Contrary to what many budding entrepreneurs think, a business start up can compete and win top talent in the market without much cash. Here are three tips for attracting and retaining the best talent.
#TIP 1: LOOK FOR RESTLESS EMPLOYEES LOOKING FOR NEW ADVENTURES
In your search for top talent, pay attention to high potential workers who are looking for a new adventure. Many large corporations tend to stifle talent and many top performers feel restricted in such environments. With a good pitch, you can offer a restless employee a new lease of life by offering them a position in your business start up that will give them the freedom to fulfill their career aspirations. For instance a talented middle level manager will seriously consider a VP post in your startup if you find that this is one of their career aspirations.
#TIP 2: GIVE UP SOME EQUITY FOR TOP TALENT
Facebook and Google both used equity to retain top talent when they were still startups. They offered stock options to some of their initial employees. Even the most talented employees have the desire to own something more than their generous paychecks. Many big corporations do not have this option. Dedicate a percentage of your equity to retain your top talent if you realize that this is what will secure for you the best talent in the market.
#TIP 3: LOOK FOR PEOPLE WITH AN ENTREPRENEURIAL MINDSET
The third way you can attract and retain top talent for your starts up is by focusing on people who have an entrepreneurial mindset. In other words, find fellow entrepreneurs who are yet to launch, maybe because they are held up in an eight to five job, and give them an opportunity to test their wings. A business start up not only needs employees who will stay with it until it matures, but it also needs a set of entrepreneurs who will take the risks needed for it to grow.
Written by: Judson Sutherland, Founder & CEO