Good hiring is always a tough task for any startup. And receding recession could mean even more challenge in the situation, when talent within starts looking at options outside. For greener pastures or simply for the sake of change. Operationally speaking, the cash pay-out of hiring goes way too higher than the recession days and it becomes increasingly challenging for business owners to buy dedication from their employees.
Another aspect of recovering economy is surge of multinationals (for example Zynga coming into India declaring hiring of about 100 odd gaming employees) into the local market and playing a spoil-sport. But that’s a bitter truth one has to live with, and honestly speaking its good to compete.
So how can startups retains talent or hire good guys who would dedicate oneself against the lure of money? 🙂 Tough question that is but here are some ways which can help:
1. More often than not good developers work only for work satisfaction. Providing tasks which give thrill of execution will surely keep the steam going. (This works even without any extra money for that matter).
2. Do not generalize performance or qualification of individuals and cast them against reports or studies conducted by traditional media. For example: “…80% IITians leave IAS jobs when recession is gone – TOI”. Such reporting makes you lose the other 20% too.
3. Luring with equity might not help. This runs the risk of lowering the perceived value of your equity and will not give any clear objective to developers coming from this part of the world. Simply for the reason that business environment over here is not as matured as in the Valley.
4. Show your solidarity and positivity towards economic recovery. Ramp up your sales strategy coz only sales can fix (by and large) all other problems. Good hiring is only one of the problems, you’d agree.
What more can be adopted to keep the engine chugging. Any suggestions?