<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1621132604871265&amp;ev=PageView&amp;noscript=1">

Why Competitive Pay Alone Isn't Enough to Hire (and Retain) Developers

Post by Rich Moy on May 19, 2016 12:00:00 PM

You might have read the results of the Stack Overflow Developer Hiring Landscape and thought to yourself, “I’ve figured it out! If I pay above market value, I’ll surely hire all the developers I need this year.” Considering that over 62% of respondents told us that salary is something they really care about when they evaluate a job opportunity, offering competitive developer pay is a great place to start.

But it’s easy to forget that salary isn’t the only thing that matters to developers. Here are a few reasons why money isn’t always the solution to making (and keeping) developers happy.

Are You Letting Your Developers Learn New Technologies on the Job?

This post was updated in October 2017 with new information.

Technology is constantly changing. Each year, new programming languages are created and consequently the demand for experience in those languages increases. While some employers have strict requirements about which languages their developers use (if you’re doing this, you may want to reconsider), more companies are becoming open-minded and letting their tech team use whichever technologies they prefer to get the job done.

With education so widely available (the majority of today’s developers are partially self-taught), it makes sense that developers would want to be learning new technologies on the job. In fact, developers in 2017 say that opportunities for professional development are their most important job evaluation criteria. Learning new technologies on the job keeps developers excited about their job, eliminates the risk of them having an out-dated skill set, and may even help them get projects done more efficiently. It’s a win-win for both parties.

Here are a few ways you can let your developers learn new technologies on the job. 

How to Retain Software Developers in Highly Competitive Markets

This post was updated in November 2017 with new information.

Your best developer might be interviewing with your competition, and you won’t know it until he or she gives notice. According to Recruiting Developers in 2017, 59 percent of developers are open to new job opportunities. This means almost two-thirds of your software development team is open to hearing about other roles—possibly from your competitors.

Consequently, with such fierce competition for talent in the marketplace, retaining your quality software developers has never been more important. Here are a few tips to help you retain developers.

The Startling Cost of Losing a Developer

Turnover rates of employees in the technology industry have been reported between 9.1% and 10.6%, proving that properly retaining and onboarding developers has never been more important. Developers are in high demand and oftentimes have the luxury of switching jobs as they please, so employers need to be focusing on how to not only attract the best tech talent, but keep it as well.

Unfortunately, there’s no universally approved statistic on the monetary cost of losing a developer – it really depends on their skill level, their salary, and the company itself. Regardless, here are a few stats that help speak to the issue.

Recruiting for Retention

How do you know if someone is going to stick around? Well, you don’t. Your company’s number one asset is also its most unpredictable. But fear not! Here are a few ways you can take as much of the volatility out of your hiring as possible.

Schedule a 15 minute call

Call +1-877-782-2577 or email careers@stackoverflow.com for answers to any questions you may have