Virtual Chief Technology Officer CTO services have become a new human resource HR trend in modern businesses, especially in the Small and Medium Enterprises SMEs. A virtual CTO for hire, while working remotely, streamlines all technical processes of businesses and devises the best technical solutions, which help improve the company efficiency, professionalism, and productivity.
Hiring an on-premise CTO is so costly that not every SME and startups can afford it. To obtain the benefits of having a professional CTO, numerous companies with limited budgets prefer using the CTO as a Service (CaaS) model in which a virtual CTO is employed remotely for developing hi-tech solutions and policies for the company. This model of hiring virtual CTO offers not only very affordable CTO consulting rates but also reduced recurring monthly/annual charges.
Successful Companies That Used a Virtual CTO Model in Operations
The responsibilities of a CTO include revamping of the business processes with the help of innovative technological solutions that improve the efficiency, productivity, and performance of an organization. A CTO strategizes and innovates the company processes powered by the modern trending technologies so that the company can thrive in the fiercely competitive marketplace.
Numerous companies have already benefited tremendously by hiring either a dedicated virtual CTO or virtual CTO services. A few among such successful companies are mentioned below.
#1 Articulate Inc
Articulate Inc is an eLearning company that has successfully benefited from the concept of virtual teams powered by virtual technology officers and technical managers. The company has become one of the big examples that have successfully implemented remote hiring services.
#2 Groove Inc
Grooves Inc uses remote technical teams powered by technical managers and CTO who work remotely to provide the full support for the state-of-the-art solutions in the collaboration and coordination environment of Groove platform.
#3 GitLab
GitLab is one of the most popular repositories for software development and version control systems. It uses virtual teams for the management of the entire system and its improvement. The successful technical operation of this company is another example of virtual team involvement.
Numerous other companies choose to hire remote CTO from India and other competitive markets to leverage the benefits of a virtual CTO hiring model. By hiring CTO virtual Ukraine has also become a big choice for SMEs and startups nowadays because the Ukraine software development costs are more competitive as compared to many other European and North American countries.
Most Popular Destinations to Hire a Virtual CTO
A good virtual CTO should have the qualities and competencies such as a thorough understanding of all aspects of technical systems, latest technologies and acumen to think out of the box. You can hire such a qualified and skilled CTO from the following destinations.
- Ukraine
- India
- Poland
- Hungary
- Russia
- Philippines
- Malaysia
- UAE
- Latvia
- And others
Average CTO Salary in Different Countries and Areas
The salary of a Chief Technology Officer Dubai varies significantly from a virtual CTO California because the dynamics of those two areas are different. Similarly, the salaries in different locations of the same country also vary a lot. Let’s have a comparative look at the salaries of virtual CTOs in different countries and areas.
From the above table, you see that over a 4% difference exists in the salaries of virtual CTO Chicago and Virtual CTO California within the same country. Similarly, the difference between Virtual CTO London and Virtual CTO Ireland salaries is about $12,223.
Moreover, let’s have a look at the salaries of CTO Virtual Peru, India and other countries.
After having analyzed the average salaries of virtual CTOs in various attractive destinations, we can conclude that Ukraine and Peru are competing in terms of the cost of virtual CTOs. If we look at the developer salary Ukraine offers for its level of professionalism, it becomes clear why many companies prefer hiring Ukrainian CTOs among other competitors in the global marketplace.
Top 5 Factors That Influence a CTO Average Salary
The average salaries of CTOs vary due to many technical, commercial and social factors. The top 5 factors are mentioned below.
#1 Living Cost
Living cost is one of the most fundamental factors that influence the salaries of all types of employees. In the countries where the living cost is higher, the salaries of Chief Technology Officers are also high in those countries. The examples are the USA and western European countries to name a few.
#2 Experience and Portfolios
The experience and portfolios are the major factors that influence the salary of a CTO in the marketplace. The success stories of the past work experience leave a significant impact on CTO salary. A successful CTO with excellent portfolio projects always gets higher salaries in any marketplace.
#3 Country’s Economy
No doubt, the country’s economy is the most fundamental factor that can determine the compensation of C-level executives. In a booming and large economy, the salaries of CTO and other C-level executives are always higher than the gloomy economy.
#4 Employment Market Forces
The major forces of the employment market such as availability, demand, skill set, and the outlook of employment in the market play a very vital role in determining the salaries of Chief Technology Officer CTO and other higher management posts.
#5 Social Welfare and Tax System
The social and taxation profiles also play an important role in determining the salaries of CTO in any market. A country with strong social security and other social welfare schemes has lower salaries as compared to those with higher social securities provided by the government with bigger tax rates.
# SME or CTO Startup Salary
The salaries of a startup CTO are normally lower because the majority of startups have limited budgets, but the responsibilities of a startup CTO are more diverse than a medium-sized company. In established SMEs, the salaries are a little higher as compared to a startup due to the higher propensity to pay.
Why Ukraine Is the Best Destination for Outsourced CTO Services?
Ukraine is one of the brightest spots for outsourced CTO services in the marketplace due to numerous reasons as mentioned below.
#1 High-Quality
Ukraine offers a great quality of work that is equal to European standards and industry benchmarks.
#2 Competitive Price
Ukraine is one of the most competitive marketplaces in the eastern European countries to provide outsourced CTO services.
#3 Large Tech-Talent Pool
Ukraine houses a large pool of tech-talent with many new techies joining the market annually.
#4 Convenient Location
Geographically, Ukraine is located at a very convenient distance for traveling from almost all countries in the world. The working hours also overlap with all European, Asian, and North American countries.
#5 Reliability
Ukraine has proved to be a reliable outsourcing partner for many clients across the world. People in Ukraine are professional and follow the basic rules of customer satisfaction.