Romanticizing The Past Can Keep You From Hiring The Best Remote Talent

The Commerce Hero Show

When it comes to determining salaries when hiring remote workers, one thing that people struggle with is romanticizing the past. Gary Vaynerchuk brings up this idea in a different context—advertising costs on social media. People romanticize the past when ad costs were lower. I think there’s a similar dynamic when it comes to hiring remotely. Five years ago a company could find a great developer in Latin America or Eastern Europe for $25-$30,000. Now, you’ll need to pay more in the $50-$70,000 range to secure the best talent. It’s easy to think of that salary as insane, especially if you found someone in that lower range just a few years ago. But you have to keep in mind that everything changes; salaries increase over time, and what was true five years ago isn’t true today. If you’re you’re struggling with the quality of work in your remote team, it might be that your salaries are too low to attract and keep the highest quality developers. The best talent has leveled up, partially because there has been more hiring in areas with higher costs of living. The salaries are rising to meet that standard. The companies that I see that are attracting the best talent are those that are hiring in that $50-70 range or above. It’s something to consider as you grow your company.