The Business Herald’s markets and banking reporter.

Xero offers 10k bonus to new employees

Xero's shares surged to a new high of $13.10 today. Photo / File
Xero's shares surged to a new high of $13.10 today. Photo / File

Accounting software provider Xero is offering a $10,000 bonus to new developers who join its Wellington-based team.

The company, whose shares surged to a new high of $13.10 today, giving it a market capitalisation of more than $1.5 billion, says it has a number of roles it needs to fill, including junior and senior positions in teams working on "the diverse set of apps that make up the Xero platform".

Successful applicants, who must apply directly to the company rather than through a recruitment firm, will receive $5000 (gross) on the six month anniversary of their employment and the balance after they have been working for the company for a year, Xero said.

Chief executive Rod Drury said the firm had offered a similar incentive when it ran a recruitment campaign for quality assurance staff last year.

"Obviously it costs us quite a lot to use recruitment firms," Drury said.

He added that the recruitment market for software developers was tight, with Xero, Trade Me and Orion Health all competing for talent.

"The IT career space is pretty hot."

In February Xero announced that its global paying customer base had surpassed 135,000, with monthly recurring revenue of almost $4 million.

Shares in the company, which is yet to turn a profit, have gained 75 per cent this year.

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