How can a tech business benchmark against the competition?

The technology sector continues to drive global economic growth. But with great success comes increased competition as companies fight for their slice of the pie. And that’s why regularly benchmarking against the industry is so important.

But where do you begin and what do you measure?

I’ve examined some of the key areas to focus on and offered my advice on the whole exercise, including: 

• Keeping up with change and having the right skills.
• Where to find the latest salary information.
• The perks you offer.
• How to attract the best in tech.

Is your business fit for the future?

Does your organisation have the skills it needs, now and in the future?

The speed of technological change can make it difficult to keep up with demands. And this is a concern shared by employees, as well as the C-Suite.

Data from Capgemini’s Digital Talent Gap Survey found that 29% of employees believe their skill set is redundant now with 43% of respondents willing to move to another organisation if they feel their digital skills are stagnating with their current employer.

Uncover the areas where your business is lacking and make sure you reassess your learning and development programmes.

Keep an eye on current trends and the jobs of the future and look to upskill existing employees in these disciplines.

The best tech companies are also placing an increasingly high value on soft skills, such as communication and teamwork.

Let’s talk salary

There’s plenty of data out there that’ll tell you salary isn’t the one defining factor in the attraction piece.

However, it’s best practice to regularly check what others are offering.

Tech salary guides are readily available and act as a vital industry barometer.

They’ll not only cover how much is typically paid for certain roles, they also break down salaries by location, age, and experience across different markets. 

Remember, don’t forget to adjust salaries and rewards when upskilling your employees.

What perks and benefits do you offer?

The environment and benefits you offer encompasses a broad spectrum.

It’s your company culture and values, attitude to flexible working and collaboration, as well as the free breakfasts and staff incentives.

Also consider the learning and development opportunities on offer, whether your company is an open and friendly place for smart people to work together, with the less bureaucracy the better.

Take a holistic view when you examine how you can improve the lives of your employees. Cater towards individuals, not just homogenous groups.

The best IT companies understand this and offer relevant perks.

Measure your business against them and think about how you can alter your approach to remain competitive.

How do you look?

What does your brand say about you and does the perception match up to the reality?

Regularly ask the people who matter most – your employees – what their views are.

Use recognised Employee Engagement metrics such as the Gallup 12 and review site Glassdoor to take a temperature check on how your workforce view your organisation.

The information you gather will help you nip any underling problems in the bud before they have the chance to escalate into something much bigger.

Do you know how your business stacks up? If you’d like to chat about benchmarking then get in touch with me at james.potter@bps-world.com.