engineering genius War is real. It’s been around for a while — but with a pandemic that has pushed businesses across industries to focus on e-commerce and virtual products and services, the demand for skilled engineers has skyrocketed.
In June, there were more than 365,000 tech jobs in the US Empty, Software Developers, IT Support Specialists, System Engineers and Architects along with the most coveted workforce by employers.
Nevertheless, we are hiring 10 to 15 engineers every month, which is much higher than the industry average. What is our secret?
First, it’s important to acknowledge that engineers — and most knowledge workers — have choice and bargaining power in today’s job market. An employer not only needs to respect this, but take it as an opportunity to create a more attractive workplace – and stay tight-lipped even after the tide of hiring turns.
You can’t ignore the elephant in the room – money talk. Today, you can’t just offer standard “competitive pay”—you should do better.
Overall, we have learned that it is far more difficult to hire top-tier talent than it is to generate revenue. This is one of our guiding principles, and we remind our team of it at all times. It is up to everyone in the company to focus their energies on helping us find and retain great people. With this commitment, we know the rest will take care of themselves.
Granted, we are fortunate that cryptocurrency and blockchain have a certain cachet and come with unique engineering needs that will keep the most ambitious engineers challenged and rewarded in their day-to-day work. However, we still had to put in concerted efforts to appeal to today’s demanding engineers. Here are some of the ways we are winning the war for engineering talent.
have a strong cash position
You can’t ignore the elephant in the room – money talk. Today, you can’t just offer standard “competitive pay”—you should do better. We make sure our offers stand out and are hard to turn down. This approach is driven by our strong cash position (yes, we recognize our good fortune).
Ultimately, innovation is our lifeblood, so everything we do is measured by quality and speed before we consider cost.
Review pay at least every six months
We do not review salaries annually; The industry is too fast-paced and competitive for that archaic approach. At least every six months, we review pay bands across the organization relative to employee performance and market trends and adjust employee compensation on a more flexible, ad-hoc basis.
This helps to create a meritocratic and less bureaucratic culture and ensures that our team reaps benefits commensurate with their work product.