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Startups face a unique slate of challenges during recruiting and retaining talent. After speaking to many founders, these are the two best hiring tips that tackle their top challenges in recruiting and retaining talent in the most efficient way.
Challenge in recruiting talent: Time-strapped founders who have limited time to spend on hiring
Startup founders are often covering different areas of the business: product, tech, administration, finance, marketing etc. The amount of time they can put into hiring is limited, and this may result in them making slipshod hiring decisions.
Solution: Increase the quality of applicants and decrease the number of resumes you have to look through by being specific about precisely the kind of characteristics and skills you want in your job description. This will help to filter out candidates who apply to generic job postings, and reduce the time you have to spend on interviewing and assessing them- all while making sure you get the right fit for your team.
Challenge in retaining talent: Limited financial resources to provide a competitive package of employee benefits
Startups are competing with large companies and other late-stage startups for talent. But given their financial constraints, most early to mid-stage startups are unable to provide the same attractive employee benefits package (transport, healthcare, insurance, holidays etc.) This can result in employees leaving the startup after some time to pursue a job at a different company.
Solution: Identify advantages unique to your startup and make sure that you are intentional in broadcasting them to your potential employees. Make up for what you cannot offer in material benefits with the intangible benefits: growth, mentorship and personal development. These often attract sincere and genuinely passionate candidates. Such advantages could be fast career growth and progression, direct mentorship under the founders, and the opportunity to dabble in different aspects of the business depending on their interests, despite not having prior experience.
- This reply was modified 2 months ago by Matthew King.