According to a Stripe and Harris Poll survey, 61% of senior executives say the biggest threat facing their business today is a lack of developers. And 42% of them say they can’t keep up with evolving technology trends because they don’t have enough skilled engineers. Developers are aware they’re in short supply and high demand. So the come to the compensation negotiating tables with expectations that may be higher than you’re prepared to meet.
That said, there are all kinds of developers, at many different levels of expertise. It’s entirely possible to hire a developer who knows just enough to help get a project off the ground. One who will also work for a wage that matches a lower-end budget.
But what happens afterward? If a hiring manager invests in a developer that can meet their immediate needs but can’t complete more complex projects, they may end up having to shell out for training. And the financial impact won’t stop there—the time it takes to get a trainee up to speed could cost a company millions in lost productivity.
Two Developers: Which Should You Hire?
Let’s take a closer look: Say you hire a developer at a salary of $100k. The project goes off without a hitch and you’re impressed with their work. Then you need them to help you do something beyond their skill level. You send them to training at a rate of $100/hr and it takes them 1 month to complete. But that’s on top of the wage you’re paying to keep them as an employee. One month or less could be the difference of your competition gaining an edge and taking away potential revenue.
The flip side: you hire a highly-skilled developer a $130k salary with no need for additional training. You run no risk of lost project time. And even if you pay the fees of a tech recruiting firm like TechBridge to help you find that developer, you’ll still come out ahead.
The wage a highly-skilled developer expects may be more than your current budget allows. But is your budget realistic? Do you know the average wage of developers currently working in your area? Our recruiting specialists can help you manage expectations, so you don’t start the negotiation process to low—or even too high. We can also help you understand whether what you’re offering will stand out among the hundreds of other companies that are vying for the attention of the same candidates.
If the developer you want to hire can do all you want and more, you should be prepared to pay what they’re asking. It may seem steep, but the alternative is to hire a candidate that may cost you more in the long run.
