“Employees are a company’s greatest asset; they’re your competitive advantage,” Anne M. Mulcahy, the former chief executive officer of Xerox once said. “You want to attract and retain the best.” Her words should resonate whether you’re running a multinational corporation like Xerox or a small startup firm. However, large Fortune 500 firms arguably have a much easier time attracting talent. Startup businesses like yours need to use their ingenuity to attract the best talent.
How can I compete with the salaries and stability large businesses provide?
Large corporations can offer top talent lucrative salaries and stability that startups firms like yours usually can’t provide. So you need to bring something else to the negotiating table that’s as powerful. For many startup organizations, the best bargaining chip is equity.
You might consider offering desirable talent financial equity in your business. Many talented applicants will willingly forgo a higher salary now for the promise of potentially greater financial rewards in the future. Financial equity also helps your talented new hires feel truly invested in your startup and its success. Use that investment to your advantage and make sure your talent becomes involved in business decisions. Listen to their opinions about new products and business strategies to put the best in place.
Startups typically have high employee turnover rates. If you can make your most talented employees feel invested in your business early, they’re likely to remain loyal to your organization.
How can I show we value work-life balance?
There’s a perception that because startup firms are small and trying to get on their feet, workers need to put in long hours and sacrifice their work-life balance. However, most startups know that helping workers balance their professional and personal lives will make them more productive and effective employees.
You can attract top talent by making your commitment to work-life balance clear. A PaperG survey found more startups are offering their employees perks like gym memberships and nutritious meals. While these benefits are a good start, some say they don’t go far enough.
Chad Halvorson, the founder and chief executive officer for When I Work, wrote in Inc. that startups should offer substantial parent benefits to attract and retain top talent. While this can come at considerable expense to an organization, it’s small change when compared to the cost of hiring and training new staff to replace workers who feel your workplace doesn’t align with their lifestyles.
You could also promote your workplace as a flexible one which allows working from home or a remote office like a WeWork space. You might also offer your employees variable start and finish times when required. These perks should be extended to all members of staff, not just parents, to ensure there’s no resentment.
How can I attract independent thinkers?
We live in a culture of collaboration where we’re taught that the best businesses work together as a team. That’s especially true in the startup space, where small teams come together to work toward business goals. With this mentality, the importance of independence can often get lost.
However, the value of independent thinking to a startup organization can’t be overstated. Independent thinking leads to innovation. You can appeal to top talent if you show you value their independent natures.
Promote your business as one where unique perspectives are appreciated and encouraged. You may also like to set aside time in your work schedule for your employees to pursue independent projects. Giving employees one day a month, for example, to explore things they’re passionate about can be very enticing for top talent. You may also be surprised how these passion projects could later benefit your business.
How can I appeal to people with a love of learning?
The most talented individuals often don’t want to stay in the same professional place. They have a love of learning and continually want to improve themselves and their skill sets. You can appeal to this desire for knowledge by providing training and development opportunities to motivated staff members.
While such education schemes may seem expensive for startups, Business Collective insists that helping employees pursue further training is typically less expensive than providing higher salaries or better benefits. You could always offer to pay a percentage of tuition fees or give employees time off to attend classes if you can’t afford to absorb 100 percent of training costs.
The promise of professional development may be just what encourages new talent to join your team. People want to be associated with businesses that invest in their employees, whether they want to pursue further education or not.
How can I attract talent from different locations?
Smart business owners know that the best talent isn’t just found in their city, their state, or even their country. So, to attract the best talent, it makes sense to broaden your scope and look beyond your own backyard. This is much easier than it was years ago thanks to the rise of social media channels and video conferencing tools. Through these tools, startups can connect with people living in diverse locations and even interview them to see whether they’d be the right fit for their organization.
Moving to another city carries a greater degree of risk, so it’s understandable that some talented people are reluctant to move for a position at a startup firm. You can address this problem by going the extra mile and helping workers relocate. You could offer suitable candidates a relocation allowance in exchange for a lower starting salary.
But why stop at the United States when there’s a world of untapped talent at your disposal? Business Collective says few companies help international employees secure the employment visas and permits necessary to work legally in the United States. Your willingness to handle this paperwork can make your startup seem like an enticing choice for any talented international residents wanting a new life in the U.S.
Finding talent
How should I word my job ad?
Think of your job ad as the first conversation you’ll have with a potential new hire. When you think of your job ad this way, you’ll start to understand the importance of the words you choose.
You want your job ad to stand out from the competition. Job ads that stand out get noticed by top talent. They make the businesses that post them seem like desirable places to work. These first impressions matter.
Make your job description clear and specific. You want talented workers to identify themselves in your copy and think the role you’re advertising is made for them.
However, your ad shouldn’t stop at your job description. Writing about your startup and its corporate culture is just as important. Emphasize the features of your business that make it a great place to work, so that talent can start to imagine themselves at your organization.
Should I advertise on social media?
While traditional job websites and recruitment services still provide viable channels for attracting talent, social media platforms can be great places for finding talent. People use social media in their daily lives, not just when they’re looking for work, so leveraging it can help you reach a wider pool of people.
Social media can also give potential new hires a real sense of who you are as a business. Think of every post you make as a way of advertising to talent, not just your job ads. Businesses active on social media show that they’re innovative, interactive, and transparent, all characteristics many talented workers look for.
Should I headhunt people?
Media tools like LinkedIn make it easier to headhunt talent than ever before. This professional social media channel lets you search for people with the desired skill sets and reach out to them online. This is a great practice because it helps talent feel valued. The people you reach out to may not be actively looking for work, but if they like your pitch, they may consider joining your startup. If they’re not interested in leaving their current positions, they may be able to suggest other talented professionals you could work with.
Headhunting won’t always help you snare talent, but it works in enough cases that it’s worth taking the risk.
Enticing talent to bypass big corporations and join your startup firm may seem daunting, but remember that as an entrepreneur, you’re known for your creativity and problem-solving skills. Use that ingenuity when thinking about how to attract talent, and it’s sure to pay dividends.