How to Hire the Best Startup Talents on a Tight Budget?

  • 21st Nov'21
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The startup business model is one of the toughest to manage. The most important aspect that makes it even tougher is cash flow management and hiring new talents. Lack of best talents to work with and insufficient cash to keep the startup running steady are the two major reasons most startups fail within their first two years. Therefore, after a thorough investigation, I have come with a solution. A solution to overcome the monumental obstacle of turning your startup into a success story rather than another failed one.

Before we delve into it, let me warn you that this may not seem like a solution but is actually. Also, I'm aware of the famous saying in the startup environment, such as "Peanuts will only attract the monkeys" and "The best talents know their worth." Still, here is the solution – Hire Best Startup Talents on a Tight Budget. Yes, the solution may come across as crazy, but it checks upon the aspects that make the startup business model difficult to run. It covers the lack of excess cash and the need to have the best talents working in your startup. I understand that for many, this is confusing, and therefore, here are the reasons below explaining – How to hire the best startup talents on a tight budget?

 

Hiring

 

1. Reduce Interview Cost

The entire hiring process involves several things such as hundreds of CVs for the recruiter to evaluate and for talents they have to travel to the interview spot. Now, considering we are still dealing with the pandemic, having the talent to travel for the interview can put us into a stressful situation due to the social distancing norms. Therefore, talents may consider avoiding taking up an interview where they must be in a room with many other people. Also, as a recruiter, you will have to ensure that social distancing norms are followed. It means you will have to take the interview where there is enough to accommodate certain talents. 

Now, it potentially involves a lot of cash from both ends. Simultaneously, it carries the risk of getting someone or more infected with the coronavirus. Hence, why not take the interviews online? Zoom Call, Google Meet, Skype have all become an integral part of the workplace culture in the Covid-19. Also, you ask the talents to mail you the CVs. In this way, you can effectively accomplish the hiring process while ensuring that all Covid-19 protocols are followed. And in the overall process, you, as the talents, can save some valuable cash.

 

2. Hire Freelancers

Freelance marketplace, courtesy of the increase in remote work employment, has received a massive boost. In comparison to hiring employees under contract, startups can always hire a freelancer from project to project. In this way, you can safeguard your business from the various employment laws part of employee contracts. With freelancers, you don't have to sign or offer any contract. Instead, a lot of dealings are comfortably done over word of mouth.

Besides, freelancers are considerably cheaper than hiring a professional contracted employee. You can also bargain with freelancers and hire them only if you have liked their submitted sample or past work. In contrast, there isn't much room for negotiating when you hire a contracted employee. Most professionals would likely only work if the pay is better than what they earned in their previous company.

 

Hire

 

3. Have an Employee Referral Program

The employee referral program is a great way to hire the best talent, and it involves almost no investment. You can always ask your co-founders and other working employees to refer you to some great talent. Besides, you can even comfortably share with them the budget you have for it already. Here, you have a massive advantage as the ones who will likely get referred will connect your existing co-founders and employees. It means the referrals are already aware of your company's work and share a similar passion that you seek in the talents working for you. However, to ensure that the employee program system works effectively, you must first build a great place to work to hire the right talent.

 

4. Storytelling

Storytelling is powerful and is not everyone's cup of tea. An impactful storyteller can influence a lot of talents with just their words. The core part of storytelling in the hiring process is to share the vision that prompted you in the first place to build your startup in the first place. Sharing your vision can help you find like-minded talents who can relate to the enthusiasm and passion behind the startup. Thus, you have a chance to convince them to work with you at a tight budget in exchange for future opportunities that you can offer them.

 

5. Have an Online Presence

Having an online presence in the current times is critical for any business. It helps with marketing and promotion. It also helps with reaching a wider audience with minimal investment. But most importantly, it opens up the floodgate to the thousands of talents who are looking for an opportunity. Also, it is easier to negotiate with these talents meaning less hiring cost. So, ensure that your startup business has a strong online presence across various social media platforms. Apart from from this you can even look out for some innovative ways to hire right talents in startups.

 

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*Note: The content published above was made in collaboration with our members.

About the author:

Sunny Samanta, OpenGrowth Content Team

A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.


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