Which Type of Risk Managing Software is Right for Your Business?

Risk management practices encompass a very broad scope and aptly so because threats tend to loom at every angle. Risk mitigation is equally complex, especially when it involves individuals from many different company divisions or departments. Identifying risk factors and coordinating an effective response can be tremendously challenging. But there is help and it comes […]

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What’s the Difference: Vendor Risk vs. Third Party Risk vs Supplier Risk Management Software

Recent years have seen a dramatic rise in awareness when it comes to the risk management sphere. In response, software developers identified an opportunity to create risk management software platforms that would aid in vulnerability identification, evaluation and response. Much of this software has been specialized to target one specific type of risk: relationships with […]

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The Complete Guide to Integrated Risk Management Software

Risk management software has evolved into an increasingly-important and rapidly-growing component of today’s modern business strategy. Integrated risk management — also termed IRM — is one aspect of an organization’s broader risk management strategy. Yet it’s rather difficult to formulate and initiate IRM initiatives due to the very broad and comprehensive nature of integrated risk […]

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IT Compliance Software: Understanding Its Purpose and Benefits

IT compliance software — also called IT regulatory compliance software — has gained a great deal of popularity in recent years as companies become increasingly aware of their technology-specific regulatory requirements. In fact, many now regard IT compliance as a critical component of a company’s risk management strategy. The tools in an IT compliance software […]

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What Types of Business Need Regulatory Compliance Management Software?

Regulatory compliance management is a key component of a company’s overall risk mitigation strategy. But managing an organization’s many compliance burdens can get complicated and overwhelming in very short order. This is especially true for those in the healthcare space, the financial sector and other heavily-regulated industries. Enter: regulatory compliance management software. Virtually every company […]

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What Should I Look for in Compliance Software Vendors?

Compliance software platforms are playing an increasingly important role in companies’ risk management strategies. Recent years have seen a surge in the number of businesses that are seeking compliance management software solutions. This is, in large part, due to the ever-increasing number of regulations that are impacting companies in a variety of business sectors. Recent […]

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Using Compliance Management Software to Keep Up With Constant Changes in Compliance Regulations

The regulatory compliance landscape is constantly changing and evolving, with new laws and regulations perpetually being developed. Existing regulations are often modified too, adding yet another element of complexity to the equation. Certain industries and business sectors — namely, the financial sector, the tech sector, manufacturers, and the health care industry — are subject to […]

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How to Choose the Best Risk Management Software Vendors for Your Business

A well-architected risk management and mitigation strategy will usually fall woefully short of expectations if you lack the right tools. Enter: the risk management software solution.These software platforms are equipped with a variety of features and functionalities to help companies identify, evaluate, monitor, and take action when risks and vulnerabilities are identified. Many risk management […]

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Why Your Enterprise Risk Management Software Should Incorporate Artificial Intelligence

In recent years, the business world has collectively honed their focus on risk management, with more and more companies realizing the importance of a well-developed risk management strategy. The reason for this shift is largely rooted in the COVID-19 pandemic, which prompted many companies to revise and re-examine their operations. Others are subject to stringent […]

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Digital Transformation and How it Affects Data Compliance

Digital transformation is probably among the most-heard terms in today’s technology lexicon and for good reason. We are in an age of fast-evolving and rapidly-advancing technology that holds the potential to profoundly transform an organization’s operations. But what constitutes digital transformation? And how does it affect data compliance? These are important questions because data compliance […]

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How to Use Compliance Software to Make Your Business Stronger

Compliance software offers an extremely useful toolset, providing companies with the framework they need to achieve and maintain compliance, whether it is regulatory compliance or legal compliance. An increasing number of companies are turning to these software platforms as the collective awareness surrounding compliance increases beyond the most heavily-regulated fields such as health care and […]

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How Risk Management Services Can Help You With Data Governance

Risk management is a critical component of any good business strategy, especially in today’s technology-centric society, where many risks surround digital assets such as a company’s data. In fact, data represents a major source of risk for most businesses. Fortunately, though, risk management services can help promote more effective data governance practices. Risk management efforts […]

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5 Key Things to Look for in Operational Risk Management Software

Operational risk management is critical for today’s most competitive companies, especially those with particularly unique or complex operations. This risk can arise from many sources, such as inefficient processes, equipment or systems, external events, and employee actions/inactions. Operational risk management software can play an instrumental role in a company’s broader enterprise risk mitigation strategy. But […]

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Why Risk Management Software is Critical to Business Growth

In a competitive, fast-paced business world, effective risk management is critical for growth and long-term success. This is true regardless of industry, business size or perceived vulnerability. But to see the maximum benefit, you need a comprehensive risk management strategy, along with the resources to implement mitigation measures. Enter: risk management software. The right risk […]

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GRC Software Pricing – Everything You Need to Know

As governance, risk management, and compliance (GRC) becomes an increasingly prominent part of many companies’ overall business strategy, more organizations are seeking out tools to aid in their efforts. Enter: GRC software systems. GRC software can successfully streamline and centralize a company’s GRC-related efforts, providing a wide variety of useful features, tools, and functionalities. But […]

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GRC Decisions That Are Guaranteed to Backfire

An increasing number of companies are integrating governance, risk management, and compliance (GRC) principles into their overarching business strategies. But many organizations lack real practical experience when it comes to implementing a GRC framework, resulting in the potential for some major snafus. Unfortunately, many organizations underestimate the complexity of GRC frameworks. Let’s explore a few […]

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What is GRC Software? – Benefits and How it Works

Governance, risk, and compliance (GRC) management is an increasingly common concern amongst companies of all sizes, particularly at the enterprise level where monitoring and compliance-related actions tend to be the most aggressive. Publicly-traded companies, in particular, experience a tremendous burden when it comes to meeting the various compliance and risk standards for their industry or […]

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Why the SEC’s New ESG Task Force Makes Managing ESG RIsks Even More Important

The U.S. Securities and Exchange Commission (SEC) and the Environmental, Social, and Governance (ESG) Division of Enforcement announced that they would be creating a 22-person task force composed of members from the federal organization’s regional offices, headquarters and “specialized units.” The task force’s objective is to monitor climate- and ESG-related issues and companies’ compliance with […]

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Mandatory ESG Reporting is Around the Corner

Developed by the U.S. Securities and Exchange Commission (SEC), the Environmental, Social, and Governance (ESG) criteria is used to gauge a company’s sustainability and conduct risks. The data points that determine an organization’s sustainability are then documented in reports that are now considered mandatory. ESG reporting isn’t necessarily new, however, making these reports mandatory is! […]

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Third-Party Vendor Risk Management for Financial Institutions

Third-party vendor risk management for financial institutions is a key area of concern due to the sensitive and high-risk nature of this business niche. The practice of third-party risk management (TPRM) encompasses the analysis and mitigation of risks that are associated with third parties such as contractors, vendors, and other non-employees who work with an […]

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Third Party Risk Management Best Practices

Organizations of all sizes and in all sectors can benefit from working with third-party service providers, vendors and contractors. The advantages are numerous, ranging from filling skill gaps and facilitating one-time projects to reducing overhead and achieving significant financial savings. But there are some risks associated with bringing these individuals into the fold. This is where […]

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Key Things to Look for in Third-Party Risk Management Software

Third-party risk management (or TPRM) continues to increase in popularity because more and more organizations are seeking cost-effective ways to get the job done without the overhead associated with using in-house resources. This has spurred a rise in the number of companies that are turning to third-party risk assessment software platforms. But with many options […]

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How to Decide Which Governance Risk and Compliance Tools are Right for Your Business

Governance risk and compliance (GRC) is a multi-disciplined concept that holds the potential to affect nearly every aspect of a company’s operations. This includes compliance and regulatory matters, enterprise risk management, along with policies and procedures. A robust, well-thought-out GRC strategy is essential for success in today’s ever-evolving business world. But regardless of how much […]

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Understanding Enterprise Governance Risk and Compliance

Enterprise governance risk and compliance is — or should — be a major concern for organizations in all business sectors. Forbes called the 2021 jump in cybercrime “alarming,” with data breaches surpassing the prior year’s figure by October 2021. Meanwhile, The Insurance Journal reported that cybercriminals took in over $1.3 billion in “ransoms,” with 2021’s […]

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GRC 101: What is a Governance Risk and Compliance Framework?

Without a doubt, it is a difficult challenge to navigate today’s business world. Many different steps and risks are associated with even the most basic pursuits. Never mind, trying to expand. What was once commonplace for businesses: achieving goals, sustaining performance, and increasing resiliency are now arduous, with issues arising at every turn. A range […]

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Understanding ESG Risks

  ESG (Environmental Social Governance) includes metrics that measure social responsibility, environmental sustainability, governance, and shared values. It is becoming increasingly important to businesses, with more than 500 firms now routinely reporting ESG data. Investors, employees, and customers are demanding more transparency from companies to assess their sustainability credentials. ESG risk management is becoming a […]

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Enterprise risk management technology | What is it?

What is Enterprise risk management? Enterprise risk management (ERM) is the process of planning, organizing, directing, and controlling the activities of an organization to minimize the harmful effects of risk on its revenue as well as reputation. Enterprise risk management includes financial risks, strategic risks, operational risks, and risks associated with accidental losses. ERM can […]

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Integrated Risk Management Framework. What is it?

What is integrated risk management? Integrated risk management (IRM) is a set of practices and processes supported by a risk-aware culture and enabling technologies, that improve decision making and performance through an integrated view of how well an organization manages its unique set of risks. What is an integrated risk management framework? Integrated Risk Management […]

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Compliance and risk management. What is the difference between the two? 

Regulations are increasing across the globe and it’s forcing boards of directors to participate in all matters of the company’s business. This is especially true in the areas of compliance with the law and industry regulations. Huge variations in the economic climate during the last few decades have also raised expectations of stakeholders who want to invest in companies with a formidable reputation for regulatory compliance.  Increased compliance regulations and stakeholder […]

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What is policy management?

What is policy management and why is it important?  Policy Management refers to the creation, communication, and management of all the policies and procedures implemented by an organization. Policies are the foundation of governance, risk, and compliance (or GRC) strategy. Every business consists of various departments, and policy management governs the creation and distribution of policies, so other parts of the organization don’t create their […]

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What is an IT Governance Framework?

What is a governance framework?  A governance framework is essential for modern governance and legal operations; it directs how people interact with the organization, with regulators, and with stakeholders to closely guide and monitor operations.  Governance frameworks give support and create structure for an organization’s compliance operations. It is through governance that companies and other […]

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What is Regulatory Compliance in HealthCare

  Regulatory compliance in healthcare involves a broad range of practices. However, patient safety, the privacy of patient information, and government reimbursement for healthcare expenditures make up the bulk of compliance issues in healthcare.  Healthcare professionals access patients’ health records electronically on a routine basis. This makes maintaining patient privacy a vital component of the healthcare industry. Failure to protect all that […]

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What is regulatory compliance in banking?  

Regulatory compliance in banking deals with banks and the way in which they must adhere to all local laws and regulations wherever they operate. Note that data protection regulations are not the entirety of the full scope of compliance in the financial services industry, though they are a key part.  Furthermore, different countries have different regulations regarding the data of their citizens/the data non-governmental organizations process and store, which […]

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What is compliance risk management?

Compliance risk management refers to the practice of identifying potential risks in advance, analyzing them, and taking precautionary steps to reduce the risk. Organizations are attempting to spot risks off in the distance and mitigate them before they ever get the chance to cause any trouble.  However, even if you had unlimited resources which is unrealistic, know that no company can achieve perfect compliance with all regulatory burdens. Some mistakes are bound to happen eventually. The goal is […]

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GRC vs Integrated Risk Management 

What is GRC   GRC (governance, risk, and compliance) is an organizational strategy for managing governance, risk management, and compliance with industry and government regulations. GRC also refers to an integrated suite of software capabilities for implementing and managing an enterprise GRC program.  GRC’s set of practices and processes provides a structured approach to aligning IT with business objectives. GRC […]

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Enterprise Risk Management Framework, What is it?

Enterprise Risk Management Framework, What is it?  Enterprise risk management (ERM) frameworks are types of risk management frameworks that relay crucial risk management principles. You can use an ERM framework as a communication tool for identifying, analyzing, responding to and controlling internal and external risks. An ERM framework provides structured feedback and guidance to business units, executive […]

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What is a Risk Management Framework?

    Risk Management Framework, in simple terms, provides a balance between taking risks and reducing them while achieving business objectives.  NIST Definition of Risk Management Framework  According to NIST the Risk Management Framework provides a process that integrates security, privacy, and cyber supply chain risk management activities into the system development life cycle. The risk-based approach to control selection and specification considers effectiveness, […]

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What is Third Party Risk Management? 

Third-party risk management (TPRM) is a type of risk management that deals with identifying and minimizing risks in relation to using third parties. TPRM can also be referred to as vendor risk management.  TPRM is designed to help organizations discover unexpected risks. This is done by giving organizations information on how third parties conduct operations and what ways an organization is using the third party.  Why is Third-Party Risk Management Important?  […]

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What are iTech Preconfigured Solutions (iPS)?

Why were iTech Preconfigured Solutions (iPS) developed? Issue management can be daunting for organizations. This is why issue management solutions like OpenPages are popular among many organizations.  While the OpenPages standard solutions can definitely make issue management easier, implementation time is less than ideal. As the old saying goes time is money and the longer […]

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What is Regulatory Compliance Management Software?

Today’s compliance managers need powerful and effective Regulatory Compliance management software. In a business environment defined by sustained market volatility and ever-increasing regulations. Companies need the ability to integrate enterprise-wide risk management processes and multiple regulations. Firms are witnessing a dramatic increase in active first-line users. Sometimes tens of thousands—scattered across the organization while using […]

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Why You Need a Business Continuity Management System 

Start using a business continuity management system today to prepare your enterprise for business continuity and protect employees in the face of disruptive events. Businesses are increasingly suffering from external and internal disasters due to a lack of business continuity planning. Unprepared organizations can suffer financial losses, negatively trending reputations and a large list of […]

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IBM OpenPages Has The Best User Interface  

OpenPages Is A Risk Market Technology Awards Winner  ITech is excited to announce that OpenPages has once again found its name being mentioned among the best GRC solutions available. The risk management industry declared in February that IBM OpenPages with Watson won the best user interface innovation category in the Risk Market Technology Awards.   The Markets Technology Awards, part of the Risk Awards, recognizes the achievements of technology […]

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Temporary vs. Permanent IT Staff: Key Considerations

According to the Society for Human Resource Management, the average cost of hiring a new employee is $4,129, although this does not account for onboarding and training costs, which can be quite significant. In fact, the cost of hiring new staff was higher for more complex, higher-paying positions. This means that it’s fair to surmise that the hiring costs for a IT and tech positions are significantly higher.

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How to Hire Top Software Engineers on a Budget

Within three years, there will be a million more computing jobs than eligible applicants, according to Code.org estimates. This means top software developers and engineers will continue to be in high demand. They’ll be awash in opportunities and offers, and can take their pick. This causes hiring managers to try and find new ways to get their attention. How can they hire top software engineers on a startup budget? How can they find them on any budget? Companies, regardless of size, have P&L considerations. So how can you land enterprise talent in a competitive market while ensuring you get the best possible value?

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What are the Benefits of a Multifaceted and Multicultural Software Development Team?

Companies usually hesitate to share information about their developers’ demographics, but it’s clear that diverse, multifaceted and multicultural teams tend to be more successful. In fact, McKinsey researchers found that the most diverse companies were 35% more likely to surpass industry medians and averages in terms of performance.

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What’s the Importance of Employee Integration for Temporary Staff?

The blended workforce is the workforce of today, particularly in the tech industry. Forbes reported that as of November 2016, 93% of companies had a blended staff of contractors/freelancers, temporary talent and permanent, long-term employees. This has resulted in a renewed focus on the importance of employee integration, which is essential for maximizing productivity.

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The Importance of Developer Skill Assessment

A 2014 IDC study revealed that there were 18.5 million developers worldwide, with about 11 million considered professionals and 7.5 million calling themselves hobbyists. Now, three years later, there are millions more. Evans Data Corporation pegged 2017’s figure at 21 million, though many speculate that the actual number could be much larger. What’s more, there are over 250 programming languages, with new languages being developed on a continual basis.

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5 Mistakes to Avoid When Coordinating Expertise in Software Development Teams

A recent meeting with your software development team leaders left you feeling a bit discouraged. You learned that while you have some very talented developers, most of these individuals are specialists. Specialists tend to have a very narrow range of expertise. For you, this scenario results in low skill redundancy and skill gaps that create major challenges for your team. Now, your team leaders are struggling to coordinate expertise, and the few individuals who are more versatile are getting overworked.

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The Traits of the Best Software Development Teams

You’ve just gotten the go-ahead to move on a potentially lucrative new project. However, as a hiring manager, you’re in a challenging position. You’re tasked with assembling one of the best software development teams your company has ever seen. And they need to be productive right out of the gate! It’s an assignment that has you wondering: what makes one team successful and efficient, while another team struggles to get the job done?

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Should You Give Programming Tests for Interviews When Hiring a Developer?

The rapid growth of the tech industry has made recruiting and hiring software developers increasingly difficult. For every one developer who’s available to work, there are five open positions. There are also dozens of unique programming languages and tech specialties to consider. Evaluating a software developer’s skill set and talents can be a real challenge. The popularity of agile development has made the practice far more collaborative than it was in the past. Collaborativity has benefits, but is also makes it a bit less likely that a developer can take true ownership of a project. So projects listed on developer resumes may not be accurately representative of their talents. Plus, the fast-evolving nature of this field means that work samples are of limited use. Standards change dramatically and quickly. This represents an added layer of complexity for talent acquisition.

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Should You Be Recruiting Global Talent?

Are you maintaining a local focus for your recruiting efforts? If so, you could be missing out on the many benefits that are associated with hiring the best person for the position—regardless of their location. In fact, there’s a good chance that you’re reducing your prospective talent pool from millions to just a dozen or less. As of late 2016, there were about 12 million mobile developers worldwide, with that figure expected to rise to 14 million in 2020. However, the local developer population in any given location may be quite limited. When compared to the global population, local candidates’ collective skill set may pale by comparison.

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Reduce Hiring Risk: Confidentiality Agreements and Employee Vetting

You’ve recently received a wave of calls from prospective clients, and your company is suddenly faced with more work than it can complete in a timely manner. Outsourcing isn’t a viable option because the project is sensitive in nature and requires collaboration with a couple of in-house experts. Instead, you’re considering calling in a team of developers to work on-site with your team (aka insourcing). You’re confident this will be an effective solution, but there’s a problem. You need strict confidentiality, and you’re nervous because on-site talent would have access to lots of sensitive information. If that information got into your competitors’ hands, it could ruin your business!

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The Real Costs of Hiring a Software Developer

You’ve come to the end of the interview and you realize that this candidate is “The One.” So you make a formal job offer, seal the deal and walk away feeling very positive. You traveled down a long and expensive road to get to this point, as you spent weeks screening and interviewing candidates. You had no idea that just six weeks down the road, your company would part ways with this software developer because it just wasn’t a good fit. This developer was accustomed to working in a large team, so when placed in a small group, he felt uncomfortable. He was stifled by the close collaboration and in the end, he simply couldn’t adjust.

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Software Developer Resume Reviewing Tips

So you’ve crafted a job description, and you’re receiving a flood of software developer resumes. Nearly all seem to have great qualifications in a range of different areas. You’re just not sure which qualifications are essential for your exact tech project. All you know is that you absolutely cannot hire the wrong developer because you know that this carries a tremendous cost, both in money and morale. Zappos CEO once said that bad hires had cost the business an estimated $100 million, while a prominent recruiter estimates the average cost of onboarding alone at $240,000 per person.

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Are You Struggling to Hire a Team of Software Developers?

If you’re ready to hire a team of developers, you may want to get comfortable because according to IT World, the average time between that initial job posting and hiring date is 35 days — but that only applies to a typical software developer who’s hired for a very basic position. If you require a developer with specialized skills, as is often the case, your hiring timeframe could be weeks longer.

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How To Increase Software Developer Productivity

On average, there are five open job positions for every one software developer in search of a position, which means that finding a developer is a very difficult task. Finding the perfect developer? Well, that’s even more challenging! In fact, in the United States, the average timeframe for finding a developer — any developer — is 35 days; that is, if you’re not selective. This 35-day time frame seems to apply to a typical developer for any run-of-the-mill project. But most companies have projects that require specific expertise, requiring a far more selective vetting process. Therefore, it’s conceivable that your search could take weeks longer. That just won’t cut it if you’ve got a fast-approaching deadline. And many companies don’t need a permanent employee; they may only require the developer for a single project. Many businesses consider temporary staffing services, but some have concerns that there may be a lag in terms of ramp-up time and actual productivity from an otherwise unknown talent.

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Why the Software Developer Hiring Process Is So Important

Your company’s sales team has been in overdrive and they’ve just landed a series of new contracts. This is great news, but it also means that you need to hire new tech staff to satisfy your clients’ needs. But you’ve noticed that the software developer hiring process can be very inefficient. A common issue is that new hires are slow to get up to speed, and you need a tech team that runs at close to maximum efficiency from the start. This is where temporary staff can be extremely beneficial to your company. Temporary staff are chosen through a hiring process designed to ensure you get the best results as soon as they start.

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The “Hidden” Cost of Using a Staffing Agency: The Importance of Identifying the Profit Margin

The cost of unfilled tech jobs is significant, with American companies seeing a $20.1 billion dollar per year ding to their collective bottom line. That’s according to a 2017 study performed by Glassdoor, which hints at major opportunity costs and other financial implications that affect top line revenue and profitability as a result of insufficient staffing resources.

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Grow Your Software Maintenance and Support Capabilities With Temporary Staffing Services

Your company has invested a significant sum of money and countless man hours into the creation and implementation of an enterprise software application. The goal is to streamline your company’s operations while increasing productivity and improving your bottom line. You called in a team of tech experts to help implement the app. But they left before your in-house tech team had a chance to ask about maintenance and updates.

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