Are you trying to maximize your return on investment with the help of an IT staff augmentation team? IT staff augmentation can help you boost your ROI by reducing your operational costs and maximizing profits. Let’s learn how.
- What is the definition of return on investment?
- The best ways to maximize ROI with an IT staff augmentation company
- Reasons IT staff augmentation services can help maximize ROI for your company?
- Common mistakes when wanting to maximize ROI using IT staffing
- TL;DR: Summary of how IT staff augmentation can help maximize ROI & meet business objectives
You can maximize ROI with IT staff augmentation. You can do so by having access to particular skills that you don’t have on your in-house team of software engineers. One of the benefits of staff augmentation is that it’s flexible and adaptable. You can hire contingent workers for as long as you need. Moreover, it can help you deliver products to market much faster than if you were just depending on your in-house team. Lastly, it can help ensure project success due to having the right programmers on your team to push the project forward.
Let’s explore how you can maximize the return on investment with the help of an 👉 IT staff augmentation company 👈. We’ll dive into what is ROI, how to boost it, and what mistakes to avoid. Check it out.
What is the definition of return on investment?
Return on investment (ROI) is a financial metric. It is used to evaluate the profitability of an investment, expressed as a percentage of the initial investment. It is calculated by dividing the net profit of the investment by the initial cost of the investment and multiplying the result by 100.
The net profit is determined by subtracting the initial cost of the investment from the total income generated by the investment. And it’s analyzed over a specified period of time.
ROI is commonly used by investors, analysts, and business owners. It helps measure the effectiveness of an investment and compare different investment opportunities. A higher ROI indicates a more profitable investment, while a negative ROI indicates a loss.
The best ways to maximize ROI with an IT staff augmentation company
Let’s evaluate the best ways to maximize ROI with the help of IT staff augmentation services.
Identify the skill gap & business goals
The first you need to do as a business owner is to identify the skill gap that exists in your in-house team. You can identify who you need to add to your dedicated team by running a quick skill gap audit. Now, I know the term audit sounds scary but it doesn’t have to be. It’s actually quite simple.
The skill gap process involves five steps:
- Identify the desired business objectives: Identify the key business objectives that your organization aims to achieve in the short and long term.
- Define the required skills: Identify the skills required to achieve the identified objectives. This may involve a review of job descriptions, competency frameworks, and organizational strategies.
- Evaluate current skills: Assess the skills of your current workforce through skills assessments, surveys, interviews, and performance reviews.
- Identify gaps: Compare the required skills to the current skills of your workforce and identify areas where there are gaps.
- Prioritize gaps: Prioritize the identified gaps based on their potential impact on business objectives. And with the ease of staff augmentation, they can be addressed.
Being able to identify your skill gap and your business goals, you can hire the right coders via IT staff augmentation for the job. They can help you quickly and effectively meet your goals, which will help you gain a bigger return on investment. You are not wasting money on hiring the skills or missing your objectives.
Define roles & responsibilities your augmented staff will take on
You should also make sure to identify the roles and responsibilities that temporary developers will need to take on. You want to set clear expectations to make your cooperation and teamwork easier. Your project manager should 👉 integrate temporary remote developers 👈 with your onsite team to make work run smoothly.
Integrating team members, and identifying roles will help boost your return on investment. This is because you won’t have the same work being done twice. Moreover, you won’t have tasks that are ignored and not being completed. This way everyone knows what they are responsible for and deadlines are met. So you are able to make more money in a shorter amount of time.
Evaluate team performance to see what needs to be improved
Another key step is evaluating your existing team performance to see what areas need to be improved upon. Evaluating the performance of a software development team can be challenging, but there are several methods you can use to assess their effectiveness.
Here are some ways you can evaluate your team’s performance:
1. Set clear goals and metrics: Establish clear goals and metrics for your team to achieve. This will help you measure their progress and determine if they are meeting expectations.
2. Conduct regular performance reviews: Regular performance reviews can help you assess each team member’s strengths and weaknesses, and identify areas where they can improve.
3. Monitor project progress: Keep track of your team’s progress on projects, including milestones and deadlines. This will help you identify areas where they may be falling behind, and take corrective action if necessary.
4. Gain feedback from clients and stakeholders: Ask clients and stakeholders for feedback on your team’s work. This can help you identify areas where they may be excelling, as well as areas where they may need to improve.
How can staff augmentation help with team performance?
IT staff augmentation can also help you improve your team’s performance by providing additional resources and expertise. Here are some ways you can use IT staff augmentation to enhance your team’s performance:
1. Fill skill gaps: IT staff augmentation can help you fill skill gaps in your team. If your team lacks expertise in a particular area, you can bring in a specialist to provide additional support.
2. Increase capacity: If your team is overwhelmed with work, IT staff augmentation can help you increase your capacity and take on more projects.
3. Provide extra resources: IT staff augmentation can provide coders, to help your team work more efficiently.
4. Introduce new ideas and best practices: IT staff augmentation can bring in fresh perspectives. Along with best practices from other organizations. They will help your team stay up-to-date with the latest trends and technologies.
Evaluating the performance of your software development team can help you identify areas for improvement. While using IT staff augmentation can help you enhance your team’s performance.
Reasons IT staff augmentation services can help maximize ROI for your company?
Here are some reasons why you need to turn to IT staff augmentation services to help you maximize the return on investment for your company.
Access out-of-the-box software developers
Using the staff augmentation model you can hire developers to join your software development team on a project basis. You are able to hire pre-vetted developers who specialize in the 👉 tech stack 👈 of your choice, in just a matter of one week. As a hiring manager you are able to get exactly what you need, even niche technologies without a huge hassle.
Being able to access various software developers will give you a competitive edge, and will allow you to complete projects on time. You can hire software engineers that are in demand and will attract customers. By doing so, you can boost your return on investment because you hire someone who will make you money. So the salary you pay the developer will be worth it when you land a lucrative project.
Minimizing hiring risk
Using a staff augmentation project you can also minimize your hiring risk. You are able to access pre-vetted specialized skills that can help you complete your project. Your hiring manager has better assurance of the quality and caliber of the talent they are hiring. If you choose a staff augmentation provider like Swyply, we provide you with developers that have been pre-vetted with the help of our 👉 recruitment process 👈. You can be sure of their technical skills and their soft skills. This way you are sure that the money you pay to hire them, will be returned in terms of the profits you gain from the project they worked on.
Minimize project failure
Hiring the right specialists can help you reduce project failure. You are able to hire specialists that can code your project, the right way the first time. Moreover, they can predict any possible issues that may occur and prevent them from happening. Or they can find effective and quick solutions to any potential errors.
This way the money you spent on the project and on hiring does not go to waste. In fact, the project will be pushed forward and thus you will profit from its completion as opposed to overspending and being in black or worse the red.
Cost-effective hiring solution
Hiring via an IT staff augmentation company is more cost-effective than other 👉 team extension models 👈. You only pay for the developer that you hire and only for the time period that they work for you. There are no startup fees, recruitment fees, or hidden costs.
You have predictable 👉 hiring rates of augmented staff 👈 which makes budgeting for projects easier. The rate to hire a developer does not change and you are not surprised by additional costs. Costs such as health insurance, taxes, vacation time, and sick leave. Moreover, here at Swyply, we cover costs associated with employee perks. You pay for things such as professional development. Moreover, we offer our developers laptops and co-financing for home office furniture.
The team augmentation model can help companies increase their return on investment because you truly only pay for the developer as long as they are making you money. Once they stop making you money, you return them to us. And Swyply will pay to keep them on the bench. If you ever need developers again, you can also re-hire them, and if not then it’s not a problem either.
Improves time to market
When you have more working hands, you can deliver completed projects to your customers much faster. You can speed up deadlines which will inevitably help improve your revenue as well. Moreover, augmented team members can add new processes & procedures. These will improve the efficiency of your development process. All of this will help you increase your return on investment. You will be able to make more money in a short amount of time. Or you won’t waste money due to not being able to keep up with deadlines, because you are short-staffed.
Helps project managers better distribute tasks
IT staff augmentation can also 👉 help your project management team 👈. When each project manager is provided with the right set of skills in a dedicated team, they are able to plan & execute projects better. Moreover, they can distribute tasks evenly among team members because they are not short-staffed and no one feels overworked. This can result in a boost in your ROI because projects are completed without any hiccups, which means no additional costs. This means you can earn money as opposed to being in the red on a project.
Common mistakes when wanting to maximize ROI using IT staffing
Let’s check out some common mistakes to avoid when you want to maximize ROI using IT staff augmentation.
Not knowing what skills you need to improve your in-house team
A big problem many hiring managers face is not knowing what technical expertise they need to improve their team. This can make using IT staff augmentation difficult, as knowing the skills gaps you are trying to fill is a must-have. Moreover, hiring developers that do not meet the skill gap, can be a waste of money. And this can mean a decrease or no return on investment.
Not setting a clear plan using augmented staff to carry out a project
Planning is key for any successful partnership, and the same is true when using the staff augmentation process to hire additional coders. Your project manager needs to have a plan for how to integrate temporary staff with the existing in-house development team. Without a clear plan, your project’s success is in danger. You may miss the deadline, tasks may not be done up to standard, etc. This can impact your return on investment.
TL;DR: Summary of how IT staff augmentation can help maximize ROI & meet business objectives
Let’s do a quick rundown on how IT staff augmentation services can help maximize your ROI:
- Access out-of-the-box software developers
- Minimizing hiring risk
- Minimize project failure
- Cost-effective hiring solution
- Improves time to market
- Helps project managers better distribute tasks
Some mistakes to avoid when working with an IT staff augmentation company to boost your return on investment includes:
- Not knowing what skills you need to improve your in-house team
- Not setting a clear plan using augmented staff to carry out a project
Do you want to learn more about boosting your ROI with the help of IT staff augmentation? 👉 Drop us a line 👈 and let’s chat. We can have a free no-obligation consultation to see how you can increase ROI by hiring temporary developers.