If you run a software development company, it can be difficult to find and afford the right chief technology officer. These executives earn almost $12,500 per month on average, according to PayScale. They also receive considerable benefits, bonuses and commissions. Even if you have enough money to pay this officer, you might not be able to find a qualified professional locally. Fortunately, a virtual CTO can solve these problems.
Rather than occupying offices in your headquarters, virtual officers work remotely. They share their technology expertise and help guide your company via email, specialized websites and/or the phone. Each VCTO works part-time for a variety of separate firms. This means that you only need to pay this person for as much work as you truly need.
Virtual chief officers don’t only cut your software development company’s salary expenses. They also eliminate the need for a physical office with costly equipment and furnishings. Your business doesn’t have to provide a VCTO with a pension, medical insurance, an Internet connection or even a parking space. This saves your company a considerable amount of money and reduces paperwork.
One reason why a virtual officer costs less is that he or she can live in any region. For instance, perhaps your software firm is located in a high-wage city like San Diego or New York. A local CTO will demand considerable amounts of money because of the high living expenses. On the other hand, a VCTO could reside in northern Maine, West Virginia or another area with a low cost of living.
Hiring a VCTO doesn’t just benefit your software development company by saving money. It also gives you access to someone who has worked with a wide range of technology firms. He or she will have experience with a tremendous variety of technological problems. This increases the likelihood that such a person will be able to offer beneficial guidance in almost any situation.
Another advantage of a virtual chief technology officer is that you won’t need to spend a lot of time and money on recruitment. It’s far easier for small and moderately large companies to attract top-notch CTOs when they don’t have to employ them in full-time positions. You can find a VCTO without placing costly “Help Wanted” ads in the local newspaper.
To sum it up, virtual executives provide a more efficient option for most software companies. They greatly reduce salary and benefit costs while giving such firms a wider range of candidates to choose from. Furthermore, this solution ensures that you’ll gain a chief technology officer with considerable knowledge and expertise. You can end the struggle to find a qualified chief technology officer by signing up for a VCTO service today.