Monday, Aug 05 2019

Tech Pros Prefer Higher Pay Over Perks

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Tech Pros Prefer Higher Pay Over Perks

 

Offering a robust compensation package is necessary if you want to attract and retain top tech talent. While this is widely understood, not all companies know precisely how to break up the compensation package to ensure it is enticing.

The tech boom led many businesses to believe that perks were more important than higher salaries. Workplaces with ping-pong tables and on-site gyms made headlines some years ago, making it seem like these additions were more valued by employees.

However, a recent survey showed that perks aren’t necessarily the most important form of compensation. Instead, tech professionals still favor higher pay.

The Prevalence of Perks

Many companies favor perks because they are generally more affordable. For example, adding something fun to a breakroom or getting some fitness equipment to outfit a gym isn’t very expensive in comparison to higher salaries. That makes these kinds of perks incredibly attractive to companies who want to spend less to bolster their bottom line.

Telecommuting options are viewed (and sold) as a perk, and most businesses can easily purchase software platforms that support communication regardless of location and VPN solutions for safe connections. Additionally, organizations often have these systems in place to support other priorities and workflows in general. As a result, they don’t typically require a substantial financial investment to make remote work options available.

While telecommuting can support better work-life balance, most professionals would rather have higher pay than this form of perk. However, many tech pros realize that to gain a higher salary, they need to bolster their skill set to increase their value. As a result, professional development opportunities that can lead to promotional opportunities are a desired benefit, as it creates greater access to higher pay levels.

 

Competitive Salaries

Regardless of the presence of perks, companies do still need to offer competitive salaries. In order to make sure your pay scales measure up to the competition, you need to do a substantial amount of research into your local market. This gives you the ability to discover what an IT professional can earn if they look for other opportunities and, since higher pay is incredibly enticing, lets you develop salary ranges that meet or exceed industry and area norms.

Without competitive salaries, your recruitment and retention efforts will suffer. Even if tech pros appreciate the perks you offer and your company’s culture, a bigger paycheck might be enough to lure them away. As a result, you could struggle to obtain and maintain the highly skilled team your organization needs to thrive.

If you discover that your salaries are not in line with industry and regional norms, then you need to make adjustments quickly. While raising pay rates across entire departments or specialty areas could be financially challenging, it might be necessary if you want to ensure that your best and brightest remain on staff.

 

Hire Your Next Rock Star Tech Pro with Help from The Armada Group!

Ultimately, competitive pay is a priority for most tech pros and, if you don’t meet their expectations, you may have difficulty reaching your recruitment and retention goals. If you’d like to find out more, the team at The Armada Group can help. Contact us to speak with one of our knowledgeable staff members today and see how our recruitment and retention expertise can benefit you.