Hiring Strategy for Startup Owners
The only sustainable competitive advantage for any organization is finding the best talents and learning faster than the competition. And this is true for any industry! Hiring talents for a startup is a very different process compared to hiring for a well-recognized company. Building an effective team is one of the most challenging tasks for Startup owners. Startup owners do not have the internal resources to start an effective talent search. It takes years to build a strong brand that can be recognized internationally. Employer´s branding is compelling to attract talents, giving a severe competitive advantage to well-established businesses when they advertise their vacancies.
Here are our top recommendations for startup owners:
- BENEFITS: To compete for the best talent, startups with limited resources must get creative. Since startups usually pay less salary than established businesses, unique perks and benefits can help to stand out in a crowded job market. We recommend you to focus on great benefits such as remote work, flexible time, additional paid time off for employees who achieve their targets. And of course, today more than ever, private health insurance is a must.
- REFERRAL: Create an employee referral bonus policy. This way, you will reduce your risks by hiring a talent who is already known by a team member while at the same time rewarding the employee for recommending someone. The new hiring will likely share the same values and adapt well to your culture.
- PROMOTE YOUR CULTURE: Remember that potential candidates will not apply just for the money! The desirability of startup culture among job seekers is a considerable advantage. They want to feel excited about the company´s vision, mission, and values. When joining your organization, they want to be part of this new adventure and change the world for the best. It would be best if you inspired them and offer exciting growth opportunities. While it may take years to grow within a large established business, they should know that the top performers may benefit from a fast promotion within your organization.
- OUTSOURCE: Focus on your commercial and operational activities and outsource the selection process to experts who specialize in your sector/industry. This will allow you to save time and benefit from the headhunter’s large pool of talents.
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