Your small business’s IT pros probably think they’re underpaid, according to a recent study. And that could lead to them looking for other opportunities in the coming year.
2018 IT Career Outlook
The 2018 IT Career Outlook report from IT network Spiceworks found that 63 percent of IT professionals believe they’re currently underpaid. This sentiment was even more prevalent among millennial employees, who are paid a median wage of about $50,000, compared to about $65,000 for Gen Xers.
This feeling among IT professionals could have a major negative impact on the small businesses employing them. Employees who don’t feel like they’re being compensated fairly aren’t as motivated and productive as those who are happy with their compensation. And it could even lead to those employees seeking other opportunities with more competitive pay, leading to an increase in turnover for those small businesses.
In fact, 36 percent of IT professionals said they have a positive outlook for the 2018 job market, which could be an even bigger indicator of some employees being open to moving on and seeking new opportunities.
So what can small businesses employing IT professionals do about this issue? The best way to improve sentiment about compensation is simply to increase it where possible. Of course, that’s not always realistic for every small business. But loss in productivity and increased turnover related expenses can potentially outweigh the upfront cost over time anyway. If increasing pay really isn’t an option, you can try to make your business a more appealing place to work by improving the culture, offering flexible schedules or allowing your employees to telecommute on occasion.
Overall, it’s important for small businesses to recognize the importance of IT professionals and prioritize keeping those employees happy and engaged. Salary and other inducements can certainly make a major impact on encouraging employees to stay. So if you can make improvements in those areas, you can better your chances of retaining great employees and maybe even attracting some new talent as well.