Three ways to attract (and retain) talent

When launching a startup, having the right talent on board is an integral part of the company’s growth. With startups working on budget constraints, they cannot afford to make mistakes while hiring employees. A wrong hire could potentially keep the business from growing. Since startups are yet to establish their credibility or brand, it can be difficult to attract the best talent. How can startups beat the initial hassles and lure top talent?

1. Defining yourself and your requirements:

Entrepreneurs have to define their goals and figure out the skills that the company requires. The job description is a significant part of the hiring process, and forms a solid business case for persuading the right talent to work at the company. It is important to understand which aspects of the business can appeal to the candidate, and market that to the talent the entrepreneur wants to attract.

2. Convincing employees to work for you:

Hiring talent works both ways — it should prove to be beneficial for the business and for the candidate. As an entrepreneur, how do you target different sets of employees to show them that working for a startup is going to benefit them? When hiring entry-level employees, show them there are solid opportunities for growth within the company, while for middle-level managers, convince them that your business has the capacity to stay. For an executive, the candidate might be drawn to holding equity with the startup.

3. Networking:

A major chunk of your recruitment hassle is wiped away through means of networking. If a candidate is sent as a referral to you, chances are that the contact who forwarded the referral has already done some screening. Offer incentives and rewards for referrals received from employees. This is an effective form of hiring since the employees who refer the candidates already have an insider’s view on what the company requires. They would also understand what skills are required and refer candidates who would match the job profile.

Bringing it all together

Every employee contributes to the overall success of a startup. It is important that small businesses take the time to decide on the right candidates, and offer them the right compensation for the expected work. A bevy of other benefits like equity, and convincing them of the startup’s staying power, can remove the fear of risk amongst potential employees.