Winning the Engineering Talent War

The Intensified Competition for Engineering Professionals

A significant competition for engineering professionals currently exists. This situation has persisted for a while, but the recent pandemic—which compelled businesses across all sectors to prioritize e-commerce and digital offerings—has dramatically increased the demand for qualified engineers.

As of June, over 365,000 technology positions remained unfilled in the United States. Software developers, IT support specialists, and systems engineers and architects were particularly sought after by companies.

Despite this challenging landscape, our organization is successfully onboarding 10 to 15 engineers each month, a rate considerably higher than the industry standard. What strategies are enabling this success?

Recognizing Engineer Leverage in the Current Market

It’s crucial to recognize that engineers—and, broadly, knowledge workers—possess considerable choice and negotiating power in the present job market. Employers must not only acknowledge this reality but also view it as a chance to cultivate a more desirable work environment.

Maintaining agility is also key, ensuring the organization remains competitive even as hiring conditions evolve.

Prioritizing Talent Acquisition

We’ve discovered that securing exceptional talent is often more challenging than generating revenue. This principle guides our operations, and we consistently reinforce it throughout the team.

Every member of the company is expected to dedicate their efforts to identifying and retaining highly skilled individuals. With this dedication, we are confident that other successes will follow.

Leveraging Industry Appeal

We benefit from the inherent appeal of the cryptocurrency and blockchain industries, which offer unique engineering challenges and opportunities for substantial rewards. However, proactive measures were still necessary to attract today’s most in-demand engineers.

Here are several approaches we are employing to succeed in the competition for engineering talent:

We focus on creating a stimulating and rewarding work environment.
We prioritize the long-term career growth of our engineers.
We foster a culture of innovation and collaboration.

By concentrating on these areas, we are effectively attracting and retaining the engineering talent needed to drive our continued success.

Maintaining a Robust Cash Reserve

The significance of financial resources cannot be understated – capital is a primary factor in attracting talent. In the current market, simply presenting a “competitive salary” is often insufficient; a more compelling offer is essential.

We prioritize crafting proposals that are exceptionally attractive and difficult for candidates to decline. This strategy is directly supported by our company’s healthy cash flow, a position we acknowledge with gratitude.

Prioritizing Innovation

At its core, our organization thrives on innovation. Consequently, all initiatives are evaluated based on their potential for both high quality and rapid implementation, with cost considerations taking a secondary role.

Speed and excellence are paramount; financial constraints are addressed only after these crucial elements have been thoroughly assessed.

A strong financial foundation allows us to focus on securing top talent and fostering a culture of continuous improvement.

Regular Salary Assessments: A Six-Month Cycle

Annual salary reviews are insufficient in today’s rapidly evolving and highly competitive job market. Our organization adopts a more dynamic strategy, conducting salary band reviews at least every six months.

These assessments consider both individual employee performance and prevailing market trends, allowing for compensation adjustments to be made flexibly and as needed.

Fostering a Performance-Based Environment

This frequent review process contributes to a culture that prioritizes merit and minimizes unnecessary administrative procedures.

Consequently, our team members are appropriately rewarded for their contributions and the quality of their work.

Key Benefits of Frequent Reviews

Enhanced Competitiveness: Staying aligned with market rates.
Employee Motivation: Recognizing and rewarding performance promptly.
Reduced Bureaucracy: A more agile and responsive compensation system.
Meritocratic Culture: Ensuring compensation reflects individual contributions.

By consistently evaluating and adjusting salaries, we aim to attract and retain top talent, ensuring our team remains highly engaged and productive.

Deferring Compensation Discussions in the Hiring Process

Maintaining a robust financial standing leads us to the following strategy. During the evaluation of applicants for crucial developer positions, we deliberately postpone discussions regarding compensation until the final stage. Our initial focus is on swiftly identifying and securing the most qualified individuals globally, irrespective of potential costs.

Only after a truly exceptional candidate emerges and is prepared to receive an offer do we acknowledge the competitive landscape for their talent. At this juncture, we are prepared to negotiate aggressively, especially concerning monetary compensation.

Experience has shown us that candidates are highly motivated to join our organization due to the numerous benefits we provide beyond mere salary. They recognize the potential for significant professional development, the opportunity to make a substantial contribution, and the presence of a positive work environment.

Consequently, we have not encountered situations where this approach has resulted in unrealistic salary expectations or demands.

Benefits of Delayed Compensation Negotiation

Faster Identification of Top Talent: Prioritizing skills over salary accelerates the hiring process.
Stronger Negotiating Position: Waiting until a candidate is fully vetted allows for more effective compensation discussions.
Attracting Candidates Beyond Pay: Highlighting company culture and growth opportunities broadens the appeal.

We believe that focusing on the overall value proposition, rather than immediately addressing compensation, ultimately attracts the most suitable and motivated developers to our team.

The Implementation of Substantial Referral Bonuses for Recruitment Professionals

During the third quarter of 2021, a particularly proactive measure was undertaken: the offering of a $100,000 referral bonus. This incentive was specifically targeted towards recruiters capable of sourcing a suitably qualified Ethereum 2 developer who subsequently accepted employment and remained with the company for a minimum of 90 days.

The decision to implement this significant reward wasn't the result of prolonged debate. Instead, the CEO, COO, and chief of staff collectively identified the necessity of capturing the attention of highly sought-after, yet occupied, recruitment specialists. Agreement was reached swiftly, and communication was dispatched within the same week – demonstrating a commitment to rapid action.

Below is the original communication sent to our network of dedicated recruiters:

Following the distribution of this announcement, engagement with recruiters experienced a noticeable upswing. Predictably, the initial response was overwhelmingly favorable. Naturally, clarification was required from some to confirm the legitimacy of the offer.

Currently, the offer remains active, and we are continuing to realize its benefits through our ongoing success in attracting top-tier talent. This has fueled a period of exceptional growth in our hiring efforts.

While financial incentives are undeniably important, we are consistently working to improve our hiring, retention, and training procedures. Our goal is to cultivate a supportive, rewarding, and sustainable work environment for leading professionals within the blockchain sector.

We recognize the critical role of company culture, and actively seek to understand the desires of our employees beyond mere financial compensation. This understanding is a key factor in our decision to operate as a fully remote organization – a highly valued and adaptable arrangement for our international team.

To succeed in the competitive landscape for engineering and other specialized talent, organizations must evaluate whether they are offering both the most compelling financial packages and the type of work setting their personnel genuinely desire.

It is worth noting that we are actively seeking new team members.