Every start-up stands on two pillars that are the very premise of its existence – disruption and talent. Disruption, not only in the sector they operate in, but also in how they conduct their operations, of which hiring and managing talent is the most important aspect. Talent or people are the most important assets in any organisation. The aspects of hiring and managing the right talent are quintessential for building a successful business and culture.
Hiring the right people
Hiring needs to be driven by the equilibrium between job role and the potential hire. With start-ups, more often than not, the founder is ‘chief-chef-bottle washer ‘and the function of HR is unaccounted for. In such a scenario, having a basic on-boarding checklist for every new hire ensures minimal lapses. For a start-up, replacement cost of an employee can cause unimaginable losses, and this is exactly what makes hiring the right people even more crucial.
Creating a desirable workplace
Fact of the matter is, most great places to work are decided by the people who work there. Be it the tech giant that constantly innovates keeping its people at the centre of the innovation fulcrum, or the ad-tech startup that encourages entrepreneurship to an extent that they actually incubate and fund their employees‘ business ideas. Most successful brands were once infant start-ups who did nothing different but hired the right people, and nurtured them to glory. The more love and care they receive, the more they’re likely to give in return, and that is exactly what a start-up needs in infancy – love and care. Developing a thriving culture is imperative.
Employing the new disruptors – the millennials
Millennials are the primary growth drivers for the Indian economy today. More than 46% of the workforce today constitutes of GenY. They’re dynamic, adaptive, entrepreneurial, fast paced, social, interactive, have that ‘spark’ everyone keeps harping about, rarely feel satisfied without real growth and are an absolutely boisterous bunch. Start-ups are the new age powerhouses, as are millennials. They don’t care much about brand names. Challenges and experiences drive them, just as they’re driving growth.
The Gen-Y loves a challenge, instead of that staid ‘marketing manager‘ position with the world’s oldest technology company, and start-ups provide them exactly that – a growth challenge. The best part is – it is the millennials who are behind most successful start-ups today, and who understands their generation better than them?
However, with all the hulabaloo around how great millennials are for start-ups, there lies within, a challenge that cannot be overlooked – attrition.
Retaining the millennials
There is of course, the problem of attrition with start-ups and millennials. However, not one that is difficult to solve. By dint of always being on the move, there is a risk of them being easily ‘bored‘. It behoves us to keep in mind to not only to hire great people, but also to retain them. Specially without an established HR function in place, it is very easy to fall into the rut of hiring and firing, resulting in high attrition that is as good as poison for a start-up. Therefore, talent once hired has to be nurtured with care and great responsibility, same as one would feel while working on, say an important project for a start-up.
In a nutshell, as an entrepreneur, hiring, nurturing and retaining talent is as important as building a business. Identifying and hiring the people who will not just drive your mission, but will also be instrumental in taking it to the next level. Who shall share the pain and glory of a startup, and stand by you no matter what. The real win at the end, is the people who stay wi
