A couple of recent studies have looked at what companies can do to retain key information technology staff when there is no budget for raises.  Slightly more than one-third of the technology professionals polled by Dice.com said that they want their company to give them a guarantee of job security.  Who wouldn’t want that given today’s economic climate?  However, I can’t imagine that many, if any, companies are willing to guarantee someone a job.  If you know of such a company, write me and tell me about it.

So, what else did the IT professionals say that they wanted if they couldn’t have a raise?  Well, 32 percent want company-funded training and certification classes and 31 percent chose flexible work hours.  Now we’re talking.

The advantages of rewarding key staff with training is two-fold.  One, you send a strong signal that you want to invest in your people.  Something that many employees will remember when they are tempted to jump ship when the economy  improves.  Two, unlike a salary increase, the cost of a training class is a one-time expense.

So, what about flexible work hours?  The fact that 31 percent of the poll respondents chose this may indicate that they don’t currently have a flexible work schedule.  I’ve discovered that a flexible work schedule means different things to different people.  To some, it may mean you can begin work at either 7:30, 8:00 or 8:30.  To someone else, it may mean that work can be performed whenever and wherever desired as long as measurable goals are met.  As a manager, if you think you are offering your people a flexible work schedule, find out if your employees agree.

The Dice.com survey offered four choices of reward in lieu of a raise.  The least popular with just 2 percent of the vote was C-level recognition.  So, a nice pat on the back from the CEO or CIO isn’t a good substitute for cash money.   However, as discussed in my previous post, Inexpensive Ways to Show Employees You Care, don’t let that deter you from showing your team how much you appreciate them.