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Tech companies across the industry are tightening their belts, making it difficult to hire the developers while staying within restricted budgets. But keeping your company understaffed is not the answer. A quarter of developers report that they suffer from burnout, and expecting your team to pick up the slack will only make it worse. Burnout causes mental health problems, eats away at productivity and compels developers to quit, all of which will cost your organization in the long run. The only solution is to figure out how to hire developers with limited budgets.
Luckily, there are some great strategies for hiring developers while keeping costs low. Here are three ways you can hire the developers you need.
Tech salaries in the United States are among the highest in the world. And if you have offices in Silicon Valley, you can expect to pay more than in any other region in America for tech talent if you plan to hire locally. But hiring outside the United States, where cost of living is lower and competition isn’t as fierce, can allow you to hire experienced developers at a fraction of the cost. For example, the cost of living in Mexico City – one of Latin America’s biggest tech hubs – is 73% less than in San Francisco. And on average, the cost of hiring a senior engineer in Mexico is 50% less than it is in the US.
Of course, hiring in foreign markets can come with its own unique challenges, and you’ll have more success if you work with a partner with expertise in global hiring markets. Terminal hires, supports, and retains elite engineering talent in some of the world’s most cost-effective tech hotspots. With Terminal, you can hire senior developers and minimize expenses.
Shifting to remote hiring will cut costs significantly. The expense of maintaining an office goes well beyond what you’re paying in rent, and every employee at headquarters is costing you money. Energy bills, office supplies, cleaning fees, and other maintenance expenses all contribute to overhead, and that’s before you take into account lavish perks like catered lunches. The average company’s office amounts to the second largest overall expense and the single largest fixed cost it manages over time. Even if you’re not ready to close your offices, you can make sure that all new hires are remote to minimize their impact on your budget.
Remote teams are Terminal’s speciality, and Terminal can help you set up a team of remote developers efficiently and economically. Terminal handles logistics and onboarding to ensure that your remote developers are set up for success and can start delivering value quickly.
Full-time recruiters are expensive. In urban tech hubs, you can expect to spend upwards of $125,000 per year for each full-time recruiter you employ. Take into account that a recruiter would spend several weeks of their valuable time sourcing candidates, conducting interviews, and handling administrative details for each role, and the cost of each candidate they hire increases dramatically. It’s the same if you use an agency. With an agency, you can expect to pay between 15 and 25 percent of every new hire’s salary. Hiring 15 engineers with a $90,000 salary could come with an additional $300,000 fee.
Working with Terminal can help you save significantly on your hiring costs. Terminal is a hiring partner that can help you hire developers for less than using an in-house recruiter or an agency, lowering your cost-per-hire and bringing you big savings over time.
Make the most of your hiring budget with Terminal
Terminal is a remote teams engine for fast-growing companies. Terminal hires, develops, and retains engineering teams within your budget so that you can make the most of your resources and build brilliant products that customers love. And unlike development shops, which keep talent siloed from your existing team, Terminal integrates remote developers into your organization so they can collaborate with their American counterparts. We’ve built engineering teams across North America, Europe, and Latin America for the world’s biggest and brightest tech startups, and at a fraction of the cost of hiring locally or using an agency.
Want to learn more about how to hire developers with a limited budget using Terminal? Explore our success stories today.