How Startups Can Hire Wisely During Challenging Time
There are a variety of factors startups should take into consideration during the recruitment process to ensure their teams and processes are properly equipped and the right candidates are hired, all with the proper use of technology, says Ahryun Moon, CEO, GoodTime.
Make no mistake: the public markets are spooked. Recent geopolitical events and inflation have created a constant stream of anxiety-inducing headlines in our feeds. But like all headlines: the full picture is never revealed. The fact is, the venture capital industry is as bullish about the future as ever. Another fun fact? VCs raised more money in the first week of 2022 than they would have raised in the entire year not too long ago. So what does this mean for talent teams?
Startups are flush with cash and looking ahead at steep growth and revenue targets while trying to build their teams in the smartest ways possible. The Great Resignation and the ongoing competition for top knowledge workers make this job more complicated.
Stopping the Great Resignation from coming to your door begins with your recruitment process. The right tech stack builds efficiencies in two key ways: 1) it minimizes the lift it takes to interview, and 2) it optimizes your ability to focus on the right candidates. Here’s how startups should think about recruitment in the current state of the economy to ensure their teams and processes are properly equipped.
Manage the Founder(s)’ Role in Hiring
Running a startup is being pulled in many different directions at once, all of the time. And whereas large companies hire thousands of employees that the C-Suite doesn’t meet before an offer is made, many startup founders are deeply involved in all hiring decisions to ensure the company stays focused. Unfortunately, recruitment is often left in the dust when executives focus on growth and revenue targets. The right hiring strategy, leveled up with a smart tech-fueled process, helps recruitment teams manage executives, tap into their schedules to easily set up interviews, and demonstrate to those executives how valuable their processes are.
Hire the Right Way to Get the Right People
I’ll say it again because it bears repeating: Recruitment technology needs to amplify the human element in finding and hiring talent, not replace it. Companies that lean too heavily on algorithms that sort through resumes or replace the interview with chatbots are destined to fail. Technology that automates the administrative process frees HR teams and interviewers to focus on getting to know the candidate, asking the right questions, and being present during the all-too-important interview. It also demonstrates to prospective employees in high demand that you are a tech-enabled organization on the bleeding edge of best practices in their workflows.
Build in Efficiencies from the Studs Up
Our data shows that candidates today make decisions quicker than ever before. They have the flexibility to interview with more companies and contemplate more offers. If your company is still scheduling calls with multiple-thread emails between candidates and interviewers, you risk the candidate accepting an offer before you even schedule the first call! You need the hiring mechanics to be ambient and simplified to efficiently get the right candidates in front of the right interviewers.
Avoid Desperate Hiring
Tangential to the above, if you take too long to interview the right candidate, they may take a job elsewhere or decide not to work for your company because of how you treated their time. Too often, the right candidates slip through companies’ fingers, and they “panic hire” someone who is not the 100% right fit for the job. Or perhaps even worse, they find the recruitment process from your company underwhelming and believe it reflects how their manager will structure their job.
See More: 3 Ways To Improve Hiring Outcomes With Better Data Utilization
Create Lasting Candidate Relationships
Forty-eight percent of respondents to our recent study said the ability to create meaningful relationships with candidates is more important than ever. Hiring was always a two-way street; the Great Resignation forced us to reckon with it. Even if your target candidate does not take the job, assume they will discuss the process or the opportunity with their network. If you treat candidates with respect, value their time, and ensure the right interviewer has the bandwidth to focus their attention on the interview process, they will become powerful advocates for your company, even if they do not join.
Don’t Burnout Your Interviewers
There are many reasons why an employee may leave a company, some of which are beyond the control of the management team. One thing companies can control, however, is what they ask their employees to do during work hours. Interviewing job applicants is a necessary part of the recruitment process, and companies without workflow processes sometimes lean too heavily on a group of candidates, which increases stress and decreases job satisfaction. It is especially pronounced at startups, where employees are often asked to take on additional responsibilities and work long hours. Of course, many employees volunteer to interview candidates because they care deeply about who joins their teams or view it as a way to demonstrate their value to the companies. But leaning too heavily on any one employee will decrease the breadth of information given to the candidate in addition to sapping the employee’s energy to do their actual jobs. In addition, a constantly revolving door for employees adds demoralizes HR teams, who feel they are always hiring versus developing the talent they have. Thirty percent of respondents to our study said retaining top talent was a big concern over the past 12 months.
Regardless of the external environment, startups must continue growing and hiring the right talent. It doesn’t have to be difficult or need to feel like a second job for founders. Yes, the Great Resignation is here, but it’s not a foregone conclusion at any company.
The right tech-enabled strategy sets startups up for success by streamlining processes, creating an equitable responsibility for interviews, and ensuring those who meet with candidates are focused on the person in front of them (virtually or in person). Growth rarely happens without hiring, and hiring rarely goes well if it’s not a well-oiled machine.
Which best practices have your startup followed to streamline the recruitment processes during this challenging time? Let us know on Facebook, Twitter, and LinkedIn.
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