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How to understand: how much should you pay tech specialists to recruit them for your company?
Proven Lucky Hunter methods
Picture this: in 2018 you hired a team of developers for a salary of 2,500$ - good enough at that time. At the end of 2019, you decided to expand your team and lay down the demands: "Frontend developer with React for 2,500$," but 3 weeks of active search through Indeed or Glassdoor have already passed, the phone doesn't ring off the hook and the team is still sick for a new colleague, so your hope to launch a really cool product on time - bates day by day.
Or maybe you've contacted a recruitment agency, where experts told you that for that sum of money you can only hire an average middle-level developer with relocation from small towns.
Or maybe you've contacted a recruitment agency, where experts told you that for that sum of money you can only hire an average middle-level developer with relocation from small towns.
To begin with, according to our research, the developers won't call you and don't like when you call them.
Secondly, let's remember: have you ever calculated the average salary using open sources such as Indeed, comparing the CVs of junior developers with 500$ and senior developers with requests starting from 5000$, and decided that the optimal salary was 2000$? We are guessing: yes.
On the one hand, it's okay to use such a data-driven approach. On the other hand, this approach can be compared with such techniques as "shot in the dark" or the sensational "IMHO".
Secondly, let's remember: have you ever calculated the average salary using open sources such as Indeed, comparing the CVs of junior developers with 500$ and senior developers with requests starting from 5000$, and decided that the optimal salary was 2000$? We are guessing: yes.
On the one hand, it's okay to use such a data-driven approach. On the other hand, this approach can be compared with such techniques as "shot in the dark" or the sensational "IMHO".
It turns out that you don't have tools allowing you to evaluate candidates from the market correctly?
But don't feel bad: we know how to understand the level of real employees' salaries and fill job openings quickly.
There is a simple rule: internal employees are always cheaper than those who are on the job search. When your employee with a salary of 2000$ enters the market, be sure that his salary will increase sharply to 2000$ for the same responsibility pool. Therefore, you shouldn't focus on the salary of internal employees when selecting specialists from the market.
All that affects the candidate's market salary is job requirements, company competitiveness and the project itself. Let's have a look at each item.
There is a simple rule: internal employees are always cheaper than those who are on the job search. When your employee with a salary of 2000$ enters the market, be sure that his salary will increase sharply to 2000$ for the same responsibility pool. Therefore, you shouldn't focus on the salary of internal employees when selecting specialists from the market.
All that affects the candidate's market salary is job requirements, company competitiveness and the project itself. Let's have a look at each item.
Job requirements
How do your requirements match the market? Do you demand specific skills?
Looking for a 1C programmer with a standard background is one thing, searching for a Rust developer with five years of experience in the office is another. The salary of an IT specialist depends on your requirements for the position.
Competitiveness
Can you offer a remote work- a favourite format of tech people? Maybe your future employee will have to travel to the outskirts of the city?
Moreover, tech professionals love various perks, such as VHI, annual gym membership, business trips. If you can't offer something special, the only way out is to offer a competitive salary.
The project
Is there a lot of legacy in your project? Can you offer interesting tasks?
Try to understand how a candidate could be interested in your product. If you have a really cool project with original tasks, your future employee will be able to influence architectural decisions and implement his own ideas - we have good news! IT professionals really appreciate these opportunities and are ready to lower salary expectations for cool products.
If your project is unremarkable, consider offering a candidate more than your competitors.
If your project is unremarkable, consider offering a candidate more than your competitors.
Summarizing
it is possible to determine the correct level of salary when you understand exactly:
Try to understand how a candidate could be interested in your product. If you have a really cool project with original tasks, your future employee will be able to influence architectural decisions and implement his own ideas - we have good news! IT professionals really appreciate these opportunities and are ready to lower salary expectations for cool products.
If your project is unremarkable, consider offering a candidate more than your competitors.
If your project is unremarkable, consider offering a candidate more than your competitors.
- How your requirements fit into the market;
- Whether your company has competitive advantages;
- How interesting your project is.
If you feel that you can't attract a candidate, and there is no opportunity to offer a salary higher than the market average, think of non-financial motivation.
In addition to the salary, standard perks for tech professionals and the project, IT specialists are also interested in other things. This is a cool team, developed corporate culture, own library, meetings, business trips, lack of dress code and hierarchy, flexible schedule. The list is endless.
In addition to the salary, standard perks for tech professionals and the project, IT specialists are also interested in other things. This is a cool team, developed corporate culture, own library, meetings, business trips, lack of dress code and hierarchy, flexible schedule. The list is endless.
If you value your time and want to find out the exact salary of a specialist for your company - order analytics service. The service includes not only the expert's salary determination for your company but also the analysis of the latest market trends with forecasts for the future. This report will be relevant for the next few years.
The main disadvantage of the method is the cost. The service can reach $ 4000-5000 depending on the complexity of the task. Recruitment companies provide the service and Lucky Hunter is among them.
The main disadvantage of the method is the cost. The service can reach $ 4000-5000 depending on the complexity of the task. Recruitment companies provide the service and Lucky Hunter is among them.
Polina Barabanova
Content Manager at Lucky Hunter
Specializes in tech staff recruitment, startups, tech research, career, HR, and news topics. With her expertise, she provides valuable insights and practical advice to navigate the ever-evolving tech industry.
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