Tips for Attracting and Retaining Talent for Your Startup

In the early days, it will probably be just you burning the midnight oil, but as your startup takes off, you will need some extra bodies on board. In many ways, this represents a problem. Since you will not have much money to spend, you really cannot afford to hire the wrong person. On the other hand, you do need to hire someone, and ideally keep them with you as the business grows.

By the time your business has grown and matured, finding and retaining talent should be less of an issue. You can offer new hires a place on a Six Sigma Master Black Belt training course and wow them with a great salary. As a new startup, however, your options are limited, so you need to be more creative – and shrewd – about how you attract talent.

Be Honest

Be open and honest about what the business is all about, your hopes and dreams for the future, and the direction you plan to move in. This is a two-way conversation, so potential new employees have to feel comfortable about their role in the business. After all, there is little point in hiring someone who does not share your vision.

Design a Bespoke Interview Process

Interviews are difficult for many reasons. No matter how detailed a resume is it does not tell the whole story. At this point in the process, you may not have a clear idea of what the role you are interviewing for actually entails. Skills are probably more important than experience, so test the specific skills you need to weed out unsuitable applicants.

Personality Matters

Since the workforce is very small at this stage of the process, you need everyone to get along as one big, happy family. Therefore, personality is extremely important. Look for a candidate you actually like and think you can work with. It does not matter how talented a candidate is – if they wind everyone up, you are walking into a living nightmare.

Shares in the Business

Once you have found the right talent, your next task is to hold on to them while the business grows and prospers. This is easier said than done if said person is highly skilled and super talented. However, offering the person a share of the business should keep them on board, since they are now more invested in your future success.

Offer Benefits

Paying a fair salary and performance related bonuses will all work wonders. Extra benefits such as a paid gym membership, healthcare insurance, subsidized transport, parental leave, etc. can also sweeten the deal and help ensure employees have more to lose if they jump ship to a competitor.

Be Flexible

New startups can afford to be more flexible than larger companies. Nine to five working is no longer so attractive, especially to the younger generation. Be flexible and apply a more personal management technique and your best employees are more likely to stick around.

Be the best boss you can be and you will attract and retain talent.