“Great vision without great people is irrelevant”.
Being a startup hiring good people might prove to be a struggle since the startups have neither the cash nor the fancy office to get the attention of the top professionals & efficient employees. But it goes without saying that for the success of any business specifically startup; only having the innovative idea is not going to suffice the task but also bringing the right people on board can make all the difference in the business.
Today, young workers are looking for an additional form of compensation: an organization that allows them to do meaningful work, offering opportunities for personal growth and autonomy. They also seek organizations and leaders that share their values and demonstrate their commitment to ethical behavior in the workplace and in the community. When such is the situation then the need is in being “EMPLOYEER OF CHOICE” from the point of view of startups, because they need to attract and bring together the best and brightest people to work on the challenges and opportunities of a new business.
Let’s see why and how startups are attracting talents right from fresher’s to senior management professionals.
- House of innovation, challenges & opportunities
People always have desire to achieve something new, that to which is challenging. In a big well set up organizations employees generally have to follow the pre-defined code of conduct; which don’t provide much opportunity on the part of the employees to show their creativity. On the contrary Startups provides the platform, that most of the talented employees want, by creating and innovating something new and different and presenting the same innovation as an challenge to complete which tempts those talented employees to participate and contribute something and be the part of upside of the business. This is how the innovativeness of the business model itself proves to be an attractive factor for a talented pool of employees.
- Building the company’s image as an emerging brand
As a startup creates the pull of attractiveness through its future prospects for which the employees want to work can further be intensified by building the company’s image. One of the possible techniques used is word of mouth by making the existing employees company’s brand ambassadors. It would work on how they share positive feedback about the company which would attract more like minded people. Also the employees can be offered monetary incentive for successful referral to quickly find talented people for the organization.
- Make way for creativity
In startups creativity is given much importance. Employees are given much freedom in this front, resulting in removal of roadblock as far as their creativity is concerned and also eradication of red-tapism, as there is streamline approval process to allow for greater ease between ideas & their fruition. This sort of offering by a startups helps to fetch them the best of the best creative people for their success. Also startups try to make the workplace an ideal place to be in by attaching meaning & purpose to whatever employees do to the success & failures of any business.
- Giving something attractive in lieu of salary
More and more startups are realizing the power of ESOPs to hire the best talent, particularly for positions, where the salaries are not easily affordable. It’s difficult to resist an offer where there are chances of turning into a millionaire overnight, when the company get funded or acquired or go for an IPO. ESOP’S come in a lock-in-period. So employees can exercise the options only after the vesting period is over & hence they are likely to stick around longer in the company to reap the gains. Thus talented employees and managerial professionals do not miss a chance of turning into a millionaire overnight; over and above this the employees get a sense of ownership in the organization if they have a significant number of shares which will in turn motivate them to create value for company.
This is exactly what FLIPKART did, nearly 1/4th of this E-commerce startup’s 7000 full time employees own a stake in the company. Over 400 of its employees turned “MILLIONAIRES” after the firm received $1 billion in funding.
- Generating the need for recognition amongst the fresher’s
Fresher’s always have a need of getting recognized at the place where they work, which can be satisfied in the startup where there are only limited number of employees, where a good performer can be easily get noticed in comparison to a larger company where there are 1000’s of employees. So the adventurous millennial often chunk those handsome job offers in pursuit of a risky but more satisfying startup job. Also one of the prospects of any individual associating themselves with the startups is to grow along with the company. The motive here is to build the work identity around a cause rather than a company.
“Startup life represents a distinctively different culture than is found within traditional corporations which, for many employees is actually a perk.”
- RICH SLOAN
Co-founder (STARTUP NATION)