The age of startups is
still mature and strong. It has been estimated by Worldwide Business Startups
that each year, 50 million startups are started; this translates to an average
of 137,000 startups per day.
The perception that they are a paradise alternative to blue
collar jobs is fading by the day. Currently, MBA holders are now ready to work
for companies that have over 10,000 employees and also startups that have less
than 100 employees.
This means that startups have to build a talent management
capability early enough if they have to attract and retain talent to secure
funding and grow their business. The sad fact is that most startups don’t take
this road. Most startups are focused on getting more bodies through their doors
and hope for the best down the road.
Now, for startups to secure top talent in their businesses, the
six timeless best practices we are going to look at are used for
entrepreneurial leaders to grow their business.
Hire for long-term purposes
Hiring with short-term thinking is a wrong way to approach talent recruitment. Most startups hire for the urgent tasks that are needed, instead of the talent they need down the road. Startups should focus on the level of skill needed in a leader or from a technical person, and not the immediate needs. It is important to know that every hire you make will contribute to your brand and in the attraction of more talent later on.
Hiring with short-term thinking is a wrong way to approach talent recruitment. Most startups hire for the urgent tasks that are needed, instead of the talent they need down the road. Startups should focus on the level of skill needed in a leader or from a technical person, and not the immediate needs. It is important to know that every hire you make will contribute to your brand and in the attraction of more talent later on.
Startups should focus on critical time horizons. When you
carefully plan for the next six, twelve- and eighteen-months windows, it can
reveal important skills that may be required later. If you hire people who can
learn the skills you need later and still deliver on the immediate needs, that
is a great investment.
Identify the skills you are selecting for
This is a basic point, but vital. If you identify the attributes and skills you need, and how you can cultivate upon them, you are on the right track; a resume can’t tell you that. When you identify your own strategy and the needed capabilities, you are at an advantage. It is recommended for an entrepreneur to look at three critical areas when hiring the right talent. Leadership skills, the technical path, and the emotional maturity to deal with the unknown.
This is a basic point, but vital. If you identify the attributes and skills you need, and how you can cultivate upon them, you are on the right track; a resume can’t tell you that. When you identify your own strategy and the needed capabilities, you are at an advantage. It is recommended for an entrepreneur to look at three critical areas when hiring the right talent. Leadership skills, the technical path, and the emotional maturity to deal with the unknown.
Candidates need to demonstrate their level of proficiency in the
areas stated above through simulations, work product demos, behavioural
interviews and other approaches that cement their confidence in what you are
looking for, besides their career histories.
Hire remote employees
It can be tough to hire the talent you are looking for in your local area; if you find yourself in this situation, consider hiring remote employees. The advantages of remote hiring are that you have a wide range of talent to can pick from, you can get services from professional talent, and you also avoid incurring huge expenses on a monthly basis because you only pay them for services rendered. In case you don’t opt for remote employees, you can allow flexible working hours for your employees, such that, a few days a week employees work from the office while the rest of the week employees work from home. This can help keep your talent or attract new talent to your business.
It can be tough to hire the talent you are looking for in your local area; if you find yourself in this situation, consider hiring remote employees. The advantages of remote hiring are that you have a wide range of talent to can pick from, you can get services from professional talent, and you also avoid incurring huge expenses on a monthly basis because you only pay them for services rendered. In case you don’t opt for remote employees, you can allow flexible working hours for your employees, such that, a few days a week employees work from the office while the rest of the week employees work from home. This can help keep your talent or attract new talent to your business.
Create roles that are scalable for people who are growing
Developing a futuristic organization is something that should be done with certainty. It is important for a company to shift from doing every kind of business to a more specialized business. An entrepreneur needs to design the future of the organization especially at key milestones that require funding.
Developing a futuristic organization is something that should be done with certainty. It is important for a company to shift from doing every kind of business to a more specialized business. An entrepreneur needs to design the future of the organization especially at key milestones that require funding.
What a startup needs when you need an MVP funding is different
from the initial round of investment from VC’s in what is called Series A
funding. Many startups are run by inexperienced people who are not aware of how
to scale their businesses. If clear roles are not formed with clear
expectations, the right people might not know what to do unless they are told
on a constant basis. When a business establishes learning processes and routine
coaching practices, it helps to ensure that getting the right knowledge to the
team help when the business scales and specialized work becomes the norm.
Don’t delay releasing some talent.
It is not easy to avoid early business turnover which most leaders are not prepared. During the development testing phase, preparing for pitches, and executing short-term objective, leaders can lose skills just like that. It might be due to the wrong hire, need for different skills, or failure to provide coaching. Whatever the case, don’t ignore the need to upgrade your talent, if you delay it, it can cause pain to your business later.
It is not easy to avoid early business turnover which most leaders are not prepared. During the development testing phase, preparing for pitches, and executing short-term objective, leaders can lose skills just like that. It might be due to the wrong hire, need for different skills, or failure to provide coaching. Whatever the case, don’t ignore the need to upgrade your talent, if you delay it, it can cause pain to your business later.
Great practices for talent management are not for mature
organizations only; every startup can instil the disciplines needed to attract
the right talent, and
develop the talent for long-term viability. It will cost you dearly if you fail
to invest now.
Comments
Post a Comment