Digital transformation of business operations worldwide is driving demand for technically talented workers. However, organizations face hurdles with recruiting and scaling up technical talent, including lengthy hiring timelines, underperforming hires, and administrative costs. To avoid these challenges, organizations need a partner that can capably provide high-quality, reliable talent.
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Contact Us Today!Next Idea Tech operates a global marketplace of skilled nearshore developers in Latin America. Through Next Idea Tech, organizations can quickly source and onboard proven, technically skilled developers to drive their digital transformation agenda. This adaptive approach to hiring allows companies to scale up or down as needed to respond to their rapidly changing needs.
This post provides readers with a framework for evaluating Next Idea Tech’s potential financial impact on their organizations. To better understand the benefits, costs, and risks associated with this investment, we interviewed four customers and surveyed 10 respondents from companies with experience using Next Idea Tech’s services.
By combining qualitative and quantitative data, this post aims to offer a holistic view of the potential cost-savings and accelerated software rollouts decision makers can benefit from by using Next Idea Tech’s services so that it can guide your talent acquisition strategies.
The key findings are as follows:
Accelerated Hiring Process
One of the most significant pain points that most tech companies face is the time it takes to hire qualified software developers. Searches for employees to fill skill gaps (e.g., core engineering, cloud APIs, AI, generative AI, etc.) prolong the hiring timelines because of high industry demand and limited talent availability. The longer it takes from when a role is open to when it’s filled, the more team members take on extra work and this negatively impacts their ability to meet delivery timelines.
Next Idea Tech’s understanding of business context and ability to skill match accelerates the hiring process by a significant 70% compared to traditional hiring approaches. In particular, the recruiting and screening stages are streamlined so that you no longer have to create job listings, reach out to candidates, and sort through them.
We share curated lists of potential matches with your organization based on what support your team is seeking; this process effectively eliminates the need to create a job posting and reach out to prospective talent to join their company. Next Idea Tech’s roster of available talent comes certified in specific technical skills and specialties, with emphasis on application engineering, AI, cloud computing, and data and analytics. The breadth of Next Idea Tech’s nearshore developer talent pool helped the interviewees’ organizations find the right matches for the hiring teams’ needs and thus minimized the time spent reviewing applications and screening candidates for roles.
As one head of engineering noted:
“We’re able to get through interview rounds really fast. Once we built a track record and trust with Next Idea Tech, we’re no longer spending months going through interview and testing cycles to find the right hires to support various technical projects. Instead of doing multiple rounds of interviews to reach a decision, we’re doing two or three. I’ve gotten a turnaround of two weeks versus two months.”
This dramatic reduction in hiring time helps organizations quickly find the right talent to support projects and meet project deadlines more effectively. Companies also avoid professional employee organization (PEO) costs by working with Next Idea Tech.
Increased Project Value Through Accelerated Productivity
Accelerated timelines and high-quality work result in millions of additional revenue. By leveraging Next Idea Tech’s talent pool, companies can quickly scale up the number of talent supporting projects, and the quality of work they bring helps to accelerate project timelines. This acceleration leads to significant financial gains. The high quality of work delivered by Next Idea Tech’s talent is a key factor in this acceleration. Interviewees noted less rework was required due to code and tasks being completed correctly on the first attempt. In fact, most respondents agreed that Next Idea Tech’s talent helped reduce the amount of project rework and fixes needed.
An Executive Director at an advertising and marketing firm shared:
“We’re doing more projects with fewer complaints and higher client satisfaction. When a client comes to us with a solution they want to put together, we’re more likely to deliver against it than we would have in the past.”
Talent Retention and Quality
Technical projects sometimes experience delays from unexpected departures and/or poor employee performance requiring replacement, leading to tangible value loss for organizations because they cannot get work done. Attrition on technical teams means that, in addition to hiring net new talent, companies are also regularly working to backfill vacancies. Missing team members can delay projects and negatively impact employee morale — and even after hiring replacements, it takes time to train them and reach the productivity levels of prior talent. All this leads to a lack of focus and diminishing quality in project outcomes.
In addition, hiring teams in many organizations often acquire underperforming talent because they lack the bandwidth to fully evaluate new-hires and have limited budgets to recruit attractive hires. The new hires are either slow to meet delivery timelines or turn in work that isn’t on par with established staff, meaning projects aren’t finished on time — and those that do require extensive rework.
Our clients have highlighted Next Idea Tech’s ability to provide high-quality, reliable talent, leading to improved retention rates. Next Idea Tech’s understanding of business context and ability to skill match helps organizations quickly find the right software engineers to support projects. This helps technical teams to move forward quickly and confidently with their work.
A Head of Engineering in the Information Technology industry remarked:
“We’ve been able to make that shift because of the stability the Next Idea Tech’s hires bring to the team. It’s an expensive process to replace someone. The fact that we keep [Next Idea Tech] talent with us for over a year is a big indicator of our success with them. I forget that key people on my team come from Next Idea Tech. I’ve got feature leads on our mobile team that come from Next Idea Tech. It’s been awesome.”
Risk Mitigation
Hiring nearshore talent often involves hiring a manager or paying a PEO to oversee admin work for the external hires, including payroll and tax compliance. Alongside these costs, they have to file paperwork stating where the hires work and details of their work status. Potential incorrect filing of this paperwork can expose your organization to regulatory and compliance errors, leading to fines that can amount to thousands of dollars depending on the severity.
By partnering with Next Idea Tech, companies can avoid potential compliance infraction costs. This benefit stems from Next Idea Tech’s management of employment paperwork and compliance standards. By working with Next Idea Tech, you avoid handling paperwork around
contractors and reviews of legal compliance of the contracts. Next Idea Tech assumes this responsibility and limits your organization’s exposure to the risk of misclassifying employees, thus helping you avoid incurring significant fines.
A Sr. Compliance Officer at a Fintech startup had this to say:
“Next Idea Tech takes away risk from our organization. We don’t have to deal with global staffing paperwork that includes taxes or transfer pricing, all that is out the window. Next Idea Tech’s service level agreement to handle that removes those risks.”
Ability to Scale Talent Up and Down
Clients sighted that a key factor in working with Next Idea Tech was the ability to add and remove talent based on project needs due to our large pool of skilled nearshore developers from LatAm.
A VP at a software company said:
“Next Idea Tech’s quickness to respond to requests is helpful. If I call my account manager at Next Idea Tech, I might be able to get somebody within two weeks and have them contribute within a couple of days.”
They said they feel confident that Next Idea Tech can provide support without proposing an “outrageous” rate and long lead time.
The speed with which Next Idea Tech satisfies requests for talent shortens the window to bring people on board. Meanwhile, Next Idea Tech’s management of the talent relationship helps with shifting workers to support other projects. The organization can bring in the right talent and produce better outcomes faster and more cost-effectively.
The VP went further to state:
“There’s not a lot of back and forth. We tell them we need someone with a particular technical expertise, and they come back with someone. We say yes or no, but if all looks good, then we say yes, and after a few days, Next Idea Tech has onboarded them, and they’re in our system.”
Diversity of Talent Supporting Projects
Next Idea Tech’s multinational reach can help companies leverage nearshore developers from across Latin America, incorporating their perspectives into day-to-day work to produce richer outcomes. This diverse talent composition helps organizations to better reflect their global customer base and create more informed, well-rounded deliverables.
The Chief Technology Officer at an Information Technology company said:
“Next Idea Tech exposes us to software developers from different countries in Latin America that we wouldn’t necessarily have exposure to. What we’ve seen with diversified talent is there are different thought processes coming to the table and different approaches to troubleshooting and working through common projects. We’ve seen good outcomes with those team members.”
Next Idea Tech’s Talent Services Costs
Next Idea Tech’s talent staffing costs vary based on the skill sets of workers available through our IT staff augmentation services. For most projects, the mix of Next Idea Tech talent costs $5,000 per month on average.
For each nearshore developer your organization hires though Next Idea Tech , you avoid paying the annual salary
of $120,000 for a full-time employee that would be beyond your budget. You allocate $60,000 toward talent from Next Idea Tech, creating a $60,000 cost efficiency per talent that your organization hires. This is 50% less than you would have otherwise paid directly. This cost efficiency allows companies to maximize their hiring budgets and add more skilled developers to support projects than they could afford previously.
Organizations also avoid challenges that come from unexpected departures and/or poor employee performance, like loss of knowledge, training, and loss of productivity on projects. By adding talent to support specific projects, who also perform satisfactorily, the organization saves significantly on talent acquisition.
Further, our Managed service program (MSP) engagement model where a team consisting entirely of Next Idea Tech talent manages the end-to-end delivery of a project drives greater time and cost efficiencies. Where the work carved out for a project would on average typically take twelve months for your internal team to complete; with Next Idea Tech, the project is delivered in four months while meeting your company’s quality standards.
Making the Case to Your Leadership
As you consider presenting the value of Next Idea Tech to your organization’s decision-makers, here are some key points to emphasize:
1. Rapid scalability: Next Idea Tech enables quick scaling of technical teams, reducing time-to-market for critical projects.
2. Cost-effectiveness: Significant cost savings per hire (60%) make a compelling financial case.
3. Quality assurance: Next Idea Tech’s rigorous vetting process ensures access to top-tier Latin American talent.
4. Risk reduction: Next Idea Tech’s management of compliance and paperwork mitigates potential legal and financial risks.
5. Improved project outcomes: Faster completion times and higher-quality work lead to increased customer satisfaction and revenue.
Next Idea Tech as Your Nearshore Partner
In today’s competitive tech landscape, the ability to quickly access and deploy skilled talent can be the difference between success and stagnation. Be the hero for your organization by surfacing quality nearshore software developers from Latin America. We have provided clear evidence that Next Idea Tech is not just a talent provider, but a strategic partner in driving business growth and innovation.
Ready to transform your tech talent strategy?
Schedule a consultation with our team to learn more about how Next Idea Tech can drive value for your organization.
