The CEO of a Technology company in Georgia once told me that his company has had an ongoing project with one of the largest Tech Companies in the world for many years. The project requires technology talent that is not easy to find or retain and he’s managed to retain the same staff for many years. The conversation came about when I raised the idea of using our nearshore services. He explained that this project was too important, risky and demanding to use any 3rd party services – he felt more comfortable keeping it in-house.
So I asked him … How do you retain the key people you need to keep the project staffed without suffering attrition and the disruption and time and cost it take to recruit and train replacements?
His answer: I give them freedom to work at the office or at home and I pay them 30% above the market rate.
Well, working remotely is a fairly common thing, but paying 30% above the market rate?