December 8 2021 - Around the world, tech has taken center stage, with many of the newest and most innovative businesses being within the tech industry. Not only is this a universal shift as new tools and new industries are built out of the pandemic, it is also where most new investment is heading, particularly when it comes to green solutions.
This investment isnít just being poured in from the private sector. Many hubs around the world are looking to attract tech and sustainable startups to drive their economic growth and recovery following the pandemic.
There are many cases of success as well. Bristol has geared its economic recovery by positioning itself as a top hub for investment opportunities, with an emphasis on sustainability and new technologies. It is no wonder that today tech overtakes engineering to become biggest sector in Bristol. This trend has been true since 2014, and it is the framework that Bristol has implemented that has driven the cityís economic relief strategy so far.
It can be difficult to attract investment and top talent, particularly if your tech companies exist outside of established hubs. In the UK, traditional tech hubs include Edinburgh or Oxford, so much can be learned from how tech companies in emerging hubs attract and retain top talent.
Higher Average Wages
Tech is a popular and thriving industry for talent because it offers higher than average wages. While new and emerging tech companies wonít be able to compete with other tech giants who will already have a more established revenue stream or streams, you should still aim to offer competitive wages. If you are very new and cannot offer these, then offering benefits tied to your profits is a must. A great, innovative business model can mean massive profits in a very short period of time. Those workers who help you make that money must be compensated accordingly later on if you cannot offer that high wage up front.
Being flexible and adapting wage and payment options can also help you attract talent. Donít be afraid to give your employees the option and customize wage, benefits, and bonuses to offer great rewards even if the overall wage is lower than what your competitors can offer.
Flexible Working or Remote Working Conditions
Flexible or remote working has become the norm during the last two years, and it is how your business will attract top talent. Tech companies work primarily digitally, and with new workplace and workforce management tools, it is a simple matter of setting up someone in an office or at their home.
Offer the option, and youíll find you can manage a happier workforce while simultaneously expanding your reach. Tech professionals can work from anywhere in the country and be able to do great work while enjoying an even better work/life balance. When it comes to attracting and retaining talent, this flexibility is a must, even as a startup.
It is also incredibly easy to offer today. The number of hours worked means nothing, results mean everything. A shift from the mindset that the pay in question is for hours worked, and think instead that the pay covers results produced, and youíll have a happier workforce and better results.
Sustainable Business Models
Sustainability and environmentalism isnít just a ploy to bring forward workers who want to make a difference; it is also how to best position your tech business in tomorrowís world. COP26 means that the world has committed to net-zero by 2050, and businesses must go above and beyond to reach that goal before the deadline in order to survive the next few decades, especially considering a lot of the hard work will need to be completed by 2030.
Sustainable business models are, therefore, not just a nice feature to have, but actual proof that your business plans on remaining a top company well into the future. Going above sustainability goals may mean further investment, greater access to subsidiaries, and governmental support and will also help your tech company stand out from the competition.
While operating with sustainability goals currently does not automatically mean you will attract top talent, it does mean that you will stand out, and it also improves your efforts at keeping your business afloat, if not thriving in the future.
In short, it is one of the key ways to prove that your business is looking towards the future. This is great for employees keen to grow with your company, enjoy job security, and can help you attract top talent within that startup atmosphere, regardless of how old or established your brand truly is.