Over 500 billion dollars budgeted for compensation to Software Engineering and Computer Science graduates, making them the most expensive types of talent to acquire locally.
Increasing rapidly despite the increased cost to hire this type of talent. Job positions in computer programming are increasing twice as fast as the national average.
By 2020, only 400,000 computer science engineers will be available to fill 1.4 million computing jobs.
The average hiring time in the IT sector is about 35 days, which can be very harmful to an organization’s schedule and financial status.
Ends up being 1.5X to 3X the salary of the employee. Those costs are associated with Recruiting, Training, Salary, Benefits, and Productivity.
U.S. Department of Labor estimates a bad hire costs 30% of the annually salary for the first year.
Due to talent scarcity (2.5 times greater than the market demand), increased labor cost, and endless need for talent the challenge of hiring and retaining the right talent has become a challenge companies deal with daily.
Look for viable talent options in countries that have a high supply of quality engineers and are actively pushing initiates to position themselves in the IT Outsourcing market.