5V Video shares why your best developers are leaving

In the fast-paced world of streaming platforms, your developers are not just employees; they're the lifeblood of your business. But what happens when this lifeblood starts to drain away? As hiring managers, it's crucial to understand why top developer talent is leaving and how retention strategies can bolster your Employer Value Proposition (EVP).

...Because let's face it, if they leave you, guess where they're going? TO YOUR COMPETITION.
 

The Exodus: Why Are Developers Walking Away?

1. Lack of Career Growth Opportunities:
Developers thrive on innovation and growth. A staggering 40% of tech employees leave due to limited career advancement paths. Without clear opportunities for upskilling and lateral movement, your best talent is likely to look elsewhere. Do you know how your growth opportunities stack up against your competition? 

2. Inadequate Compensation:
Compensation remains a key driver. In an industry where demand outstrips supply, developers know their worth. A survey by Stack Overflow found that 70% of developers consider salary and benefits as a primary factor in job satisfaction. You can't rest on your laurels of 'We're a cool company and we're doing something different'. Compensation will always remain a key driver of talent. By neglecting this aspect, you're setting yourself up for disappointment.

3. Burnout and Work-Life Imbalance:
The "always-on" culture in tech can lead to burnout. Research shows that developers value work-life balance more than before, with 60% citing it as a key factor in job retention. Whilst they may where the hat 'developer' 8 hours a day, 5 days a week for your business. For the rest of their time - they are mothers, fathers, wives, and husbands. You can't expect their job to come before these things. Are you letting your employees know that you respect their downtime/life balance?

4. Poor Company Culture:
A toxic or non-inclusive work environment is a major red flag. Developers seek cultures that foster innovation, diversity, and recognition. (We've written a blog about this, check it out here.) What evidence do you have that you driving forward an inclusive environment where everyone, regardless of background can succeed and thrive?

The Retention Imperative: Why Keeping Developers is Key to EVP

• Boosting EVP: Retaining top talent is crucial for maintaining a strong EVP. Your EVP is your unique set of offerings as an employer, and in the competitive world of streaming platforms, it’s a game-changer.
   
• Cost of Turnover: The cost of losing a developer is not just monetary (up to 150% of the employee's salary) but also includes lost productivity and knowledge. High turnover can also impact team morale and your brand's reputation in the tech community.
   
• Innovation and Continuity:
  Retained developers hold invaluable product knowledge and understanding of your platform’s unique challenges. They are pivotal in driving innovation and ensuring project continuity.

WHAT YOU CAN DO!

1. Foster Career Development: Implement clear career paths, mentorship programs, and continuous learning opportunities. Encourage lateral moves within the company to keep the work challenging and engaging.

2. Competitive Compensation Packages:
Regularly review and adjust salaries and benefits to remain competitive. Consider non-monetary benefits like flexible working hours, remote work options, and wellness programs.

3. Prioritise Work-Life Balance:
Encourage reasonable working hours, offer mental health support, and ensure that time off is respected and encouraged.

4. Cultivate a Positive Company Culture:
Create an environment of inclusivity, recognition, and open communication. Celebrate successes and learn from failures as a team.

Investing in Retention is Investing in Success...

Your developers are not just coding machines; they are creative thinkers, problem solvers, and the innovators behind your streaming platform's success. By understanding what drives them away and implementing effective retention strategies, you not only enhance your EVP but also ensure the long-term success and innovation of your platform.

In the end, the question isn't just why developers are leaving – it's what you're doing to make them stay.

If you need help implementing your retention strategy, we've got you! Scaling teams and consulting our clients on the best ways to attract, engage, and retain their best talent - it's what we do! Book a call here to understand more about how we can support you!

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