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Updated on: Tuesday, October 12, 2021, 10:27 AM IST

How to prevent talent shortage, retain retention in startups

One of the key factors to attracting the right talent is to cultivate an atmosphere where employees feel welcomed and happy to work. /Representational pic |

One of the key factors to attracting the right talent is to cultivate an atmosphere where employees feel welcomed and happy to work. /Representational pic |

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Being a new business in the market, startups are dynamic organizations. Their realities are constantly changing and they always thrive for new ideas. This can only be achieved by having right talent at the right time that can contribute to their flourishing growth.

However, hiring today is one of the toughest challenges that organizations come across given the competitiveness of the market. Especially, if a startup relies on skilled or STEM (Science, Technology, Engineering and Math) employees, landing at the right talent can give a tough time to the startup.

Unlike a new business, larger companies have deeper pockets. To stay ahead in the technology-driven world, they are on consistent hiring for software developers, data scientists, AI or IoT experts and much other new-age tech talents. It raises an old question: How do startups attract the right talent and retain them for long?

Recognize the potential of culture

Culture fit is one of the most effective parts of the hiring strategy. It is something that evolves over time and shapes the personality of the brand. One of the key factors to attracting the right talent is to cultivate an atmosphere where employees feel welcomed and happy to work. According to a study – 94 percent of executives and 88 percent of employees believe a distinct workplace culture is important to business success. Start from Day 1 by creating a fun and engaging work environment and building an atmosphere where employees feel comfortable. This in turn increases the chances of growth in the organization.

Utilize technology the right way

Technology has become an important part of our life and startup ecosystem. When looking for a competent workforce, an organization should adopt technology that can increase employees’ productivity and automates their tasks for better efficiency at work. It improves the way employees work and frees them from the burden of tedious tasks. Additionally, startups that use technology in the right way attract technologically advanced talent and improves job satisfaction. Further, utilizing technology tools in the training and development of employees also helps in retaining talent. As a result, employees foresee growth and opportunities in accomplishing career goals.

Do not underestimate referrals

In the present hiring space, referrals play a crucial role in finding new employees for the organization. With the adoption of social media and professional networking sites, it has become easier for a startup to expand their network and onboard the talent based on references. It works as a great tool in knowing that you get an employee referred by someone trustworthy you work with. Startups can build a robust referral program that can excite the current employees and find the right candidate from their own network. The crux is to make a win-win for all while benefiting the organization.

Give people reason to join you

Unlike the traditional corporate industry, the startup ecosystem has recreated the culture to join a company that does not revolve around money. For some, it could be flexibility while for others it is the new and innovative way of thinking. A startup should focus on building positive company culture with great team spirit. This helps employees in recognizing the company’s people-centric culture that will help them grow. For instance, startups can build purpose-driven non-financial incentive programs to fuel learning and rewards for the employees.

Show some business impact

Not all employees are money-minded. They are mission-driven and serious about accomplishing their professional goals. Such employees make a greater contribution to the company and have a direct impact on the overall business performance. Furthermore, startup teams are usually small, thus, the company can take due advantage of recognizing their employees to boost their motivation and align them with business goals. Besides this, creating an environment that helps employees understand that they will be a part of the development process and its impact on the customers’ life also contributes to innovating the talent development process.

Though the degree of accountability in a startup is higher than in larger organizations, a startup is a learning ground for beginners and a battlefield for experienced employees. However, retention and attribution need to be viewed differently while keeping a precise focus on innovating the talent development process.

(Yogita Tulsiani, MD & Co-Founder, iXceed Solutions (Global Tech-Recruiter Provider)

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Published on: Monday, October 11, 2021, 05:46 PM IST
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