Written by Aniruddh Parmar, Blogger and Software Analyst, SoftwareSuggest
With the advent of technological advancement, the number of startups is on the rise. You will find massive corporation bodies that dominate every industry. Despite that, a small percentage of startups manage to pull through the odds and eventually grown into a big name. Clearly, we are slowly adapting to the start-up ecosystem, and people are willing more than ever to invest their time and funds in it. In fact, fresh talents prefer to work in a startup as it offers a wide scope of learning and expanding their skills.
The Importance of Attracting Talent to Your Start-Up
After 101 startups were analyzed, a study revealed that the third most reason why startups fail is due to the lack of right team. In the case of startups, it can be a daunting task to find the right pool of talent. Choosing an employee can be critical; as this decision can make or break a company. So how do you find the perfect match for your company when you have limited cash flow, to begin with?
In this article, we are going to discuss the important five ways that you can strategize to find and retain the right talent for your start-up business. Shall we begin then?
How to Attract the Right Pool of Talent For Your StartUp
1. Developing a Great Company Culture
First thing first, LinkedIn revealed that 25% of candidates change jobs for better company culture. That’s why developing a great company culture is of utmost importance. It not only helps in retaining your existing employees but also helps attract top talent. So how do you do that? You need to make sure that your startup has two important things in place:
- The Right System: You need to create an engaging environment for your employees. It’s not only about working hard but rather efficiently. Lack of efficiency can demotivate any staff member.
- Strong Mission and Vision: People are automatically attracted to your company if they are able to resonate with your company’s mission and vision. These days, people know what they want. If you are able to show them what your business does, why you are different from others, and why anybody should care, then it makes the whole finding the right talent easy.
2. Build a Strong Media Presence
We live in an internet-driven world, and one of the first things that any job seeker do is check out your brand profile on social media. You need to have an active social media presence on different platforms, and let the word spread about your brand.
Social media is a platform where you can showcase the culture and value of your company. You can show them what’s in like for them to work for your company. You can post videos on your daily office activities, weekends fun, or your current big project your team is working on. Nothing can beat a strong social media visibility. Harness the power of the internet to attract the right candidate
3. Good Networking
The most effective way of securing talent is by networking. That’s true, you don’t use networking just to land clients but also new candidates.
Your first call should be through referrals. Word of mouth is the cheapest yet effective way to secure talents. So always try to foster positive word-of-mouth about your brand and team. By implementing a beneficial referral program, you encourage employees to reach out to their personal networks for you.
Another way is to visit industry events and conferences. These events and conferences are there to help people from similar backgrounds come together and share ideas. So it’s a great place to find the right match for your company requirement. Furthermore, you can join communities of start-ups. Highlight your works at those events and watch like-minded people coming to join your startup.
4. Do Job Interviews Right
The job interview is the most crucial part of any hiring process. It’s essential to hire slowly in order to understand the candidate’s skills and how they used those skills to their benefit. Nowadays, companies use applicant tracking system (ATS) to find the right pool of candidates for the company. It scans through the resumes and picks up the one that matches the companies skill set requirement. Once that is done, ask them about their past experiences, their difficult time and how they handled the situation, and more. This way, you will get to know more about the applicant and help you decide if the person can really do what you want them to do.
5. Retain Existing Employees
Last but not least, find ways to retain your existing talents. It’s evident that high turnover rates will restrain growth and leave your start-up in a bad position. In fact, the word may spread faster, and the young talent might not want to come work for your company. If your startup is able to retain existing employees, the chances are more likely that it will attract new talents.
You can try to hold regular meetings with your employees to discuss the company’s expectation. Furthermore, foster a positive work environment so that people enjoy working at the space. And the most important of all, the company goal should align with the individual purpose if you want your employees to stay for long-term.
It may be hard to compete with the big companies on the market, but by carefully strategizing your hiring process, you can undoubtedly manage to win the best employees for your business. Simply follow these five ways to attract the attention of the right candidate for your start-up and watch your business grow.
Looking for more? Download our Talent Management Buyers Guide for free to compare the top-24 products available on the market with full page vendor profiles, key capabilities, a talent management market overview, our bottom line analysis, and questions for prospective buyers.
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