The tech industry is one of the fastest-growing and most exciting sectors in the world. It’s also one of the most competitive and demanding. The constant pressure for companies to innovate, stay ahead of their competitors, and attract top talent is taking a toll on people—especially those who aren’t able to keep up with their peers.
This can lead to higher turnover rates, which creates an even bigger problem for employers as they struggle to find qualified workers at all levels: from entry-level positions all the way up through senior leadership roles.
The tech industry has a retention problem
You’ve likely heard that the tech industry has a retention problem, and while it’s true that many people leave their jobs because they’re unhappy or bored, there’s also another reason: burnout. And this applies to all levels of employees, from entry-level software engineers to the most senior executives.
The average tenure for an individual in the tech industry is less than three years, with software engineers averaging less than two years and managers about two-and-a-half years. VPs (vice presidents) last even less time at companies—they stay only four years on average—and CEOs are retained even less frequently; they tend to last no more than six years at any given company before moving on to another gig somewhere else.
1. Best-in-class coaching is increasingly necessary to attract and retain tech talent
In the tech industry, coaching is a necessity. The digital world is constantly changing, and technology can easily become outdated or obsolete. As a result, tech professionals need to be able to keep up with new technologies and adapt quickly to meet the needs of their employers.
The need for best-in-class coaching has never been greater than it is today—and this trend shows no sign of slowing down anytime soon. The tech industry continues to grow at an unprecedented rate, and with so many jobs available in this field (over 2 million in 2020), there’s no shortage of talent available either.
With so much competition for top talent, companies need a way to attract and retain their employees so they’re not forced into expensive bidding wars over candidates who may leave once they get another offer from another company that offers better pay or benefits packages (or both). One way that many businesses have found success here is through digital coaching platforms like CoachHub (find out more).
2. Digital coaching platforms are shrinking the gap between top performers and everyone else
Coaching platforms can help everyone get better. They’re not just for top performers, who already have the skills and experience to make their way in the industry. In fact, coaching platforms are designed with everyone in mind: no matter your level of experience or skill set (and regardless of whether you’re a manager or a developer or both), digital coaching has something to offer every member of an organization.
The benefits of coaching are well-documented. Research shows that coaching can help employees increase their performance, as well as their overall job satisfaction and sense of well-being. It also makes them more engaged with their work and therefore more likely to stay with the organization for a long time.
3. Remote work is accelerating the trend toward digital coaching
Remote work is becoming more common in the tech industry. Remote workers are often self-directed and can take advantage of digital coaching tools to support their success. Digital coaching tools allow remote workers to have the same access as their on-site counterparts, which means they can access their coaches when they need them.
As a manager, you can use coaching to improve your team’s performance. Digital coaching platforms are designed with managers in mind, so they’re easy to set up and manage. They also provide a clear path for mentorship and development, which is especially important when it comes to growing the next generation of leaders. Digital coaching tools allow remote workers to have the same access as their on-site counterparts. This means that they can access their coaches when they need them.
4. Digital coaching is cheaper and more scalable than traditional one-on-one coaching
In the past, getting help from a coach required an in-person meeting or phone call. That meant you had to travel to the coach’s office or location (which could be inconvenient), or make time for an appointment between two busy schedules. If you wanted to keep working during your session, you had to use a speakerphone or video chat system—and if your internet connection went out midway through your session, it was over!
With digital coaching tools like Zoom and Skype, coaches can do their sessions remotely with clients around the world at any time of day—and they don’t have to worry about connection issues ruining their sessions.
Coaching tools are also able to provide more data than traditional in-person sessions. For example, you can use them to track your progress over time and see how your habits have changed over the course of working with a coach. This can help you stay motivated and accountable for sticking to your goals—especially if you’re having trouble following through on them on your own!
5. Digital platforms can also help companies provide diversity, equity, and inclusion training
Diversity, equity, and inclusion (DEI) training is a good thing. It’s important to provide it to employees. Digital coaching platforms can help companies provide DEI training to their employees and improve their workplace culture.
It’s important for businesses to have a diverse workforce in order to thrive in today’s competitive business environment. A study from Bronto Software found that 78% of consumers prefer working with brands that are committed to diversity, equity and inclusion (DEI).
The tech industry needs both people and leadership development at scale, and digital coaching platforms are poised to meet both of those needs.
As the tech industry continues to grow, it needs more people and leadership development at scale. Digital coaching platforms are in a unique position to help companies provide diversity, equity, and inclusion training that can be effective and scalable. Digital coaching is a cheaper alternative to traditional one-on-one coaching because it can reach many employees at once (e.g., all employees at a company), so it’s better for companies’ bottom lines.
We’re excited about digital coaching because it can help solve some of the biggest problems in tech. It can improve retention by giving employees the tools they need to succeed at work, and it can reduce costs by providing training and development that are scalable across an entire organization.
We think the industry is ready for a new approach to leadership and learning, and we hope this article has given you some ideas on how your organization could benefit from this exciting new technology!