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Do you know you can practically save up to 65% of your overall project cost just by hiring the best remote software development companies like FlipKoins? Yes, a virtual workforce saves you money while ensuring a seamless project development to meet its requirements and end goal.
The newest study by McKinsey recently reveals that more than 87% of companies are now dealing with credible manpower and talent shortage. Another report by the US Bureau of Labor Statistics also tells us that more than 140k new jobs will be created in the software development field by the end of 2026.
And there is just one way to deal with this problem effectively; it is by hiring a credible and experienced remote software development team. We have also found four main reasons why a remote workforce can effectively minimize the overall project cost while yielding optimum output.
4 Key Reasons Why High-Performance Virtual Workforce Saves You Money
1. A Virtual Workforce Gives You Access To A Large Pool Of Talent
A new report by Ncube suggests that the USA alone will witness a massive shortage of more than 1.4 million credible software engineers by the end of this year, as just 400k new USA-based programmers are now passing out each year. Another report by BIS also predicted that the employment rate in the custom software development field will witness a 22% growth by 2030.
More and more companies are now looking to outsource their development projects to offshore developers to calibrate the manpower shortage. And this trend will rapidly increase, as a new study by Hackernoon revealed that the outsourcing development market will likely witness a 4.42% CAGR in the next five years.
India currently houses the largest pool of software developers as the nation now has more than 5.8 million software developers, according to a new report by GitHub. Another survey report by Statista also claims that India will have at least a 30% market share in the global IT-BPM sector in the next few years as the nation is now swiftly advancing to a $5 trillion economy by 2024.
We at FlipKoins always hire credible Indian developers not only just to build a strong team but also to overcome the challenges of software development. And not just developers, we also regularly hire credible support staff, managers, and admins to ensure a smooth workflow and communication.
2. Virtual Workers Have Lower Attrition Rates
Virtual workers in the field of custom software solutions tend to ensure a lower attrition rate for the companies, as they can maintain a perfect work-life balance while working from their familiar locations. A new report by Forbes recently revealed that more than 70% of employees stated that they had an increased ability to meet the deadline while working remotely.
According to a new report by Get Abstract, more than 43% of full-time workers in the USA alone want to work virtually. And the similar stats are also reflected on the global scale. However, many companies are still reluctant to adapt to a virtual workforce as they have doubts about the communication gap and time-zone difference.
A recent report by Youth Time tells us that more than 93% of software-related communications are completely nonverbal. And FlipKoins also maintain a strong policy for direct communication to minimize the gap, as we rely on the “Agile” methodology to keep up with the changes needed as the project progress. Besides, our remote offshore office runs 24×7 to eliminate the time zone differences.
A recent report by the EPA also suggests that the greenhouse gas emission was cut down by a massive 3 million tons as more than 3.9 million workers chose to work remotely. So, a virtual workforce not just saves you money but also makes your development team happy and healthy, living in a better and climate-conscious environment.
3. Virtual Workers Are Hard Working And Proficient
There is no doubt that virtual workers are more proficient at the development work as they can yield better results in a shorter time. A recent study by Stanford reveals that virtual workers are 13% more productive and efficient than their office-based counterparts. And as they can work in their familiar environment, the virtual workforce tends to be more hardworking.
The newest report by Global Workplace Analytics also tells that more than 33% of employees in the software development field prefer to work virtually than having a pay hike. Most credible software developers in the offshore development field also admit that they have improved output and better results while working from virtual locations.
On the other hand, an experiment by Microsoft suggests that the productivity of a virtual workforce increases by more than 40% when they adopt a compressed workweek strategy.
FlipKoins always hire the best developers in India for low cost who are hardworking, have massive industry experience, and skillset in their respective technologies. And by hiring us, you not only ensure the success of your development project but also get an efficient workforce that yields optimum results in the shortest-possible TAT.
4. A High-Performance Virtual Workforce Saves Your Business Money
Hiring credible software developers in the tier-I countries is a costly affair, as the US national average now lies at $86k/year, while the annual average for developers from California stands at a massive $112k/year. And according to a study by Stanford University, companies can save up to $2k/employee just by hiring a remote offshore workforce.
There is no doubt that a virtual workforce saves you money as you can effectively get rid of the overhead cost when compared with office-based employees. Any development company can eliminate the cost of office renting, office supplies, and even maintenance just by hiring a remote offshore developer.
On the other hand, a new report by Global Workplace Analytics reveals that employees can save up to $11k/year on average while working from remote locations. Another study by GWA also indicates that there are now more than 3.7 million employees all over the globe who prefers to work as a part of a virtual workforce.
We at FlipKoins not just take care of our team’s wellbeing but also guarantees at least 65% lesser project cost to clients. And by hiring us, you can also effectively eliminate all the overhead costs while developing your dream project.
Takeaway: Hiring A Virtual Workforce Can Save Your Business Money
High-performance virtual workforces are the future, no doubt about it! And a 2020 report by HBR reveals that software industry giants, such as TCS, GitHub, MobSquad, and Zapier, now plan to go completely remote and virtual in the next ten years. And there are many other benefits of hiring remote developers in India that you can take advantage of in this situation.
It is a fact that a virtual workforce saves you money, way more than you can possibly assume. But, if you want the best development team that yields optimum results in the shortest possible TAT, feel free to contact us or drop your queries in the comment box.