Eclipse, a tech start$-$up founded by Emily Davidson, is making waves in the industry with its innovative solutions. Emily, a former software engineer, decided to pursue her entrepreneurial passion and left her prominent role in a renowned tech company in Silicon Valley to establish Eclipse. The start$-$up experienced rapid growth, garnering significant attention and interest within a short span. With an expanding clientele and ambitious projects in the pipeline, Emily recognizes the need to build a robust team of skilled software developers who align with Eclipse's innovative culture. To assemble this team, she is exploring recruitment from established tech companies, other start$-$ups, and independent freelancers. Emily believes that before initiating the hiring process, she must develop a competitive compensation plan to attract top$-$tier talent and maintain parity with industry standards.

Ques. $4.$ In your role as an HR consultant at Tercer, Emily engages your services to guide her in formulating a compensation plan for the software developers she intends to hire at Eclipse. Considering the given context, elaborate on the key factors that Emily should take into account when crafting the wage plan to ensure its effectiveness in attracting and retaining top talent within the competitive tech landscape.