The biggest challenge for any young startup is recruiting the right talent since there are limited capital and resources. Business entities have to build everything from scratch, so finding the passionate, hard-working, and resilient people are of absolute requirement. And what makes recruitment more challenging is the fact that new startups do not own a huge brand name and hence they cannot offer competitive packages, which makes it hard to convince the right talent to join them for the long-term.
Recruitment may be a daunting task, but it is yet fundamental to the startup’s success. As per the Startup Outlook 2018 also, the majority of startups quits or gets failed in the very first year, and the recruitment process has come up as the most critical parameter for the estimation of the failure or success rate of any new startup.
Here are the ten most useful tips for any startup to attract the best talents.
1. Build a Powerful Mission and Vision Statements
For any business, it is imperative to work towards common goals and objectives, and for that, a company requires a mission and vision statement. If you have a great mission and vision, you can attract and convince top talent without having enough financial resources or offering colossal amounts (paychecks).
The founder must represent the statements in such a way to the potential employees of your company, that it should excite them to work for the long-term. The best talents mustn’t leave the company, especially during the growing period.
2. Word-of-mouth Marketing
The fans of your company, who have also taken the ownership within, tend to work harder than the regular employees. Also, if you get succeeded in creating an overwhelming environment for them, they will enjoy working for your startup. Also, they will promote your business regardless of the paychecks they receive every month, which makes their closed ones (friends, family) to join your startup. Eventually, it is the word of mouth marketing, and it is one of the most significant strategies to attract people with the right skills for your company.
3. Continuous Talent Hunting
If you want to recruit the right talent for your startup, then you must not wait to begin the search process until you get any specific opening. Because sometimes it takes more than a dedicated time for talent hunting and to hire the perfect teammate, which causes hiring lags. So, to avoid it, you should keep an entrepreneurial spirit and continuously cultivate a pipeline of talent. For this, you can participate in local university entrepreneurial events and can attend local design and development meetups, etc.
4. Test Exceptional Skills (Not Only Credentials)
While the recruitment process, you can estimate one’s ability from the credentials. But the most significant thing is to discuss in detail the experiences candidate holds. You can give the candidate a few tasks, as an example; allocate an uncomplicated development task on the product side or questions (mock sales) to analyze the marketing side. It is a magnificent way to know the time management and practical skills of the candidate.
5. Contemplate Hiring Remote Employees
Be open to the hiring of skilled employees from remote areas. As per a study, in recent years, the most challenging aspect of the recruitment process is the unavailability of the talents with the technical skills within the local area.
Therefore, to come up with this situation, recruiters have now developed a culture where they entice the remote employees by offering flexible working arrangements. Either providing them the facility to work remotely as a no-cost perk or allowing to work two days from home and rest from the office. It is an excellent way to have an entire world full of skilled employees to be chosen.
6. Offer Genuine Benefits
Another trending way to recruit the best talents for startups is to provide them with the luring benefits that they cannot deny to work for your organization. You can offer ownership or employee equity and combat potentially lower cash salaries (as compared to the competitors).
It is an effective way to align employee and founder incentives, which helps in retaining the best talents. Another, budget-friendly benefits like allocating food, technology, or residence can also attract skilled employees or with the best abilities.
Healthcare benefits are also luring, which delivers about 8% of compensation. Besides, you can also provide some form of HRA for providing tax-free cash and can pay for insurance.
7. Build Your Brand from Day One
Mostly, people would like to work more with one of the popular brands rather than a local startup. Top talents are putting efforts into building their carrier by figuring out the possible growth opportunities. Therefore, if you want them to join your startup and help you to grow then carefully market your company. You must hire a professional who can rank your business on the top of the social media platforms. Arrange or attend the sponsored events or meetups to advertise your company as an additional beneficial tip.
8. Hold onto Your Existing Talent
Learning is a lifelong process and talented people endeavors to be always surrounded by other talented people so that they can learn from their experiences and have more knowledge to have constant growth. Therefore, always hold onto your existing talent so that they can attract more prime talent. And your company can have numerous employees driven by the motivation to work more efficiently and by putting all of the hard work and efforts into it.
9. Offer Challenging Projects
As already discussed, we have come to know about the particular character trait of talented people. But the most dramatic tip which helps in attracting the right talent is accepting the new challenges. Well, it may sound a bit confusing to you, but even the psychology says talented people believe in practicing brainstorming, so they do not like to spend their time over boring projects rather they keep on searching for other exciting and challenging tasks.
10. Partner with Universities for Talent Hunt
To partner with universities is the best way to recruit the best talents since fresh college graduates have a passion for starting their careers. Also, as a plus, they do not carry expectations over from their former workplace. The young graduates are open to skill drilling and are usually up-to-date with recent technologies.
Therefore, if you want to hire an intellectual portion of talent who are dedicated and passionate, you have to set up relations with the top universities. The recruiting process is to be organized every year to obtain fresh talent both for internships and regular employment. A brand can be built on campus with a short-term investment and a “long-term payoff” in return.
Hiring from a Job fair is one the best tactics to recruit the technical talent since you get an opportunity to meet up with various people with technical skills and abilities from different universities and then decide on the recruitment of the talents, which best suits your company’s product and services.
Recruiting the best and technical talent for new startups is merely a complicated process. But the ways mentioned above will help your business to lure the most significant skills and will make it a dream company to work with by following the different approaches.