How much are you willing to pay for technology talent in today’s market? This is the question companies will have to answer if they are looking to invest and expand their technology teams.
The average inflation rate in today’s economy averages about 2-3% annually. However, the supply and demand of technology talent today has tilted the salary ranges to such an imbalance see-saw that companies must either pay the top dollars or lower the expectations, as they’ll otherwise risk not being able to hire at all.
This is extremely prevalent when it comes to mid-to-senior level Software Engineering and Data professionals, as more often than not, they would be open to exploring new opportunities and can easily be engaged in multiple processes at the same time. And when that translates into offers in the final stages, they are likely to have more than one offer on hand to consider as well.
As for the other end of the spectrum, starting salaries for fresh graduates are also rising, setting a much higher bar right from day one when these talent step foot into the corporate world. Companies often find themselves in situations where they’re stuck between the exorbitant price tag of new talent and internal benchmarking of their existing pool of resources, especially those who have been loyal to them.
With the increase in Technology talent cost, we can’t help but question ourselves – Is salary the only differentiator in today’s market? Besides the dollars, are there any other ways to attract such talent in today’s market? How can companies better position themselves to be more competitive in this talent crunch? Should we lower our expectations or risk not hiring at all?
How is your company dealing with the increasing Technology talent cost? Let us know! If you’re curious to find out more about how the market is performing or if you need any support with your hiring, don’t hesitate to contact me at email@example.com.Posted 9 months ago