You Belong with Me: An Era of Attracting the Right Talent
Most start-ups (and most businesses, for that matter) will tell you that a venture succeeds or fails because of the people.
And we know this. Whether it’s the strategy or sales or creative that’s missing, a business will crumble without the right talent.
But here’s the problem. We all thought that 2022 was an anomaly, and the labor market would soften. While the hype and chaos has calmed a bit, the labor market remains historically tight. Now, in 2024, we have the “Great Stay.” Employers are having to become more competitive than ever, and compensation continues to rise.
The need for strong talent remains. So how do you position yourself for success? Here’s a sneak peek into what we tell our clients, and what we practice ourselves.
Craft your why.
Every company and every role has a unique story to share, but how you communicate it makes all the difference. When thinking through how to attract the right candidates for your role, the first step is crafting a compelling message of why someone should want to work there, in that specific role, on that specific team.
You would probably be surprised if you knew how often we talk to a client about a new role, and they struggle to answer the question: “Why should someone want this job?”
A good place to start is by answering these questions:
Why is this a great place to work?
What impact will I have on the organization as a whole?
How will this role/company impact my career?
What will my team look like?
These questions will help you craft a sizzle that will catch (and keep) the candidate’s interest.
2. Don’t Rely on Applicants: Go Hunting.
Many qualified applicants who are employed do not have time to apply for jobs. Even if you don’t have the budget for an external recruiter, your chances of finding the right talent will increase dramatically if you spend time identifying and recruiting the right talent.
Of course, while you want to post the job online (you can read more of our analysis of different job boards here and which are best for posting), it’s important to create a target list of candidates and reach out to them.
Go on Indeed and LinkedIn and search for candidates who match your criteria. Then reach out to them with the above sizzle!
3. Interviews seal the deal: craft a great experience.
Yes, you want to ask the right questions, but most importantly, you want to make the candidate feel welcome. Think about inviting someone into your home. How would you treat that person? The more you can translate that into a business setting, the more you will make the candidate feel relaxed and able to operate best.
There are many different interview structures you can use, but make sure you go through the following areas:
Technical skillset
Cultural fit
Compensation
Work history
Follow where the conversation naturally leads and work to get to know the person as a whole. We also recommend an itinerary before the interview, so that candidates can prepare and know what to expect.
4. Move with Speed, but also Due Diligence.
As an old mentor of mine used to say, “Time kills all deals.” This is an old adage, but especially true in recruiting. Juggling a commitment to the process and to moving with intentionality creates tension at times. While uncommon, you can move too fast and spook the potential employee.
The best solution I have found for this tension is to prioritize communication. Early on, set expectations for the process and be clear about timelines and steps. Let the candidate know how many rounds of interviews and with whom, and when a candidate can expect to know the next steps or decisions. Without communication, we all create our own stories, and sometimes those stories are false or at least incomplete.
One of the most important pieces of due diligence is checking references. It will take you 30-60 minutes but it is so worth it! The truth is you want to know someone’s weaknesses before hiring them. It doesn’t mean you won’t hire them, but it does mean that you’ll be going in with eyes wide open and knowing how you should mentor and coach the person.
5. Craft a Strong Offer!
Before you keep on scrolling, let me be clear: this does not just mean compensation. Of course, cash compensation is a crucial piece of the package for most candidates. That being said, there are creative ways to structure an offer if you are concerned the total cash comp is not as competitive as it could be.
Other important elements all candidates are concerned about:
Benefits: are they competitive and what do they cover? Of course, there is the standard health and disability insurance, but candidates are also asking about parental leave on a routine basis.
Paid Time Off: most companies are starting with at least two weeks of PTO, if not three, plus holidays. PTO is a significant deciding factor for many candidates.
Flexibility: if you’re able to offer at least some remote flexibility, that increases your draw to a much wider population of candidates. Of note: other than some highly technical developer-type roles, we are finding most candidates are not expecting 100% remote work but enjoy a 3/2 or 4/1 in-office / at-home schedule. Even one or two remote days significantly increases the chances of attracting the right candidate.
Compensation: Salary matters (especially with the cost of eggs these days!). But if base salary is tough, think outside the box. Can you offer profit-sharing? Bonus opportunity? Extra commission?
The most important thing is to know the candidate’s expectations going in to any offer conversation. That means, before you even have the first interview, know what the candidate is targeting. If your max compensation is $100K and they are looking for $150K, then it is unlikely you can pull this off.
However, if you’re close, talk to the candidate about how you can come up with a win-win situation. Does the candidate need more flexibility in terms of remote days or PTO? Or is there a profit sharing plan you could create?