How Startups can Attract and Retain the Right Talent

Startups are different from established organizations. Startups require toiling to firm their foot in the market. They are still in the growing stage and require people who are willing to work hard and handle multiple tasks at the same time. The question that arises here is — Why would talented people work for a startup when they have many other options, which are way easier? With the right approach, you can find people who are willing to take up the startup challenge. Here are some tips on how start-ups can attract and retain the right talent.

Startups are different from established organizations. Startups require toiling to firm their foot in the market. They are still in the growing stage and require people who are willing to work hard and handle multiple tasks at the same time.

Communicate your purpose?

Sell your story on the right job posting platforms so that the right talent can discover you. Pitch yourself to potential employees like you would in front of investors. Share how your company was born, where you are headed, and what impact you wish to create. When you do this, you will attract people who relate to your vision and are willing to work passionately towards it.??

Don’t hire for the wrong reasons?

Do not hire to increase your headcount or to please an investor. An ill-informed or rushed hire will cost you more than a vacant position. While hiring, quality is more important than quantity. The purpose is to have a small team of dedicated people with highly-diverse skill sets.?

Invest in a performance-based reward system?

The people who work for an organization are way more important than any other asset. Always appreciate and recognize your employees’ efforts whenever required. Offer your employees part in equity through incentives like ESOP. This will motivate them to put in extra efforts as their reward will be directly proportioned to the growth of the company.?

Offer freedom to express ideas?

At the budding age of your startup, you can always benefit from new ideas that your employees have. The talented people you wish to retain will always have new ideas to grow your business. Give importance to their ideas and give space to them to contribute to the company. This will also increase the feeling of belonging and make them feel valued.?

Give nonfinancial reasons to work for you?

Lead your team with passion. Focus on building a great company culture and inculcating unbreakable team spirit. How your employees talk about you outside of work impacts your growth, so make sure they only have good things to say. You should advertise your purpose through good messaging on how your potential employees would create a direct impact on you.?

While hiring for a start-up, keep in mind that you are not filling mere positions but building a team of future leaders of your start-up. Also, keep finding ways to upskill your employees. This helps to keep their skills in line with the organization’s goal. Upskilling also gives the feeling of learning new things for the employees, which keeps the ‘right talent’ interested. Attract people by portraying that you are doing something meaningful and have ample room to grow.