Many large companies are competing for the workforce, so compensation requirements tend to get high. However, good talent is worth paying for, so you should consider rethinking your pay structure right?
Let’s kick this section off with some figures to put things in perspective. We’ll use data provided by Triplebyte, a software engineering job search platform.
According to their calculations, an average base salary for US software engineers amounts to $152K.
For senior developers with at least eight years of experience, the salary is $20K higher than the average.
The fact that experienced developers get bigger salaries is hardly surprising, but employers sometimes forget the excellent value developers bring to the company compared to good ones.
Since not every company has the luxury of indefinitely rising compensation until the team of first-rate engineers is assembled, smaller companies usually have a fixed budget to distribute as they see fit.
Such a financial challenge may affect your hiring decisions.
If you have a project to finish, the first instinct could be to hire as many engineers as you can afford. However, hiring one outstanding engineer is often more effective even if they ask for higher pay.
When you consider the bigger picture, you’ll figure that the challenge of high compensation requirements is mostly justified.
Therefore, rather than looking at employee compensation as a burden on your company, try to consider it an investment necessary to make headway.
But what do you do when your budget constraints prevent you from hiring excellent engineers?
That’s where Brace comes in to save the day. Brace offers you the ability to get quality jobs done in less time by a highly skilled and affordable product development team, without any freelancer headaches for only 1999 USD a month.
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