Startups: How to Hire the Absolute Best When you Lack Cash!
Starting your own business is quite the exciting adventure, but it can be difficult to find the right candidates.
Congratulations! You made it! You have now a rising Startup and you seem to be doing really well. Things are looking good for you and you need more manpower to continue expanding. You started looking for new top candidates, yet they seem to be slipping through your fingers. Either going with the competition or because they’d rather work from home, they do not end up choosing your company. It seems to be a recurring problem by now.
You need the best, and only the best. Candidates are scarce and it’s hard to compete with the big guys. Worry not, for we are here to help you get the absolute best candidates without having to burn all your cash! You’re probably wondering how, since everything you tried so far hasn’t seemed to work. But just read below, as we bring to you 4 simple steps to hire the absolute best for your business!
- Believe in Your Product
It may seem obvious, but it never quite is. Many choose to build a Startup over someone else’s ideas, or just because they believe they will make money with it, while being their own boss. But they don’t believe in the product itself. And it shows. It shows big time.
It’s like couple’s therapy. Before you can advance to the next level of commitment, you need to fix the current issues. You and your product must be one with each other. You need to believe in your product, breathe your product, talk your product. Only then will you truly be ready to get people on board to work on it and succeed. Because at that point, they will also be motivated by the work and treat the product as their own.
Choose the way you wish to present your product when hunting for talent. Show energy, show passion, show them why they should choose you over any other Startup!
2) Offer Perks
We understand that early on, things can be quite hard money-wise. However, you need to keep up with what other companies offer in terms that are balanced. Most companies offer good perks, so don’t be short on affordable perks like: commuter benefits, health benefits (choose the best you can afford), substantial stock options, cater lunch, gym memberships, and so on.
Listen to your current team and survey them about what’s important to them. Find out what’s lacking and what can be done in an affordable way. The happiness of your current and future employees is key to the success of your Startup.
3) Work Flexibility
Most Startups are located in business-centric areas. Rent is usually too high for employees to live nearby. This means that most employees live in the outskirts or at least far enough away from the working areas that commuting in can be taxing. Every time that your employee is coming to work, they spend hours of their time and money to reach the workplace. This can be a burden and could mean candidates refusing your job proposal.
In order to solve this, be flexible! Most work can be done from home, and many employees would love to spend some more quality time with their families. By cutting down on their commuting needs, they will be happier. This doesn’t mean that you will resort to remote work, but that some days, your employees will be allowed to work from home if needed. Also, they will have the flexibility to choose their working hours, so long as they reach their goals.
4) Competitive Salaries
This could be a tricky one if you just started up, but it’s an important one. Big sharks like Facebook and Google are able to afford paying $250–300k for senior positions in San Francisco. We understand that most other companies cannot compete with that, and candidates do too. However, it is important not to fall below the market average, being, for example, $70–80k for the same location.
Make sure to check the average annual pay in the area where your Startup is located. And make sure to have the funds. Offering job positions without having the budget would only mean wasting the a recruiter’s and candidate’s time, and that will bring a negative reputation to your brand. If you are unable to provide the market average, then you might want to start by hiring remotely overseas for the time being, and upgrade to local hiring once the budget can be covered.
By keeping these 4 basic tips in mind, you will be able to attract the absolute best candidates for your startup. You will be able to compete with many other companies and offer appropriate solutions for the candidates to choose you over the others.
Stay tuned! http://bit.ly/2lyOdw7
We are soon launching the beta of a Talent marketplace that aims to match quality software engineers, designers and other tech specialists with selected startups. You can sign up here for free early access to specialists and startups.