Fast-growing companies need to be supported by strong teams. Especially for earlier-stage companies, it is not an overstatement to say each new hire can critically change a company’s trajectory.
A candidate’s market
In today’s market, though, founders are finding it harder than ever to identify and hire top talent. Just like fundraising, it can be very competitive, and candidates are in control, with more companies on the hunt for the same talent and looking in the same places. Experienced tech talent is in short supply, with employers doing all they can to hold on to their existing team, given they know how difficult it will be to replace them.
Talent attracts talent. If you have brilliant people on your team, they are likely to connect with other great people
So how can you grow your business while recruiting the talent you need to take your startup to the next level and meet demand? Here are three key elements that you can consider when looking to make your next critical hire in an efficient and cost-effective way.
1. Engage your entire company
Hiring should not solely fall onto the shoulders of the HR Team. It will work most effectively when everyone at the company feels involved in the recruiting process and is held accountable for scaling the team. If it’s agreed that recruiting top talent is critical to your long-term success, then it is a good idea for companies to communicate and track recruiting goals, making them visible to all alongside their other key business metrics.
Talent attracts talent. If you have brilliant people on your team, they are likely to connect with other great people; either through personal industry networking, former colleagues, university alumni or personal friends, and this should be maximised.
2. Simplify the interview process
The longer your process, the more likely those in-demand candidates will drop out of your process. A shorter interview process means increased efficiency not lowered standards.
As a start, before launching each role, it is a good idea for an HR counterpart and hiring manager to have established precisely who should be in each interview and which question should be asked, so there is no doubling up and time wasted for both the interviewer and the candidate.
Require interviewers to provide faster feedback to help make hiring decisions quicker. Before you add anyone to an interview team, make sure everyone is clear on their role in the hiring process. Create custom scorecards for each step in the interview process with automatic reminders for interviewers to speed up feedback loops.
We recommend that interviewers block off 15 minutes after each interview to submit feedback to the hiring manager with everyone, no matter how senior, held accountable to do the same. A delay of 24 hours waiting for feedback could be the difference between an open role and a filled one.
Having a strong employment brand where candidates proactively seek opportunities yields great returns
It can also be helpful to place specific time-bound goals for hiring managers. For example, when someone requests an open role, we make it very clear that it is the role of the hiring manager to source, interview and hire a candidate within 90 days.
In some cases, you may want to consider removing a role if it is not filled within that time. The rationale is that if the hiring manager is not investing the right amount of time and attention into recruiting, it must not be that critical to their team’s success.
3. Invest in your employment brand
Having a strong employment brand where candidates proactively seek opportunities yields great returns. Finding opportunities for your top employees to speak on panels, sponsor hackathons or attend other networking events can generate significant hiring momentum, allowing them to put your name out there and communicate about open roles organically and genuinely.
I would recommend sending your employees business cards that offer information on our job site and contact information for the recruiting team. Not only will you get more people to your job site, but it is also a great growth opportunity to have your strongest employees attend and speak at conferences.
Below are some of the key benefits that candidates are looking for in their next opportunity. If you have them, make sure that you highlight these in your job descriptions. If you don’t, consider adding them:
- Ability to work from home or general flexibility in workplace
- Work from home equipment stipend
- Career development reimbursements
- Health and wellness reimbursement program
- Generous paid family leave
Work with your team members to craft the employee value proposition at your company
Invest time into building job descriptions that distinguish your company from others. At the start of the job posting, highlight your mission, professional growth opportunities, and your unique employee benefits. Consider why top talent would want to join and weave that through the entire job posting. Work with your team members to craft the employee value proposition at your company.