Startups remain one of the most exciting places to be in business and technology. On the business side, however, they remain the most budget conscious company class, typically with only one to four decisionmakers making tough calls in an extremely competitive environment. Startups leaders wear many hats and choosing what is most important to focus on can seem like an insurmountable challenge. This unfortunate reality means that many startups fall into the same mistakes time and time again when it comes to building a team, and need guidance on how to prevent problems or turn things around.
Take a strategic approach
The first common mistake startups make is in the teams they want to build. Especially at the beginning, when startups are on particularly lean budgets, hiring an entire team of full-time employees can strain company finances and put undue stress on other areas of the business. Plus, when it comes to acquiring talent, startups often do not have the name brand or budget to lure and retain the right people, a problem that will only get magnified through the Great Resignation.
Yet, still, many startups are posting full stack jobs that go beyond their traditional jack of all trades nature and are truly just two jobs in one. Thinking honestly about what talent is the highest priority and looking at all of your options for attaining and retaining that talent can help ensure you are off to the right start.
Be open-minded about talent sources
The average tenure of a startup employee 4 years ago was 2 years – and with the Great Resignation it’s only getting shorter. Many startup leaders are reluctant to adapt to this reality, and end up leaving a seat open for years waiting for the “just right” person they think they need, rather than being open to more creative and reliable solutions.
The pandemic should be the final push, startup leaders need to be more open-minded when it comes to talent. Thinking about how to repurpose the old in-office “beer fridge” budget line item and using it to seek remote talent through outsourcing can help create a more efficient patchwork of talent customized to the project. Plus, the pandemic has proven talent does not need to be sitting in Silicon Valley to create a successful team.
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