Top 3 Startup Hiring Challenges (and Tips to Overcome Them)

Many startups struggle to find, attract and select the right employees. Learn about the biggest startup recruiting challenges and discover best practice tips for overcoming them!

pexels-photo-933964.jpeg

How to overcome startup hiring challenges?

When it comes to recruiting, startups face 3 main challenges. We will explain these challenges and offer best practices tips for overcoming them! Read on to learn about the best recruitment strategies to attract the top talent to your startup!

First challenge: Startups lack hiring resources

Small companies and startups usually struggle with a lack of knowledge, resources and time to hire. They don’t have a dedicated in-house recruiter with the right hiring expertise and experience. They struggle to find, attract and select the right people for their open positions and company.

How to overcome this challenge?

Learn how to excel at the full cycle recruiting process. Write a great job posting, follow best job advertising practices, implement an employee referral program, learn how to be a good interviewer and ask the best job interview questions.

Second challenge: Startups have yet to build their (employer) brand

Startups are small companies just getting started, with no established brand and reputation. This is why most people are suspicious and won’t trust them. Yes, you may succeed, but hey, most startups fail, don’t they? It’s a big risk to work for a startup – a risk most people aren’t willing to take.

How to overcome this challenge?

You need to establish your employer brand and build your reputation as a great employer. Learn how to build your employer branding strategy in 5 easy steps and use social media to promote your employer brand.

Third challenge: Startups can’t offer competitive compensation packages

Startups can never compete with compensation packages and benefits offered by big corporations. This is why it is hard for them to compete with big brands in a war for talent. Why would top talent come to work for you instead for an established company with a great reputation that offers much higher salary?

How to overcome this challenge?

Okay, so maybe you can’t offer the biggest paycheck and extravagant benefits and you don’t have a fancy office. However, there are still important perks you can offer, such as flexible working time and work from home options. You can also offer a friendly, non-corporate office atmosphere. Dig deeper and highlight the right components of your employee value proposition which can serve as a magnet for talent!

Advertisements
Highly Effective Tips for Business Success for Startups

Highly Effective Tips for Business Success for Startups

“Starting your own business is like riding a roller coaster. There are highs and lows and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started.” – Lindsay Manseau, Photographer and Entrepreneur

According to Problemio, there are over 28 million small businesses in the U.S. However, the problem is almost 50% of startups fail during the first year. And the chances of reaching the end of the road only increase with each year on the market.

But why do so many companies face the risk of failure? The answer is not so simple although it all comes down to the issues entrepreneurs haven’t anticipated. So in order to get acquainted with corporate requirements and preventing possible business threats, we offer you a list of highly effective tips to help you secure the startup success and enhanced growth.

Know Your Goals

One of the biggest reasons why small businesses fail is because they didn’t research market demands. Before anything else, entrepreneurs need to be familiar with the industry, target audience, and competition. Who is your perfect customer? How are your products or services different from the rest? What is the ultimate business objective? And is the time for launching your business right?

Offer People a Deal They Can’t Refuse    

When first starting out, it’s important to offer quality. The business should be built around consumers because they are the backbone of every successful brand. Instead of focusing on sales, research what people need in the moment and then invest and promote deals customers will prefer.

Don’t be Afraid to Outsource     

Outsourcing has become the industry standard. Nowadays, those who wish to reduce costs, enhance customer experiences with the business, increase productivity and improve the quality of products and services in general, turn to outsourcing. Outsourcing back office operations, front office processes and marketing business processes are the main and highly rewarding options startups should definitely include in their business plan once the company begins to gain a broader awareness.

Keep a Close Eye on Cash Flow

The major liability that can ruin both a small business and a large enterprise is cash flow. As according to Nelson, a real estate business owner,  you need to have a clear idea of where the money goes and why. The business expenditure should be aligned with the main objectives while retaining a portion for unplanned situations. In other words, keep in touch with your accountant and have backup cash reserves as a safety cushion in case of shortfalls.   

Surround Yourself with a Motivated Team

The employee expertise is equally important as their motivation to complete tasks on time. Look at your staff as a well-oiled machine working towards a common goal which is, you guessed it, business successes. However, don’t forget that they are also people with hopes and dreams. Meaning you need to treat them with respect, include them in every step of the way, and provide opportunities for further occupational growth.

Share Your Success

It’s crucial to be transparent with your employees and customers. People feel more related and open to entrepreneurs who are not afraid to share their successes stories. Not only that transparency could help you raise productivity, but it can also build the necessary trust between a business and its audience. Plus, exchanging stories and listening to other ideas provides a chance to learn something new and to form loyal relationships along the way.

Leverage Technology into Your Advantage

Automation is the key to optimizing business processes. Digital technology and mighty software solutions can help to prevent human errors, enhance collaboration across departments, and better engage consumers. The good news is that you can take advantage of free online programs and affordable systems specifically designed to support SMBs. Just be sure you are picking the right tool for your business. Identify areas within your company that consume a lot of time and effort and use them as references.     

Learn to Move On

Taking care of every single thing and micromanaging projects can be stressful and damaging for the business. Some mistakes are bound to happen but if you want to overcome bumps on the road, learn to move on and trust your team to efficiently complete tasks. To put it simply, learn from mistakes but don’t fixate on problems.

Meet Your Investors

The majority of startups require investments to kick the business off. If you can relate, it’s recommended to find out what investors prefer and where can you find them. Doing online research is a good start, but still, work your way up in the entrepreneurial community and get involved on social media platforms. But before you contact investors, try finding or getting in touch with your mentors. They can tell you if your idea needs some touch-ups and prep you with the essentials investors expect to get from thriving entrepreneurs.  

 

Final Thoughts

“What I learned from Rockefeller that’s off-the-hook important is: You need to know exactly where you stand in a business at all times. Measure everything, because everything that is measured and watched improves.” – Bob Parson, GoDaddy Founder

All you need to succeed is a strategic head and a passionate heart. You need to be aware of everything that’s going on with your business at every moment. However, that doesn’t mean you should be too controlling and focused on every single detail.

Also, once the company experience successes, try not to become greedy. Remember, if you build your business on knowledge, respect, and a well-designed strategy, you will diminish the risk of becoming just one of the businesses who couldn’t keep up with evolving market requirements. Good luck!

How to Build a Stellar Brand and Rock the Social Media Ecosystem

In a vast and diverse online landscape, there are many channels and tools to explore. In the midst of all the digital hustle and bustle, major social platforms stand as real giants. From their shoulders, brands can extend their reach and make their messages resonate with a global audience.

Indeed, many businesses have managed to work miracles with their social media accounts. They became globally recognizable and have enhanced their bottom line in the process. But, make no mistake that this is a huge endeavor. Namely, one has to find a way to form a killer strategy and execute it in order to stand out among cohorts of competitive brands.

A tumultuous social age

Social media platforms are a next big business frontier. Consumers flock there to casually share and comment, but also interact with brands and get to know their human face. This creates immense opportunities to engage and delight. Of course, making it happen is much easier said than done. It requires a rock-solid strategy and a long-term commitment.

One of the first things to figure out is which network to pick as a distribution channel. You might want to use more than one but bear in mind that spreading yourself too thin is not the best idea, especially if you’re working with limited resources. The basic rule is simple: You have to be present on hubs that your target audience frequents.

An angle of approach

A thorough research is the cornerstone of your branding strategy. It allows you to tell in advance, with relative certainty, whether your campaigns will hit the mark or not. Just be aware that adults aged 18-34 are the most likely to follow a brand via social media (96%). So, if you cater to the older population, you might want to think twice before investing in branding there.

In general, networks with the largest user base (like Facebook and Twitter) offer an unparalleled reach and should be considered first. Then again, there are some niche platforms that could make sense in terms of what you do and industry sector you operate in. Likewise, image-heavy networks such as Pinterest and Instagram are a great marketing landscape to dispense your product photos and other visual assets.

Name of the social game

In any event, once you weigh all the pros and cons and identify the best channel, come up with a game plan on how to engage the audience there. To get inspired, you can take lessons from some of the best thought-out campaigns out there. They all have something in common: a deep understanding that modern businesses must add value to the lives of the customers.

Moreover, established brands are well aware that social media profiles pose powerful customer service tools. They provide around-the-clock support and display impressive responsiveness. Also, they keep up to date with prominent trends such as the surge in mobile usage. There were 2.56 billion of global social media users who accessed those networks via mobile devices in 2017. Therefore, it is of the utmost importance to tailor the experience to their wants and needs.

Coming on top

There are some other trends that enable your brand to get into the limelight. Visual content reigns supreme: it is 40 times more likely to be shared than other types of content. So, ramp up your image and video production capacities. Quality content is an integral part of all good campaigns. Just make sure to produce a regular stream of it in accordance with your content calendar.

Furthermore, note that, although people discuss brands quite a lot, 96% of users does not actually follow brand-owned accounts. This is to say that businesses have to get creative and navigate around the distrust or weariness that users tend to exhibit towards businesses. The trick is to look beyond your corporate channels and launch campaigns that deviate from the traditional advertising logic.

Stay vigilant

Next, let us address one thing that often gets overlooked: keeping track of key performance indicators is vital. In other words, implement a robust social media monitoring strategy. Monitor non-branded conversations for brand mentions. Evaluate your engagement rates and how many social signals you generate. Actively manage brand health at all times. Stay flexible and adjust your strategy should it fail to bear fruit.

This may seem like a daunting task, but rest assured that social media branding pays rich dividends in the long run.

Around 71% of customers who have had a positive experience with a brand recommends it to others. Hence, you have a chance to make the most of word-of-mouth promotion and spread awareness far and wide.  Finally, remember that social signals, although not an official ranking factor, do affect your position in the search engine result pages (SERPs).

Polishing the competitive edge

Social media networks are major public arenas for brand-building. Before diving in, you need to test the digital waters and use acquired insights to create targeted campaigns.

Create a branded environment where customers feel appreciated and valued. Keep an eye on trends to stay on top of the game. Learn how to tell an engaging story and social media user people in. This should enable you to build lasting foundations of trust with your existing customers and win new people over at the same time.

Carry out branding with the maximum marketing impact: Get the word out there and cut through the marketing noise like a knife through hot butter.

4 Traits of Today’s Successful Tech Leaders

In the last few years, the IT industry has been changing at an astonishing rate. With its evolution, the role of tech leaders has also changed. Namely, being an IT leader today is different from what it was about a decade ago. It’s no longer about having a superior aptitude for tech and focusing on end-user needs only. There is a plethora of attributes every successful tech leader should possess and here are some of them.

To Understand your Team, you need to Understand Yourself

There is a thin line between an average business owner and an exceptional leader. Overconfident and close-minded entrepreneurs that don’t take their employees’ advice into consideration usually stay mediocre or even end up failing. Of course, this is something you want to avoid. To succeed, you need to know what your strengths, weaknesses and emotional triggers are. Only by constantly investing in your self-awareness will you be able to leverage your strengths as much as possible and surround yourself with the right people with complementary skills. Most importantly, by investing in your emotional intelligence, you will manage to focus on the people you communicate with, recognize their problems and adapt your interactions based on their emotions and expectations.

An amazing example of the importance of self-awareness for one’s entrepreneurial success is Mark Zuckerberg. Even though he was just a teenager when he launched Facebook, he hired experienced advisors who helped him make the right decisions and, over time, he has become a well-rounded leader.

Make Quality and Timely Decisions

“In any moment of decision, the best thing you can do is the right thing. The worst thing you can do is nothing,” Roosevelt once said. The tech industry is moving at an astonishing pace and, to keep pace with it, you need to be capable of making the right decisions fast and taking risks when the need arises. If you are sitting on the fence all the time, not being able to find quality answers to your employees’ questions and problems, they might consider you incapable of leading them. Even worse, this might heavily affect your company’s growth.

Uber is just one of numerous examples showing how important bias for action is. Namely, when Lyft, their competitor, started offering scheduled rides, Uber’s executives decided to release the same feature within weeks. In this case, they didn’t have the luxury of doing a detailed research and debating the benefits of the product features. They simply built it and launched it.

Create Safe Work Environment

It’s your responsibility as an employer to provide your employees with pleasant, productive and, above all, safe work environment. Even though you cannot prevent all the incidents from happening, you can at least reduce the risk of workplace injury by developing a strict protocol, including safety education, offering adequate resources, and monitoring potential problem areas.  Most importantly, if the incident has already occurred, you need to know how you respond to such a situation. According to Bordas & Bordas personal injury lawyers, in such cases, employees are likely to hire an attorney to help them protect their right to compensation. As they will ask for all sorts of files and documentation on the employee, and you should cooperate with them and hand this information over.

Recognize your Employees’ Efforts

Steve Jobs believed that “great things in business are never done by one person. They’re done by a team of people.” This is exactly why every great leader understands and values their team’s efforts and hard work. By proving that you care about the employee behind the work as the work itself, you will be able to boost your employees’ satisfaction and, most importantly, improve their engagement and retention.

For example, you could develop an incentive program. The studies show that 71% of employees would rather stay with a company that offers rewards than switch to one that offers higher pay. Most importantly, apart from being brilliant motivation boosters, incentives don’t require you to have Google’s budget. Young and small businesses in IT could offer a wide range of affordable and yet highly effective incentives, such as in-house skill-building opportunities, certificates of achievement, flexible work arrangement, gift cards, paid time off, and happy hours.

Conclusions

Never try hard to become the next Steve Jobs or Bill Gates. You’re simply not them. Instead, you need to know what it is that makes you authentic. Only by establishing recognizable leadership traits and staying true to them will you be able to build a powerful brand that stands out.

Which are some additional traits of distinguished entrepreneurs? Share your favorite ones with us.