It goes without saying that it’s important to hire the best people for your business. If you’re a Startup in the early stages, this is even more critical. The hardworking talent hired at the start of the journey is the driving force behind any Startup’s success and sets the bar and tone for future employees.
Startups are fantastic catalysts for your career as they allow you to gain experience in new fields, enabling you to be a vital part of the company’s growth plan.
However, it’s no secret that recruiting for a Startup can be challenging, especially when competing with larger, more well-known companies. So, how can startups win the best talent?
Steps Start-ups can take to win the best talent
Build your brand
According to LinkedIn employer brand statistics, 72% of recruiting leaders worldwide agreed that employer brand has a significant impact on hiring. The reputation and consistency of your brand is key for attracting top talent, but it is often overlooked.
This is a process that takes a while to get right, but when done correctly can reduce recruiting costs and boost employee and potential employee engagement rates. A few tips for doing this include:
- Making sure that all people representing the company are clear on the company’s USPs and end goal. It is vital that they are enthusiastic and involved in the exposure of the brand to ensure candidate buy-in.
- Carrying out surveys and polls of current employees and external stakeholders will outline people’s perceptions of the company and areas for improvement.
- Showcasing the achievements and stories of employees will communicate the company’s culture, demonstrate working life there, and enhance the employer brand.
Have a clear and easy application process
The job description is the first step in the application process, and it is important to be clear and concise to attract the best talent. Tips to keep in mind are:
- Clearly outlining the skills and qualifications you are looking for
- Reduce the number of job responsibilities to only the most important ones. The role’s specifics can be discussed during the interview.
- Highlight the brand’s personality by including details on the brand values, culture, and work environment.
In the FinTech market, candidates are often juggling multiple job offers and it’s vital to make sure there is a smooth application process in place to reduce the chances of missing out on a candidate because a competitor has acted faster. A way to do this is to strategically reduce the stages in the interview process to prevent loss of interest from candidates. It is important to question whether there are interview stages in place that can be merged to make the process more efficient.
An advantage of being a smaller company is that you can personalise your approach to the recruitment process. Startups should make sure they are communicating effectively, explaining what will happen at each stage, and maintaining an open line of communication so that candidates feel comfortable approaching you with any questions they have during the interview process.
Offer a beneficial employment package
Although it is often difficult for startups to compete with larger companies’ employee benefits packages, there are a multitude of ways for them to offer incredibly competitive packages that stand out in the market.
Our client SurePay offers a “Personal Benefit Budget” as part of their employment package. Corporate Recruiter at SurePay, Aoife Hayton said “as we’ve just moved into the scale-up phase and are not able to compete directly with some larger corporates from a salary perspective, we try to offer some additional benefits that can help us to stay competitive. We understand that everyone’s needs and personal situations differ. This is why we offer an additional benefit which allows employees to purchase extra vacation days, trainings/educational courses or to take extra compensation depending on what is important to the individual. The budget can also be used in such a way that you can do a combination of these things to suit your own situation.”
This flexible, employee centred approach is an excellent way for startups to support their team members and differentiate themselves in the market.
Other examples of this include:
- Developmental benefits – Employees will feel respected, encouraged, and challenged if mentorship and training programmes are provided, as well as a team that is continually improving.
- Work-life balance – Flexible working hours and vacation entitlements are a must. Every employee’s family structure and living environment is unique, therefore it’s a big benefit when companies take this into account.
- Health benefits – A workplace that cares about its employees’ physical and mental well-being is an asset. Employees will have peace of mind knowing that their employer cares about their well-being if services like mental health days, virtual GPs, or telephone therapy are available.
- Insurance benefits – Offering insurance packages through your company shows that you care about your employees. Business health insurance, group life insurance, and income protection insurance are just a few examples of plans that are very useful and will be highly appreciated.
- Equity – It’s a fantastic perk to provide employees stock options, and this is a significant edge start-ups have over their larger competitors. This benefits both the team and the organization by motivating them to achieve their goals.
Consider partnering with an agency
A recruitment agency’s goal is to find outstanding talent for the organizations they partner with, and this works best when the company’s and the agency’s visions are aligned. Finding the best recruitment agency for your company, industry, and jobs is critical and comes with many benefits. These include:
Full support for clients and candidates
A recruitment agency acts as a mediator, ensuring effective communication between clients and candidates. For candidates, they guide them through each stage of the application process, answering questions and resolving issues. They assist clients in alleviating recruitment issues by sourcing only the best resumes for the position.
Faster hiring process
Recruitment agencies also help to speed up the process. Once the client provides them with the details of the role, they can easily attract and shortlist candidates within their network.
Higher quality candidates
Another benefit of a recruitment company is that they are experts in candidate selection, so will provide you with high-quality talent that has already been vetted to fit the needs of the role.
Working with a recruitment agency that specializes in your industry will provide you with a better understanding of the current job market and will guide you through the process of meeting your recruitment needs.
Are you a small startup on the lookout for top talent? Get in touch. Our specialist consultants have a network of highly skilled FinTech professionals ready to take your company to the next level.