Have you ever thought of leaving your seven figure salary package of some big brand to work for startup? Surely, it takes lot of courage. However, a recent study by TimesJobs.com portrays a different picture. According to the study, almost 55% organisations witnessed candidates changing jobs to work in startups.
This is not an easy task for an employee especially when he/she is already employed with an established brand or corporate house. But a large number of young professionals are declining lucrative corporate jobs to venture out into making their own dreams a reality.
“Startups are going to be the Engines of Growth for 2015. The entrepreneurial spirit, backed by strong education, ample capital and economic policy support is going to be the engine that drives India into its next growth cycle,” says Vivek Madhukar, COO, TimesJobs.com.
Now, what makes you decide whether to switch from a brand to startup? As per the industry leaders there are many things which an employee need to ensure while accepting a startup offer. Let’s find out what are the key factors.
It is true that startups are good paymasters but your salary is directly related to what value-add you bring to the organization. While accepting a startup job offer, be sure to factor in ESOPs (employee stock ownership plan) and possibilities of gaining ESOPs with tenures.
“Startups have increasingly become competitive pay masters compared to established large companies. But expectation from the role would also be high,” explains Anand Subramanian, director-communications and lead-internal communications and employee engagement, Ola Cabs.
As you know, early startups cannot match with the corporate set-up, it is always better to look culture at the startup work space to ensure that you are able to fit in and be productive. And never forget the possibility of stretched work hours, since the company is in the early growth phase.
Be open to Change
Most importantly you need to be open for change. You have to put things in place when you in startup, unlike brands where you have intense detailing in terms of organisation structure and processes.
Saurabh Nigam, VP-HR, Snapdeal.com says, “Domain knowledge and prioritising work sensibly will help you sail through the long work hours.”
Taking accountability for what you are expected to deliver, at times even deliver what is not expected is important in startups.
“Be ready to give it all you have if you are choosing a startup over a large company. The industry is constantly looking for people who are passionate and have fire in their belly,” said Upasana Nath, chief recruitment officer, Zomato.
Do your prior research to overcome risks
When you are in early stage of your business, risks are greater. Therefore, always do your research on company, use websites such as JobBuzz.in to assess relative strengths and weaknesses across the industry.
“Don’t be hesitant to ask questions about revenue, profitability, competition and other such things during the interview process. And, always have a Plan B in place, in case the stint at the startup fails,” said Vivek Madhukar, COO, TimesJobs.com.