Categories: Business

4 Ways Startups Can Attract Great Talent On A Budget

Launching a startup is marked by great excitement as you imagine the breadth of possibilities. It’s only after you start running the business that the scale of challenges become apparent. One of your biggest headaches will be hiring people that’ll help you realize your dream. The quality of people who work for and with you will be vital if the startup is to succeed.

However, such talented people are not just being sought after by you. They have bigger companies ready to pay them a much higher salary than your startup can afford. It’s not a lost cause though. As long as you are creative, there are tools you could deploy to win them over. Here are a couple ways you can do that without breaking the bank.

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1. Emphasize Your Social Impact

Whereas people appreciate a good salary, a growing number of workers consider the impact of their work on society as one of the factors they’d consider when accepting a job offer. An entirely new subject area has emerged of businesses that consider transforming communities as just as important as making a profit.

This trend is in large part due to the growing numbers of millennial workers and entrepreneurs. People will be willing to work for you for lower pay if their work gives them a deep sense of meaning.

Something as seemingly small as environmental consciousness can significantly raise your profile as an employer. For example, buying an electric scooter (click here for more information) that employees can hop on for short errands instead of using a car or motorcycle can be a powerful statement.

2. Offer Perks That Large Companies Do Not

Large organizations are infamously bureaucratic. Thanks to countless policies and procedures designed to manage risks, maintain consistency and correct past incidents, they are bedeviled by a formality that many of their employees detest but have to tolerate.

Ergo, if you want to pry away great people from these large enterprises and instead have them work for you, think about the things you can offer that larger entities would be reluctant or vehemently opposed to.

Telecommuting is one that comes to mind. While a growing number of large companies are okay with it, it’s still far from becoming the norm. The work environment is another. Throw away dress codes for instance. Your employees can come to the office in shorts as long as they do their job as required.

3. Profit Sharing

One of the biggest controversies especially during and after the global financial crisis of 2007-2008, has been executive compensation. The world gasped in disbelief as company CEOs received tens of millions of dollars in remuneration when the companies they headed were lossmaking.

Even when big businesses are profit-making, there’s still a lingering resentment due to the vast chasm between what the topmost executives receive and the pay for lower cadre staff. That’s why profit sharing can make startups so appealing.

A talented individual would be motivated to work for you if you offer them more skin in the game than their current employer. That way, the scale of the startup’s success has a much more direct bearing on their personal finances than in a large corporation where they expect little more than a static salary.

4. Encourage Staff Participation

Some large organizations aren’t too different from a military camp. Decisions are unilaterally made at the top echelons and the orders disseminated to lower level employees. There’s little to no input from the persons expected to execute these orders. Startups can be a magnet for skilled persons by creating a more collaborative environment.

Give everyone an opportunity to voice their ideas and let the entire team discuss its merits. As the CEO, you retain the right to make the final decision. Yet, just making team members feel that they contributed to the overall decision increases their sense of belonging and impact. Some people will be ready to ditch their high paying jobs just to work somewhere where they can get this kind of acknowledgment.

Attracting talented people is something even giant multinationals struggle to do. How much harder can it be for startups? Nevertheless, it’s not impossible. The above tips can make it happen.

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