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In the ever-evolving landscape of software development, talent retention has become a critical concern for companies. This holds particularly true when considering React Native engineers, who play a vital role in the development of cross-platform mobile applications. The turnover of these highly-skilled professionals can significantly impact the development process, productivity, and overall team morale.
Facebook released React Native in 2015 and has been maintaining it ever since.
Let’s delve into the stats and the high cost of churn to gain a better understanding.
According to a survey conducted by the National Association of Software and Services Companies in 2020, the industry average for annual turnover is around 40%. This implies that on average, a significant portion of development teams doesn’t stick around for long. In the case of React Native engineers, the industry average tenure is approximately 1.1 years.
So, why is retention important? It’s simple – churn is expensive. Let’s take a senior offshore developer earning an average annual salary of $84,000. If they leave, the company not only has to bear the cost of severance (around $7,000 for one month) but also loses recruitment costs ($21,000), onboarding and training costs ($14,000), and suffers a productivity loss that can amount to $21,000 during the 3-month ramp period. This makes the total cost of churn per developer a staggering $63,000.
At TurnKey Labs, we have taken a strategic approach to drastically cut churn rates by more than 50% with a kickass retention program. The process involves monthly assessments of development teams based on important retention factors, the use of a proprietary algorithm to calculate a Talent Retention Index Score for each developer, and the implementation of comprehensive retention programs designed for each level of risk.
The results speak for themselves. With minor stock incentives, the annual turnover drops from an industry average of 40% to a mere 2%. Furthermore, the average tenure of a developer is increased from the industry standard of 1.1 years to an impressive 3 years. This not only saves $60,000 per developer annually but also amplifies team morale, accelerates product development cycles, and solidifies the team’s knowledge base.
Hence, hiring a React Native engineer through a dedicated offshoring partner like TurnKey Labs ensures that your development team is not just built, but built to last.
Understanding and addressing the factors affecting developer turnover is essential for any company seeking to hire and retain top-tier React Native developers. So why not give TurnKey’s Talent Retention Index program a try and save a bunch of dough while strengthening your team?
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