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Two months ago Jacob Eiting closed the B series to launch RevenueCat as an application subscription management platform. The $ 40 million investment was aimed at growing the company and, most importantly, hiring more people. The 35-person startup is expected to expand to 50 employees by the end of the year and 100 years by the end of the next. To judge them, RevenueCat offers a range of benefits – unlimited vacations, home office pay – plus equity and salaries for some of the big tech companies. regardless of geography.
Such offers were not so common in startups two years ago, before the pandemic. Now a competitive recruitment market has increased wages, improved benefits and encouraged companies to offer greater flexibility to job candidates. “Part of it is,‘ How can we stand out against the world’s Google? ’” Says Eiting. “We take advantage of the strengths we have. We pay well if you’re outside the Bay Area — that’s how we stand out. ‘ (Google, among other major technology companies, has said so reduce wages for remote employees.)
Like RevenueCat, startups around the world are in expansion mode. In the first half of 2021, a world record was set for venture capital expenditures $ 288 billion invest in startups around the world. For most, income means the arrival of employees, which has led to an increase in the number of initial jobs. Engineers and software developers, who have always been on demand, can now write their own checks.
They are not just startups. In the first quarter of 2021, the overall supply of technology jobs increased by 16 percent, according to a report Dice, an industry career database. While large technology companies are always growing, Zoom encounters, teleshopping, and restaurant menus along with QR codes have driven demand for programmers and engineers more broadly. Between March and July, there were more than 323,000 jobs for software engineers, according to analysis firm Emsi Burning Glass, which continues to see job growth and labor market trends. This is 13 percent higher than in 2016. Submissions for other technology jobs, such as data engineers, have grown 312 percent over the past five years, with a greater interest in jobs over time.
All of this has created what Silicon Valley insiders have called the most rabid hiring market since the 1990s dot-com boom. “The engineering market has become very competitive,” says Justine Moore, managing investor work table To promote openness in pallet startups and VC companies. “I’ve seen a lot of startups that offer referral bonuses. I’d say it’s a pretty standard reference fee of $ 10,000, but I’ve heard of people who will make it up to $ 50,000. “
Other startups have used more creative tactics to find references, or at least to stand out among other jobs. An initial stage four tarot readings, two juicy boxes, a giant piñata of “mysterious goods,” plus a $ 3,000 cash prize, published for anyone who mentions a job candidate who stays in the company for at least six months. Another startup for reference Levain Bakery offered a one-year cookie supply. (Four gift boxes offering four chocolate chip nuts from the bakery it sells for $ 27 online—Or $ 6.75 per cookie.) On Twitter, the founder of the mobile gaming company offer “Paying a Bitcoin in person” – worth $ 44,500 – for the reference that led to the hiring.
A year ago, job seekers preferred the stability of Big Tech over startups, which were more volatile in the pandemic, but smaller companies may have an advantage in today’s market. One examination, Which looked at AngelList searches from February to May 2020, found that 20% of job candidates could apply for jobs in companies with more than 500 employees, such as Apple and Google. Now, more job seekers are prioritizing the benefits of flexibility and remote work, according to a news release poll U.S. technology workers. According to the survey, technologists had a high level of combustion in the last quarter and 48 percent were interested in switching companies this year, up from 32% in the same period last year.
Smaller companies may be able to capture this talent in transition by offering things that job seekers care about the most today. “Startups are becoming more and more focused on other companies that will be places of interest to hire,” says Hunter Walk, a growth partner at Homebrew VC fund. While CEOs create new policies for working from the office or talking about social issues during work, there will naturally be wear and tear on people with disagreements. For startups, Walk says, there is an opportunity to hire these people. “What I’m seeing is that more candidates are thinking about the role they want to be involved in or the culture of the company they work for, and that’s a bigger factor in making decisions.”
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