The pandemic rocked the foundations of the globe and left no industry or organization unaffected.
As the dust settles and the world looks to rebuild its economies, we are in a unique situation to decide whether we want to remake what we have or build something new.
After all that we have experienced over the past year and all of the forced experiments we’ve had to endure, there is a growing consensus that people around the world want to keep some of the good habits we learned during our lockdowns. This is especially true for our work lives. What does this mean for hiring?
What is talent acquisition in the next normal? These are important questions with major implications, especially for businesses that rely on the talent they hire, especially startups and innovative companies.
McKinsey’s report found that businesses with annual revenues below $20 million had the worst effects from the coronavirus crises. Many startups were forced to lay off employees as investment dried up and cash reserves ran low. It is estimated that three quarters of all startup businesses have had to lay off full-time employees since the outbreak of the pandemic.
The light at the end is getting closer, and the surviving startups are looking to map their long-term growth plans. This brings us to a new challenge.
Recent Harvard Business School research has revealed that startups could face risk aversity if they try to hire job seekers. Many professionals are turning away from smaller employers because of the uncertainty associated with a pandemic. They prefer to work for larger firms that offer stability.
According to the report, job seekers were targeting mature and larger companies when searching for work. These companies are more likely to withstand economic turmoil. This was particularly true for the most educated and experienced professionals. This could lead to a potential “brain drain” for new businesses.
Although it is understandable, companies that are hesitant to gamble on startups can be detrimental to their ability to attract high-value talent. Startups’ ability to innovate and grow depends on their ability to attract top talent. However, in uncertain times, it is unfortunate that incumbent organizations have the advantage by having more cash in reserve and therefore a greater airof solidity.
The good news is that talented people, especially those in tech roles, aren’t completely afraid to work for startups. According to Talent Works, 73% of tech talent would consider joining a startup in 2021.
How can startups compete against business giants and attract the talent needed to get back on track in this new landscape?
Demonstrate your people-first, committed culture. Make sure to plan your onboarding and recruitment process before you start your hiring drive. This will ensure that your candidate experience is smooth, efficient, and communicates how reliable you are as an organisation.
Your website’s careers section (if it doesn’t already have one, create one) should be clear about your plans. Job ads should also include clear information about your goals. You should outline what you have done, your goals, and why you are in a position now to hire. According to reports, global venture funding rose by 4% annually at the end 2020. If you have been able raise capital recently, let us know.
Development is another important aspect to consider. The most qualified candidates today want to grow and develop with their employers. Respondents to the Talent Works survey cited opportunities for growth and development, and more involvement in the company as reasons why they would consider working for a startup instead of a large corporation.
