In the world of tech, getting access to the right talent can be absolutely pivotal. When something goes wrong, you’ll need to have the skills and knowledge to fix it – or, better yet, to anticipate the problem and stop it happening in the first place.
For this reason, the right recruitment strategy can make or break a tech business. But getting the right employees through the door and retaining them in a highly competitive industry means offering the right remuneration.
Unfortunately, if your business is highly specialised, it might not be obvious how much money you should be offering to would-be recruits. Fortunately (and perhaps obviously) there are a number of modern technical and technological innovations that will help you to make the required determinations.
Understanding the High-Tech Industry Salary Landscape
According to a recent report, around 93% of employers in the UK agree that there’s a skills gap in the world of IT. In tech, this gap is more glaring. AI and machine learning remain in high demand, while soft skills like ‘problem-solving’ are considered essential.
Key Factors Influencing High-Tech Salaries
Salaries in the tech sector, like salaries elsewhere, are influenced by a complex array of factors. High salaries might be expected by workers with valuable skill sets, like data science, and a wealth of experience to draw upon. Regional variations in pay can also be decisive – which is partly why so many IT companies seek to recruit internationally.
If you want the strongest possible understanding of all of these variables, and how they might contribute to the salary you’re looking to calculate, then a global salary comparison calculator might be a very useful tool.
Using Market Research for Accurate Salary Benchmarking
Making the right offer means having a good understanding of the market. And you can only obtain this understanding if you’re willing to look at the market – and to do so in the right way. In the modern age, that means bringing salary data to bear.
You’ll need to look at salary benchmarks, so that you can be sure that your offering to would-be employees is as compelling as those of your competitors.
Considerations for Equity Compensation in High-Tech Roles
Recent years have seen many tech companies seek to offer compensation based on the protected characteristics of those applying for the job, in order to create a more equitable environment. There are signs that this trend might be waning, but many businesses might nevertheless seek to bear it in mind.
Adapting to the Future of Work: Remote and Hybrid Roles
Getting access to the tech talent you need might mean offering would-be employees the opportunity to contribute remotely. In the wake of the COVID-19 pandemic, the workplace has shifted markedly toward remote and hybrid setups – and it might be that you can attract great talent by shifting with it.
