Main image of article Help Wanted Signs = Dollar Signs for Software Developers
Employers are responding to the tight labor market for software developers with a new retention tool: a bonus plan designed specifically for them. Unique bonus programs for software developers have their roots in technology and gaming companies. Now, more employers, in more industries, are adopting targeted plans, according to a recent Dice survey of 700 employers with developers currently on staff. For those companies with bonus plans, one in 10 employers (11 percent) currently have programs tailored exclusively for software developers. For many, those specialized performance programs have only recently been put in place, with 16 percent of hiring managers noting programs were just beginning this year and 25 percent having seen programs launch in 2013. With competition for top talent intensifying, companies are creatively using bonuses to attract and retain expertise. The high demand for the profession is borne out by the U.S. Bureau of Labor Statistics, which says the unemployment rate for software developers was 2.3 percent for the second quarter of 2014. Overall, 65 percent of companies said at least some software developers participate in performance bonus plans. However, when the choice is between an employer with no plan, with a bonus plan or with a plan specifically for developers, which employer will stand out to technology professionals as really caring about their craft? That targeted plan creates an edge that just might help a company land their next great developer. Shravan Goli President, Dice Image: Dice