So, you’ve founded a startup.
Now, you face the exciting – but also daunting – task of hiring a team. As thrilled as you likely are at the prospect of bringing new talent to the team, you’re also probably a little nervous for when the time comes to talk about salaries. Because, let’s face it, if you’re just starting out, you probably aren’t going to be able to match the salaries of bigger, more established companies in your space.
So how do you recruit – and retain – employees from the top of the talent pool? Especially if they have multiple offers?
With culture and benefits. And by that we don’t mean a foosball table and unlimited snacks. Jobseekers these days – and Millennials in particular – often prioritise work-life balance, workplace flexibility and open, constructive communication, all of which you can provide at your new company (if you so choose). So, consider offering these types of benefits – perhaps in addition to the gaming console and pizza you’re already planning to bring to the office.
According to a survey from Qualtro, many new employees hope that their new manager is approachable and provides frequent feedback, especially when they’re still settling in and learning the job. As a startup, it’s likely you’re in a small office with close quarters, which you can use to your advantage – perhaps there isn’t space to separate managers from entry-level team members, for example, which automatically makes them more accessible. Encourage your staff to check-in with each other, and for team members (managers included!) to give frequent, constructive feedback to each other.
Flexible Working Hours
Though it may not be feasible for your staff to roll into the office whenever they feel like it when you’re starting out, offering a bit of wiggle room when it comes to working hours – especially for staff members who have families – can go a long way in making your employees happy. This can be as simple as setting office hours, but also creating a staff group chat so that it’s easy for employees to text if they’re going to be late for any reason or need to head out early. So long as everyone is able to communicate clearly and meet their deadlines or KPIs, allowing this sort of scheduling freedom is crucial to attracting and retaining talent.
Remote Working Options
In addition to flexible hours, allowing employees to work from a flexible location can be a huge plus. We’ve all had days where we’ve woken up to an unexpected leak in the kitchen or are not feeling at our best, so having the support and freedom to work from home every now and then can be a major help in keeping your team members happy.
Having witnessed the economic recession and actively competing in an increasingly competitive job market, most jobseekers know the importance of savings and planning for retirement. According to a 2017 study by Capital Group, 80% of Millennials believe that all employers should be expected to provide a retirement savings option, but beyond that, they also look for a college savings plan and tuition reimbursement. Though this can be difficult and somewhat unusual for a startup, finding a way to help your employees invest is sure to give you an edge in the war for talent.
The same Capital Group study also found that Millennials care deeply about the social impact of their workplace. They look for companies that embrace diversity and try to prioritise minorities, women and LGBTQ individuals, especially in senior level staff. Additionally, they appreciate perks like paid days off for volunteer work, mentoring programs and pet-friendly offices – all incentives that startups can easily provide.
When developing your workplace culture and putting together your benefits package, keep in mind the mix of incentives you can offer your employees. With robust benefits and culture as well as a competitive salary offering, you can bring in the right talent to round out your team and create an excellent company.