In 2021, finding a software developer was be one of the most difficult tasks. As a team leader, you must contend with a worldwide epidemic and the fact that over 4 million software engineers are actively searching for work. Fortunately, in the age of remote work, you can hire software engineers from all over the globe to fix this issue. Then there's the issue of keeping a software engineer on board.
The average software engineer turnover is 57.3 percent, according to the Bureau of Labor Statistics' 2021 report. Having a high turnover rate indicates that a firm has had a high number of workers leave in a short amount of time. Involuntary turnover (e.g., individuals being dismissed) accounts for 29 percent of the turnover, whereas voluntary turnover accounts for 25 percent.
Maintaining a stable IT workforce is critical to the success of a company. The pandemic had little effect on software engineers' wages or employment opportunities. Contrary to what had been expected, the reverse began to take place. With 24.5 million IT workers throughout the globe, their population expanded by half a million.
Software Dev Retention Rate Statistics
Even if you simply look at the US market, the number of IT jobs climbed by 391,000 last month. More than 62,000 people shared applications for software engineers from startups and large corporations.
It has been confirmed by a Stripe and Harris analysis that developers account for 70% of your company's sales success. Developers help you stand out from the competition by designing not just innovative interfaces but also the technological elements that make your user experience stand out. It's their job to keep your app or website functioning well by managing databases and organizing data collecting.
As a result, software engineer pay is always rising. According to a recent Stack Overflow survey, over 60% of American software professionals are willing to take on additional positions. In a Dice poll, these are the most common factors in a developer's decision to leave his or her current employer:
- Demanding a greater remuneration (71 percent)
- In search of a better workplace (47 percent)
- Career progression (32 percent)
- Looking for new ways to show one's originality and ingenuity (26 percent)
A lack of focus on software developer retention may have a negative impact on both budget and productivity.
On average, the cost of replacing an employee in the midst of a project is 150 percent of the individual's basic wage.
Loss of productivity The average time to employ a software developer is 43 days, according to Dev Skiller. In addition to the onboarding procedure, it amounts to over a month and a half of the wage. The recruiting procedure might cost up to $33,251 on average.
You'll need to teach someone fresh to acquire the same level of skill on your project if an experienced developer quits. It will take one to two months to fill this knowledge gap, which will slow down the work of all teams. It's possible that you'll overpower the rest of the squad and sap their energy.
Tips For HR
It's one of the most significant advantages of working from home: better work-life balance. It's critical that you keep tabs on how much work and responsibility you're delegating to your software development team at this point. Watch out for productivity being harmed by an excessive amount of labor being done. Prioritize duties with your team so that you don't overburden them.
The technological landscape is always changing. New tools, languages, and software are being developed on a daily basis, especially in the age of remote work.
Your developers are a valuable ally in the struggle against rapid technological innovation. Give your development staff a lot of leeways, especially if you're a start-up. Don't limit your software developer's ability to experiment with new languages or approaches. Taking charge of your own destiny will give you two major benefits.
Secondly, allowing your developer to express his or her own ideas will keep him or her involved. Studies show that organizations that have engaged staff are 21% more lucrative.
In fact, the IT sector didn't suffer a significant loss of jobs. On the other hand, it's reasonable to assume that individuals are more content when they believe they have room to grow within their organizations during these periods of flux.
It's possible to lose software engineers despite your best efforts and even the most infallible tactics. This happens from time to time. As a matter of course, it happens in every business or startup. How and why your software engineer will go for another organization is the main issue.
In order to avoid having a sudden change of heart in the midst of an important project, you must develop a good work atmosphere and treat your team members with respect. Starting with the recruiting process and the appropriate questions can help enhance your software developer retention. Hire individuals that are a good match for your team's culture and dynamics. You can't just be a good developer. Your potential developer must also be an excellent team member.