All startups are in a precarious situation when it comes to hiring top talent. Often, they have neither the reputation nor the capital to attract experienced and respected professionals. But, for startups, hiring right people is critical. There’s little room for flubs when it comes to personnel. Your employees represent your business. Startups are fragile and need the very best talent to help lift them off the ground. Astonishingly, 75% of all startups fail; 25% of them go under within the first year. A wrong hire in the early stages could be a startup’s death knell. How is it possible for startups to get the very best and brightest when you don’t have a gleaming office building on fifth avenue or six-figure salaries to flaunt?
Here are four ways startups are finding their best talent:
They build an exciting brand:
Great brands are ones that seek to show consumers and employees that they are part of something bigger. Companies like Apple underline the importance of those that comprise them and the power of the consumers that are loyal to them. Building an exciting brand is about creating something that is not ego-centric. The brand does not trump up itself. It presents big ideas; ideas larger than its leaders and the company itself.
They hire based on culture, not credentials:
Professionals with long resumes come at a high price. If they’ve worked at large corporations, while they may be exceedingly qualified, they could find themselves floundering with a small team. Even if you could nab top-tier talent at a discount, they may find the work unsuitable for their skillset or too demanding for the salary, and you run the genuine risk of losing them. Unfortunately, turnover is just too costly for startups. Most startups simply can’t afford to hire employees traditionally. Startups, especially in their beginning stages, aim to grow rapidly and need committed individuals who understand the company’s goals and don’t mind going the extra mile. It’s more important that the employee understands what their role will be than where they worked previously. Likely, they’ll be working with only a few other individuals, so they’ll need to meld into the culture rather seamlessly. They must be excited about joining a team that aligns with their values and committed to seeing that team flourish.
They never underestimate college grads:
College graduates are hungry for experience. Ideally, they’re looking to test their knowledge and skills to the limit. It can be scary to hire people without any real-world experience, but catching talented people early in their careers can be the secret to building a business that lasts. It’s challenging to hire recent grads that will fit, but if you invest the time to vet them thoroughly, you’ll save money and possibly gain a lifelong employee.
They go remote:
Remote work has a myriad of benefits for both the employer and employee. It lowers expenses, such as money spent on office space, and it boosts productivity. In fact, remote employees report higher job satisfaction and usually work longer hours. Best of all for startups, a great number of highly-skilled workers are willing to take a substantial pay cut in exchange for remote work.
It sounds like an impossible task to hire the absolute greatest talent at a brand new company, but, in reality, it’s really quite doable. Startups that are successful hirers emphasize their potential, their unique culture, and ideas. They highlight that they do things differently, perhaps even better, than traditional organizations, and invite qualified professionals to be a part of it. Most importantly, they empower their employees more so than established brands by offering fully remote work and by investing in promising new talent.
New startups should endeavor to emulate these ways of acquiring the best talent. If you’re having trouble making hiring decisions, review these 4 ways other startups are finding success and continually reach out to those you might be interested in. Don’t rule out going to events and networking with other business owners as this can be the best way to run into potential employees. Be patient, but don’t be too hesitant — you may miss a golden opportunity to employ top talent.
Have you read?
CAVE GPS: A System for Mindful Leadership by Dr. Steve Taubman.
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Why it pays to be a green CEO by Dexter Galvin.
5 Tips On Being a Boss In The Millennial Age by Guillermo Fernandez Riba.
How to Renegotiate Your CEO Employment Contract When You Have Achieved Success by Robert Adelson, Esq.