Here is a scenario.
You are running a tech startup and are working to grow your team. You understand the key benefits of hiring remote developers, engineers, and tech professionals in emerging markets, like Eastern Europe and Central Asia — but where is the right place to hire tech talent?
There are many factors that make an emerging tech market stand out to tech startups and companies that are hiring talented tech employees in different parts of the world. Tech companies interested in building a remote team may not know that Armenia possesses a deep talent pool and lower salaries that make it an attractive hiring market in the tech industry.
It is time for tech startups to look beyond the traditional hiring markets in Eastern Europe and explore why Armenia is an emerging tech market for startups — and Truss is here to help with an end-to-end global hiring platform and years of experience hiring tech professionals in Central Asia and Eastern Europe.
Contact Truss today to find out how we can help you find talented tech professionals for your startup!
READ MORE: Guide to Hiring Remote Workers in Armenia with an Employer of Record
5 Reasons to Hire Remote Tech Talent in Armenia
What makes Armenia stand out as an emerging market for tech talent?
When tech startups begin their search for premium tech talent, many companies and recruiting agencies will turn to traditional hiring markets — like Mexico, Brazil, India, and Asia. Many countries in Central Asia and Eastern Europe have surpassed these traditional hiring sources with lower employment costs and a deep, diverse talent pool. Armenia is one of these emerging markets and has been deemed the Silicon Valley of the Caucasus.
The tech industry in Armenia continues to grow and thrive, growing by an estimated 20% – 25% each year. This has created $2.3 billion in turnover for the country and represents an estimated 7% of the Armenian GDP. This growing element of the Armenian economy is represented by more than 3,000 active tech companies and supported by many more Armenians who work for global tech companies.
Here is a look at the key reasons why tech startups should consider hiring talent in Armenia:
1. Government Support and Incentives
The Armenian government is a driving force behind the growth of the tech industry in the country and provides tech companies and workers with support and incentives that make Armenia a more attractive hiring market. Tax incentives for tech startups include a 0% corporate tax, a lower 10% income tax for employees, 60% income tax support for tech employees, and recent legislation that has proposed 100% income tax refunds for new employees.
In addition to government tax incentives — Armenia has invested more than $500 million in the development of Artificial Intelligence (AI) projects. Government grants have helped establish a strong infrastructure for tech startups and state-run programs like the TUMO Center for Creative Technologies have helped to develop a deep talent pool.
2. Deep and Skilled Talent Pool
Investment by the Armenian government and global tech companies in tech-based education and career fields has helped establish a deep talent pool for tech startups to hire from. This infrastructure is supported by a strong educational system with a 99% literacy rate and an emphasis on STEM that lends itself to skilled tech professionals. Initiatives like the TUMO Center for Creative Technologies work to improve tech education in Armenia.
3. Low Employment Costs
A key element of where and why tech startups choose to hire tech talent is based on the employment costs in that country, and Armenia provides startups with lower salaries for remote developers than many alternative hiring markets. Tech startups that look to hire developers in the United States will find average salaries in the $130,000 – $145,000 range. The average salary for an entry-level developer in Armenia ranges from $11,000 – $28,000 with senior developers earning annual salaries that range from $32,000 – $85,000 based on skill and experience. Add lower overhead costs to the equation, and hiring in Armenia is a viable option for hiring tech companies.
4. Focus on Artificial Intelligence
Artificial Intelligence (AI) and Machine Learning (ML) are the future of the tech industry, and Armenia has fast become a regional center for AI development in Eastern Europe and the Caucasus. Government-driven projects like the Firebird AI Supercomputer have been integrated into the economic infrastructure to support the training and research of AI applications. When coupled with a strong educational foundation, Armenia has cemented itself as an emerging market for tech companies interested in developing AI applications.
5. Strategic Location
Where it is located in the Caucasus region, Armenia is well positioned to collaborate with and support European and Asian markets based on convenient time zones. U.S.-based tech companies that employ remote tech workers in Armenia will benefit from the different time zones by implementing follow-the-sun operations that allow tech startups to improve productivity and support customers almost 24/7.
READ MORE: The True ROI of Hiring Remote Global Talent
Why Truss is the Right Choice for Tech Startups
Tech startups that want to know why Armenia is an emerging tech market may find the answers right here when they choose Truss.
Truss provides tech companies with an end-to-end global hiring platform that will help you find the perfect fit for your team in Central Asia and Eastern Europe. With years of experience finding, recruiting, and hiring tech talent in different parts of the world, Truss will help you navigate the hiring process and find skilled talent with affordable salaries. When you provide Truss with a list of skill and salary requirements, we will help you find potential candidates that meet your criteria. When you have found the right fit, Truss will help you onboard and manage remote employees — and will serve as your Employer of Record in Armenia to help keep you compliant with local labor laws.
Contact Truss today to learn more about the advantages of hiring remote tech workers in Armenia!
