Salaries The salary is an essential matter in employment; therefore, we have it visible to everyone

Salaries

The salary is an essential matter in employment; therefore, we are clear about it from the beginning and we have it visible to everyone.

Codeo pays its developers a very competitive salary

• The salary of our developers is top 10% in the industry in Finland.
• In 2023, 85% of our turnover was spent in salaries.
• On average, a software developer received monthly 50% of the customer invoicing + holiday pay and other employment benefits.
• The median wage in the year 2021 was 6 487 €/month.

Our salary model is explained transparently on its own page. In the model, it is essential that the work done has a direct connection to the earnings, and that the whole personnel participate in the company’s profit distribution.

Salary raw data

Codeo is truly transparent and that’s why we published our salary data. Figure 1 below shows raw salary payment data from the last 12 months. Salaries are shown as they have left the account. That includes the base salary, commission salary, annual bonus, sick pay, annual vacation pay and vacation pay.

The daily life of the company can be seen in this raw data image with different variations: The previous year’s bonuses have been paid in February of the following year. Sometimes new employees start working at Codeo in the middle of the month, and sometimes someone has wanted to work short hours due to child care. Sometimes the vacation has been extended without pay, the commission payment schedule has been adjusted, and so on. Comparable salaries calculated on the basis of these realization figures can be found in Figure 3.

Figure 1. Raw data on the salaries paid by Codeo to its developers over the past year. Each point represents the salary of one developer in a given month.

Salary comparison

The comparison of the salaries paid to developers at Codeo with the general salary level of the professional group is shown in Figure 2 and 3.

The general wage level of software developers has been chosen to describe Statistics Finland's material for the occupational category "25 Information and Communication Technology Specialists".

At Codeo, earnings consist of a base salary and commission, sick and annual leave pay, annual bonus and vacation pay. The figures are based on raw data (Figure 1), from which special cases have been removed that affect comparability  with the salary of a full-time developer. These include, for example, part-time work and unpaid holidays.

Dividends

We have been paying dividends since 2018. While rewarding coders is primarily based on a share of turnover, dividends play an important role in rewarding principal owners. The following documents contain Codeo's entire dividend history:

Year 2018, 2019, 2020, 2021