despite their success and weight in the industry integral people that saw through those early gritty months, are being treated like temporary hires.
The tech industry is under fire for the cut-throat HR culture. It poses the question as to why an industry that has such an enormous demand for tech talent would be notorious for ‘pushing out’ key players when on the brink of major growth.
The initial stages of these infant companies are full of hustle and long hours. Undoubtedly the most efficient ingredient for success is great talent.
Having people in the room who understand the vision, can bring experience and skill to the table as well as have emotionally bought into the company.
At this stage it’s common to hear ‘you’ll have X amount of shares’, ‘you’ll be a CFO in no time’. And this is common with any industry start-up however, tech are becoming notorious for squeezing out IT leaders just when the company is about to hit it big. This ‘squeezing’ is often dancing on the line of legal and leaves employees feeling depressed and undervalued.
Developers and digital strategists and top tech salespeople can feel the wind change as soon as either funding is introduced or unexpected growth occurs. The goals of the company may change due to external stakeholders or more often then not, the CEO can spot the company’s share value being leaked to a mid-management team member. By flooding the company with redundancies and then expecting key leaders to pick up the slack, it’s easy for senior management to build a case on how they are unable to perform within their role. And you can see where this is going.
Considering that the tech industry is already operating with an insatiable demand for software developers and leadership talent, tech is not implementing any retention techniques or culture.
With a lack of support, consistency or honoured personal development plans, employees are feeling demotivated, undervalued and overworked.
See these statistics taken from HRdirector
On how experiencing problematic behaviour at work impacted employees, the research uncovered:
On how toxic cultures are affecting the UK’s workforce, the research revealed:
It’s not all bad news. And although the above may seem scathing of the industry as a whole, there are many innovative and culturally led companies that started with their team in mind. Companies such as Pleo, Buffer, Gravity Payments and Proofhub have hit outstanding team culture ratings.
There’s always a way to monitor, progress and marry culture with KPIs within HR. Finding an efficient solution that works for your organising as well as for your team could be the next step for your business. Explore The Curve Group’s outsource solutions across the entire employee lifecycle. The practicality of understanding employee lifecycle within your business model will drive retention.
The Curve Group have over two decades of experience and offers services from HR consultancy, HR outsourcing solutions and permanent recruitment.
Get in touch with them today to discover your solution. Their team are at ready to take your call.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.