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6 Reasons why Retainer Agreements Work and how to pick the right one for your Business
Simply put a retainer agreement is an ongoing agreement between a business and an agency, that assures ongoing services available to the business on-demand for a retainer fee. The retainer fee can be a lump sum amount for a project or a recurring monthly payment.
Retainer contracts can add immense value to your internal engineering team and in this blog, we'll go over everything you need to know before signing a retainer contract including all the benefits of a retainer contract for your business, the different kinds of retainer agreements, a comparison between expanding your internal team vs signing a retainer contract and how to pick the right retainer agreement
6 Reasons why Retainer Agreements Work
An IT retainer contract can help gain stability in your projects
1. Deploy Agile Scrum Development
Retainer agreements use Agile Scrum development which is a sprint-based system. It helps deliver the highest value and most effective product development for complex projects and relies on incremental development. It focuses on building the most important features first and a continuous process where additional features are added and adjusted based on customer feedback between sprints. This is different since other development methodologies emphasize on building the entire product from start to finish and then have subsequent iterations to work on the feedback. Agile scrum development has several benefits like
2. Working with industry experts
Helps you add highly experienced and well-trained members in every tech stack to work as an extension of your team assigned based on the requirement of the projects.
3. Easy Scalability
Imagine having to scale your team and hire resources to meet project needs and timelines in a hurry. Now imagine doing that with ease. Retainer contracts allow businesses to maintain the continuity of a project, scale and adjust resources.
Scale-up and scale down your team size with resources that work different tech stacks. Retainer teams provide flexibility in adjusting the resources based on your project requirements on a monthly basis.
5. Ease of management
Easily split tasks between internal and retainer teams, leverage insights and best practices shared by the retainer team to set up and optimize processes.
Hiring a retainer team is a cost-effective way to keep IT projects on track, with reduced internal resources at low risk.
A comparison of hiring an in-house team vs a retainer team
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