The power of being a great place to work in technology

It’s official – the UK’s technology sector is booming. Valued at over $1 trillion (more than £800 million) [1] the UK is now third only to the US and China when it comes to its tech industry.

With burgeoning hubs like Manchester, Cambridge and Leeds attracting global attention, the competition for talent is fierce. So it’s not surprising that one factor is emerging as crucial to long-term success: being a great place to work.

Employee satisfaction is no longer a nice to have; it’s essential. In an industry defined by rapid growth and innovation, the ability to attract and (importantly) retain talent is paramount.

That’s why we, at NHS SBS, are particularly pleased by the announcement that we’ve just been named one of the UK’s Best Workplaces for Technology.

It’s not just the badge. It’s what it represents – which is the simple truth that being a great place to work is good for business.

For example, research by the University of Warwick found that happier employees are 12% more productive[2]. In the tech sector, where innovation is a key driver, even a small boost in productivity can significantly improve outcomes.

When it comes to employee retention, the cost of replacing an employee can be as high as £30,000[3], factoring in lost productivity, recruitment fees and retraining. With the UK’s tech sector already facing a skills shortage, creating a culture that people want to work in is essential. A report by Gallup[4] showed that at any one time, 50% of employees are looking to leave their employer. So it’s good to know that companies where the quality of employee experience has a good reputation attract 50% more qualified candidates per job posting, according to LinkedIn’s Global Talent Trends[5] report.

There’s no magic formula, but I think there are four key areas:

1. Wellbeing. For me, creating and fostering a culture at NHS SBS in which everyone feels able to talk about their wellbeing is vital. Actively supporting people to be emotionally and physically healthy is high on our agenda and we were delighted to have been recognised in the UK’s Best Workplaces for Wellbeing this year. We know that the flexibility to work from home, or to have hybrid working arrangements is now non-negotiable for many tech professionals. That’s why virtually all colleagues at NHS SBS benefit from hybrid working. And when you want to come into the office, it’s a welcoming environment, with unlimited tea, posh coffee, fresh fruit, cereal and snacks; attractive and comfortable places to work, opportunities to meet and chat and even free packs that contain essentials like personal hygiene products.

2. Equity, diversity and inclusion. The tech sector isn’t particularly diverse, with only 19% of tech roles filled by women and 14% by people from minority ethnic backgrounds. Although NHS SBS still has a way to go, we’re already ahead of the curve, as 55% of our workforce is female. In senior leadership positions, 49% are women. 21% of our workforce has a minority ethnic background and we actively seek to promote a diverse and inclusive workplace. For more information about what it’s like to be a woman working in a tech role at NHS SBS, take a look at this blog from our wonderful Chief Information Officer, Vanessa Kerwick.

3. Learning and development. Companies that invest in training and development see 24% higher profit margins than those that don’t, according to a report by the Association for Talent Development[6]. At NHS SBS, each colleague receives a minimum of six days learning and development per year, with many receiving more than that.

4. Purpose-driven work. A survey by Deloitte[7] revealed that 73% of employees in the UK tech industry are motivated by working for a company with a clear sense of purpose. At NHS SBS that’s fundamental. We’re a proud member of the NHS family and were established for one reason – to help the NHS enhance the quality of care it provides, by ensuring it has access to effective, efficient and high-quality corporate services. If that’s not purpose-driven work, I don’t know what is.

As I hope the above shows, employers – particularly in the tech sector – need to start reframing the conversation around their relationship with employees. Instead of wondering ‘can I afford to be a great place to work?’  we should be realising ‘can I afford to not be a great place to work’.

[1] Technology – great.gov.uk international

[2] New study shows we work harder when we are happy (warwick.ac.uk)

[3] The Real Cost of Losing an Employee: Cost Of Employee Turnover (smeinsurance.com)

[4] Half of Your Employees Are Looking to Leave (gallup.com)

[5] Global Talent Trends | LinkedIn Talent Solutions

[6] Mind-blowing Statistics Prove the Value of Employee Training – Shift E-learning (shiftelearning.com)

[7] Power of purpose | Deloitte insights