Category: Tech

Last quarter, was SingleSprouts busiest quarter to date. Our team was able to place over 100 engineers and lawyers at growing startups.  Because of this plethora of data, we decided to start running our compensation report on a quarterly basis.  

To find our comp report, please use the following link (here). 

Here are a few extra facts, about the recent hiring market. 

The hiring market is greatly affected by world events. In March, with the uncertainty of the stock market, mortgage rates, Ukraine, etc we saw both candidates and candidates change their behavior. 

• We saw candidates act a bit more risk-averse and a majority of them were seeking high cash offers (with less emphasis on stock). Previous motivators like the companies mission, projects, growth opportunities, and other huge motivators dropped in significance, compared to cash compensation. 
• At the same time, we saw a handful of our companies giving much more conservative offers, which were not matching candidates’ demands. 
• As a result, our offer accept rate dropped slightly in early March. Towards the end of the month we saw our companies recognized the new client demands,  and as such made some quick changes. The biggest change we saw was a significant increase in signing bonuses during late March, to compensate for changes in the market. (Average signing bonus was 10-25% of base salary). 

A huge piece of news in the tech hiring market this quarter was Amazon sudden announcement, that they have more than doubled the max pay rate for their engineering teams. This huge increase in salary has brought them in line with other competitors in the talent market including Google, Facebook, Apple, and Microsoft.  It has not only put pressure on other large companies to re-think their comp plans but this change may make it somewhat harder for startups to compete in the talent market.  

Another large change we have seen was a sudden increase in salary for engineers with 10+ years of experience. 

• Background: We had 2 candidates in the same week get great offers from our companies above what they told us they were seeking (both got offers in low $200,000 in base salary, with plenty of equity). Even though our candidates had told us that said companies were their top choice, both of these two candidates accepted offers outside of us for more than $250,000 in base. 
• Our findings: We have found that engineers that receive an offer of +$15,000 per year in base salary are +80% likely to accept the highest offer (even if the company was not their top choice). Despite what candidates tell us, cash is still the greatest motivator. 

It was a packed virtual house for our first Zoom webinar series on Engineering Leadership. SingleSprout was lucky to have industry leaders

• Natalie Ledbetter, Partner and Head of People at BoldStart
• Felton V., Engineering Manager at The Atlantic
• Renee Orser, VP Engineering at Harbr.

We covered practical tips like what should an aspiring engineering leader look for in a company to ensure career growth? How does one stand out in the interview process? How does the company identify engineering leadership potential? How can companies best support and grow these individuals?

Here are some highlights, but catch the full video on YouTube at https://lnkd.in/dktNWN4, and be sure to RSVP for the next webinar in our series (Remote Interviewing best practices on 6/24 RSVP at https://lnkd.in/dh7PJ-V)! #webinar #leadership #growth #hr #engineering 

https://www.linkedin.com/posts/singlesprout_engineering-leadership-zoom-hosted-by-singlesprout-activity-6807716154765778944-nEcf

Hey Everyone –

As the vaccine continues to roll out, our clients and partners have been discussing how to plan today for a post-Covid tomorrow. While founders are thinking about re-opening offices and new safety procedures, recruiting today for a post-Covid world may not be top of mind.

The states that your employees are located in, your office locations, and your company culture will all impact re-openings, but the greatest wealth of information about expectations for a post-Covid world will come from your employees. Many of our clients have started to send around surveys in order to understand what employees are looking for in a post-Covid world, but it is just as important to have these conversations with candidates during your hiring process.

We recommend asking the following questions during your recruitment process.

• Do you plan to remain remote post-Covid or are you interested and excited to go back to the office?
• Which of our offices would you like to return to? (If you have multiple locations)
• What do you expect from your employer’s remote policies or physical office in a post-Covid world?

As we plan for a post-Covid world together, we are most excited to finally get to spend time with our team, clients, candidates, partners, and the community.

Truly,
Natan & David

PS. Even during the peak of 2020, we found that only 30% of candidates were seeking remote-only roles. With Q1 2021 hiring in full swing, things are changing – in fact, over 45% of our candidates are now seeking roles that offer remote work only.

Below is an excerpt from our newsletter – The SingleSprout Shout Relaunch Q4 2020.

Hey Everyone! Sorry for the long delay. We’re back with a new edition of the SingleSprout Shout (formerly the SingleSprout Newsletter)!

We think it’s safe to say, the way companies attract top talent has changed. The fancy office perks to attract talent have disappeared (for now), and many have plans never to return to an office again. A recent Gartner survey found that 74% of CFO’s will be allowing certain employees to remain fully remote after the pandemic.

So the question is, what attracts talent in this new remote world? According to Linkedin, 75% of job seekers consider an employer’s brand before even applying for a job, and the #1 obstacle candidates experience when searching for a job is not knowing what it’s like to work at an organization. We advise startups to utilize various tools that are readily available to them to advertise their brand to candidates. Focus on your company’s digital brand, social media, employee testimonials, creating a mission statement, and authentic values. Please reach out to us if you want any extra advice or tips!

We are so grateful for our team, clients, candidates, partners, and the community. We wish everyone a strong end to the year and all the health and strength to conquer 2021.

Natan & David