Hiring good talent can be challenging under the best of circumstances, but startups often have even more challenges. Younger companies often do not have the cash flow necessary to attract top talent and hiring the wrong person can sometimes lead to startup failure. It’s important to be careful with hiring decisions and do your research ahead of time.
Hold onto Current Talent
If you already have a few outstanding employees, hold onto them as much as possible. Good employees want to work with other talented individuals and being around these kinds of people will encourage consistent growth. Employees will be able to learn from each other, and this type of culture is what attracts other great people. One way you can focus on retaining current talent is by offering great benefits, even if you can’t pay them what they want.
Look into different healthcare plans, vision benefits, and dental insurance, and consider offering a generous paid time off policy. For many employees, the benefits are just as important as the salary. You can make it more affordable to offer benefits by contributing some of your own money as you get started. One way of doing this is by refinancing student loan debt into a new one. A student loan refinance allows you to reduce monthly expenses, freeing up more funds for your business.
Have a Mission Behind Your Company
You will likely be unable to offer a high paycheck or many benefits to your employees. To convince potential employees to choose you, you need to have a strong vision and purpose behind everything you do. It’s important to present your company well. Of course, you need to be able to back up what you present. Being a good place to work will encourage employees to stay for a long time and can reduce turnover rates. If employees enjoy working for you, they may even spread the word and ask their friends to consider applying as well. By maintaining a positive company culture, you can encourage employees to add value to your organization.
Hire People Who Care About You
Hiring people who are already fans of what you are doing means they will be more likely to take ownership of their work. They are likely to work even harder, and they may share the word about what you are doing. If they like working for you, they will want all their friends to know how fun it is to work at your company. You can use a data driven recruitment process to determine a good fit. Even if your fans do not have the skills they would need to be successful, you may be able to place them somewhere. In some cases, enthusiasm is even more important than ability.
Spread the Word Whenever Possible
Be open about what you are doing. You might update social media accounts or a blog on a regular basis. You can also guest blog on other people’s sites to increase your readership base. Consider sharing lessons learned or interesting facts about your day-to-day operations. Speaking at meetups or meetings allows you to further expand your hunt for top talent. Getting a speaking engagement can help you sell your purpose to potential employees, and the events also allow you to network.