A couple of months ago, I was asked when is the right time to engage a talent partner in an early-stage company. Determining the optimal moment to hire a talent partner is a common question for early-stage founders. This question however points to a larger and more fundamental challenge: when should startups begin to prioritize talent strategy?
Talent Strategy Does Matter
While the decision to hire a recruiter or a strategic talent leader hinges on your business’s specific growth trajectory, having witnessed startups at various stages, I can confidently assert that those prioritizing talent strategy from the outset are better positioned for success. They build superior products and achieve revenue milestones faster.
Navigating Strategic Challenges (5-20 Employees)
Between 5-20 employee phase, a full-time strategic talent leader may not be necessary, but partnering with one is vital. They can provide expert guidance in:
Building the Right Team: This goes beyond recruitment, involving a deep dive into your business needs, skill gaps, short-term outcomes, and the talent required to achieve them.
Talent Systems and Operations: A talent leader can assess and implement the necessary tools and systems for people management, applicant tracking, benefits administration, and more, ensuring scalability as your business grows.
Compensation and Benefits Structure: Crafting a competitive compensation package is crucial for attracting and retaining top talent. A talent leader can help you design a structure that aligns with your business goals.
Employee Engagement: A seasoned talent leader can help you create a consistent and positive employee experience, fostering loyalty and productivity.
Employer Branding: They can assist in positioning your employer brand to attract the right candidates in any market.
Don’t underestimate the power of early talent strategy.
Startups have limited resources, and early talent strategy mistakes can be costly in terms of both time, money, and reputation. A well-defined strategy helps avoid mis-hires and ensures that resources are allocated efficiently to attract and retain top talent.
Investing in your team’s growth and development early on, you lay the foundation for a thriving business.
Are Interviews Really a Coin Toss?
then lead to attrition and impact your employer reputation as well as cost the company time and money.
As a hiring manager, you’re probably thinking, of course I know what I am looking for, I need X to do Y which is fine as long as Y is a detailed and measurable list of expectation that if accomplished in a given time will define success. If not,one of the biggest disconnects in hiring – Not every job description or title fits
When leaders, hiring managers, and recruiters especially in early-stage companies where every role is crucial don’t look beneath the surface at the exact business problem they’re trying to solve and only focus on the role they think they need to fill and the job description filled with a laundry list of skills that may or may not be relevant, their success rate is as solid as a coin toss even with the most structured interview process.
Know the problem and Define Success
I have conducted countless interviews across many levels ranging from early career to global executives, read hundreds of articles and books, and spent hours upon hours discussing interview techniques and innovative solutions with peers and colleagues, and am confident that in order for any interview methodology to be successful, you must be very clear about the problem you’re solving and the deliverables that define success
It takes more time upfront but if done right, it will transform your recruiting and hiring from transactional to intentional and strategic. It will uplevel your team and attract the right talent to your business
Key Benefits:
- Clarity: Everyone involved in the hiring process is aligned on the problem and desired outcomes.
- Skills: You can pinpoint the skills needed to achieve success.
- Job Description: You can craft a compelling job description that attracts the right talent.
- Interview Plan: You can design a structured interview plan focused on assessing relevant skills.
- Successful Hire: You’re more likely to choose a candidate who can deliver results.
This Forbes article article was published in 2015 and over 9 years later, many interviewers still walk into interviews (physically or via Zoom) unprepared and without the tools to assess job-specific skills.
Often resorting to the go-to interview question “tell me about yourself” and exiting the interview with feedback ( “I liked We had a great conversation, it turns out we have in common. will be a great fit here.”) Or (“I had a decent conversation with I didn’t get much of a sense for and not sure they will work out here.”) that tells you nothing relevant and worse is counterproductive, leaves a terrible impression on candidates, could lead to bad hiring decisions, and cost the company thousands of dollars. According to the LinkedIn Innovative Chronicles, a bad hire with an average salary of $60,000 can cost the company up to $127000.
