Attracting talent to startups has been a long-standing challenge, but understanding the fears and motivation can benefit startups to overcome this hurdle.The team at MyNoticePeriod conducted a survey (1,500 sample size) to understand the interest of job seekers in joining startups and more importantly,what excites them and what their concerns were.
The survey findings will help startups make the right pitch to attract top talent.
The three questions asked as part of the survey include:
Q1: Are you willing to join a startup?
Insights: Response to this question was a big surprise as more than 85% job seekers said they would like to join startups. This is clearly reflective of the phenomenal success of some of the startups in the recent past. Until a few years ago, joining a startup meant that an individual has not found better job at large MNC. But now startups have become a preferred place to be.
Q2: Why would you join a startup?
Insights: Responses to this question was very different from what we would hear from mature startup nations like USA and Israel. For instance, salary and equity are NOT the top two priorities to work in a startup. Working across functional domains and opportunity to work on latest technology takes higher precedence.
Q3: What are you worse fears in joining a startup?
Insights: As expected, lack of stability is the biggest fear in joining startups. But what is added information is that startups fail to clearly articulate roles and responsibilities to teams and team members, leading to lack of prioritization.
Myth 1: Job seekers are hesitant to join a startup.
Fact: Almost everyone (85%) is willing to work at a startup. Given the recent success of many of the startups, there is lot of interest in joining them.
Myth 2: Money is greatest motivator.
Fact: Opportunity to work across domains/functions is thegreatest motivator. BTW, salary is at number three.
Myth 3: Job seekers do not join startups due to fear of working long-hours.
Fact: Less than 20% of job seekers are worried about working long hours at a startup.
Myth 4: Startups have poor work infrastructure.
Fact: Incubators and accelerators provide world class operating spaces for startups.
Startups Breed Startups: 25% of job seekers willing to join startups; plan to do their own startup eventually!
Equity Not Priority: Equity is 5th among the listed reasons for joining a startup.
Define Roles Clearly: Startups need to articulate roles more clearly. Even if there are many roles, define each one upfront and clearly.
More Incubators Needed: Being at an Incubator or accelerator could make it easier for startups to attract talent. The incubators and accelerators need to support startups for longer duration and let them scale.
What are your thoughts? What has been your experience as a jobseeker or as a founder talking to candidates?