Entrepreneurs know better than anyone that startup life isn’t easy. Sometimes you appreciate the challenge; other times you want to hit your head against a brick wall. And while securing your funding is a momentous task, managing your hiring dollars is a beast of its own. Although your current team may have come together organically, the next phase is going to be tough. Here’s why:
It’s highly competitive
Ever show up to a big event on a weekend, only to realize that everyone else made the same plans? Everybody’s trying to get in through the same gates to get the same spot in the same beer tent. The fight for employees is the same. Top talent can be hard to come by, so every company in the area – not just your competitors – will be looking at the same candidates you are. Better sharpen your elbows, because some people in the crowd might have more budget and better perks than your startup can afford to offer. Understanding your recruitment costs, the cost of turnover, and other hiring metrics will give you a leg up in these scenarios. By knowing your numbers inside out, you can stay focused on the candidates that make the most sense for your company.
It’s time-intensive
You spend a lot of your time trying to make things go faster. Tasks like process improvement or code optimization are done on a regular basis to improve speed and efficiency. But hiring takes time. A lot of work goes into attracting and selecting the right people. You have to build your employer brand, define roles, craft postings, headhunt, sort through candidates, conduct interviews, evaluate everyone, and the list goes on – all while staying within your budget and managing your recruitment costs. This is one of the primary reasons why organizations start looking into assessment tools – the benefits they provide can help a startup streamline their hiring practices and bring the right people in as soon as possible, in a way that benefits the bottom line.
You can’t afford to screw it up
Ever notice that it’s more difficult to present to a panel of investors than it is when you’re on your own? That’s because the pressure’s on and your brain is firing on all cylinders thinking about every possible outcome. When you’re hiring at this stage, the pressure’s on as well. Every decision that you make has to be considered from all angles. Can they learn new skills as you go? Will they be able to lead others? Do they embody your brand? Can they open doors for you? Will they stick it out through the tough times? It’s easy to make mistakes that lead to bad hires, so every option needs to be weighed.
Hiring for a startup is not for the weak-minded. You have to fight for the best candidates, make tough decisions, manage your recruitment costs, and do a million other things to make it all happen. You might feel like banging your head against that brick wall, but don’t get discouraged. You’re an entrepreneur. You’re a visionary and a fighter. And you know how to find the right tools to help you through these hiring challenges.