Startups are perceived as disruptors of the market. Thus, hiring talent that has the capability to disrupt the market is no more an option but a necessary survival point for them. Till about 2 years ago, startups, especially unicorns, flushed with funds were throwing fat salary packages to hire the best and the brightest talent from the campuses. But 2016 has seen investors tightening their purse strings and pressing the founders to become profitable.
The irony is that one needs top talent to drive founder’s vision to emerge as a successful and a profitable company. Thus, the question arises how to hire right for your startup without spending considerable amount of investors’ money. Here are few hacks for startups that are on a look out for good talent:
Founder as a brand
As a founder or promoter of a company, your pedigree and track record will go a long way in shaping your brand value as a leader who can lead a bunch of enthusiastic and risk taking youngsters to join your company.
Candidates today are ready to experiment and take up challenging assignments and are more attracted by professionals who have an excellent track record.
Prospective candidates have started doing more research about the companies before even applying for a job. If they like what your startup is doing or perceive you have the potential to disrupt the market segment, they are more likely to apply and come on board with a fresh perspective and ideas to take the business to the next level.
Before you even schedule an interview with a bright chap or pitch your company to a prospective talent, you need to be clear about the kind of team structure you would like to put in place, hierarchy model of the company and number of people a particular function needs. Remember random hiring will result in significant attrition if your company hits a rocky phase. Realistically speaking, every startup goes through this cycle and that’s when many founders realize that they have hired more people than needed or expanded fast because they hired more people. (Read Housing, Common Floor, Zomato, TinyOwl)
I believe in a saying that if you can’t give a crisp brief to your team then never mind quality of talent, they will never be able to execute your vision to anyone’s satisfaction. Similarly, having a clear and crisp job description in place will help you identify the kind of talent you need to hire. Being in the HR recruitment space for over 3 decades, I can confidently say that candidates don’t like to apply for open-ended job profiles or unclear responsibilities.