“Brain Drain” may sound like the title of a C-grade horror flick, but it’s a real issue many cities with blossoming tech scenes face: smart, driven, talented women and men fleeing for the promise and allure of an ecosystem with top billing.
In Atlanta, that might mean engineers packing their bags for the Valley. In St. Louis, it could be a data scientist headed south for Austin. In Minneapolis, Portland, Chattanooga and Raleigh, developers buy tickets for the Big Apple.
But how big of a problem is it in Chicago tech? We talked with Capital One, which is headquartered in Virginia but is itself building up a sizable digital tech arm in the Second City. They shed some light on their own retention strategies and weighed in on whether or not Chicago faces a drainage of the, er, brainage.
What policies do you have in place to help retain employees?
“Capital One’s exceptional associate benefits encourage and support balance in- and outside of work. In addition to the important foundational benefits like healthcare and PTO, we’re proud to offer flexible schedules, career coaching, on-site fitness centers, parental leave, adoption assistance, a 401(k) contribution match, recognition programs and more,” said Bryan Powell, Managing Vice President of Card Partnerships.
“We are deeply embedding technology, data, design and software development into how we work. Associates balance their professional and personal lives by leveraging technology options to increase collaboration, productivity and overall satisfaction,” Powell added.
Besides policies, does your overall culture, mission or team dynamic itself help retain workers?
“It’s simple: Capital One creates an environment that allows people to be great. Our culture is grounded in inclusivity, so our associates feel valued and respected while driving innovation that impacts millions of customers,” Powell said. “Our workplace design strategy creates a physical place where people want to collaborate, encouraging inspiration and creativity.”
“Inclusion begins internally with seven Associate Networks, which are forums designed to encourage associates to experience, learn and connect to other cultures," he continued. "Our current Networks: African American, Asian, CapAbilities, Hispanic, LGBT, Military and Women’s.”
“Associates also have ample opportunities to engage with their communities through our strong partnerships. Capital One’s Future Edge initiative is giving $150 million in community grants and programs over five years to help more Americans succeed in the digitally-driven economy. We’re collaborating with leading educational and community organizations across the country to address areas of critical need for the nation’s ability to grow and prosper in the digital age, giving associates the chance to have an immediate impact through hands-on volunteerism,” he said.
What struggles do you face in retaining top tech talent? Do you think Chicago suffers from Brain Drain?
“Capital One continues to create opportunities for top talent to do what drives them: efficiently solve challenging problems that directly impact consumers at a large scale through collaboration with brilliant and fun teams while being recognized and appreciated for their work. We will continue to create the environment needed for this to take place, leading to retention as well as attracting new top talent,” said Sairam Rangachari, Vice President of Technology, Card Partnerships.
“Chicago is positioned to be an increasingly important leader in tech. We have incredible schools in the area and inspired work happening in incubators, startups and the VC community that help expand new talent daily. Chicago is certainly a competitive market for native tech talent, but that’s a great sign for the city and we’re proud to be a part of that continued growth," Rangachari added.
Why does retention matter?
“A company can have the best plan, most inspired vision and loyal customers, but without employees dedicated to executing — and disrupting — the plan, bringing that vision to life and serving the customers’ needs, it doesn’t matter,” Rangachari said. “Capital One knows the value of our associates — from those with a depth of history at the company to those on the first day on the job — so every voice is heard and matters, and those collective voices drive our success. Retaining the best talent and giving them the means to thrive should be a top priority for every company.”
Images via Capital One.
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