Startups at different stages are becoming a huge part of the growing economy in most countries. Whilst this is a trend, and many get to great traction whether that traction includes revenues or not is a different story but as soon as a startup achieves funding depending on the stage the excitement of growth kicks in.

 

In the excitement do startups deeply assess what they need especially when it concerns skills and talent onboarding. The question arises because growing number of early stage funded startups and even growth funded startups either underestimate the level of talent they need or overestimate their so called “friends” skills set.

 

Benefits vs. Risks of Interims:

Hiring permanent from within friends and acquaintances is not an issue at all if the growth is revenue based, and the requirements for this growth is backed by a plan to hire permanent colleagues. However, if there is even the tiniest of doubts – startups should really consider highly talented interims and consultants.

 

You may ask why? Well, the simplest answer is you get a flexible, longer-term, full time/part time top talent at reasonable rates to help you evolve to a stage where you can clearly identify the need of either a perm colleague or you may discover in a few weeks or months that you never needed a perm colleague.

 

Another big reason is the management of perm colleague. If you are a young startup no matter how much traction and money you have in the bank, people skills take the time to develop and developing internal perm colleagues is a must for any good employer from brand and loyalty perspective. So, if you or your senior management do not have time to incubate and induct this new colleague you may end up losing them resulting in hurt feelings, mismanagement and loss of time plus money.

You may totally disagree with me, then think of a couple scenarios: 1.) You are moving fast on a growth trajectory, you need to grow the team to deliver sales in new markets – you hire a passionate, ambitious individual with a great fit and potential. You relate to them; their lack of experience yet determination seems a great fit – and it may well be. But in reality, what you need before you hire that brilliant talent permanently is to hire an experienced Interim or Consultant – someone who has been there, done that and can impart that into a strategy and a working tactical plan. They may seem temporarily expensive but in the long run, they would have paved a perfect path for you are lesser experienced and cheaper new perm colleague that can with help and direction potentially make the plan come true.

 

Maybe another example is that hiring a perm colleague may result in the same expenses overall such as hiring an interim colleague, especially if the role is senior and so you want to make sure that you hire the right person. This takes time, period. As a startup, you are competing with some great big brands out there, why would a high calibre top perm talent risk their career? And / Or how do you exactly what you need that quickly? So, whilst you figure it all out hire an interim because you still need the work to start as soon as possible.

 

Hiring Right, amidst all the excitement:

Understandably, this excitement but similar situations can damage the startup growth at every stage than help. Many executives and business managers tend to start looking for people more based on the potential rather than on their previous experiences. And this trend is happening for a reason. The economy is in bad shape and the global market for top managers is becoming tighter. So, this means that they need to have things that distinguish them. And these don’t include their brains, competencies, or experience. These are rather based solely on potential which is well and good but there is the right time to hire for potential and train.

 

One of the things that we have been seeing is the fact that when a company is looking for a board member or CEO, many candidates have just the right profile. They have all the credentials, competencies, and experience. So, the ultimate factors that lead to the hiring of one compared to all the others are based on factors like engagement, curiosity, motivation, determination, and insight. This doesn’t mean that it’s not possible to evaluate the potential because it is. Just take motivation, for instance. When someone demonstrates a great ambition to leave a mark in the pursuit of the greater reveals a deep personal humility and unselfish goals.

 

One of the problems with hiring someone based on potential is that sometimes, these are young people with low experience. And like everything in a startup timing of a hire is also key, so if you want to know more about hiring right for your startup no matter what stage join us at the Google Campus on 6th July at 6 pm, we are overbooked with great talent and startups, so we have decided to incorporate bigger space and so have a handful more spots available only. You can book through the link here or click on the image for an email directly to us, to reserve your spot over the next 24 hours.

 

Bhumi
Founder & CEO at
Bhumika Zhaveri has expertise in business strategy, change, human resources and talent management. Her experience is built over years in various sectors via her consulting in HR, Resourcing and Transformation. Now as Founder & CEO of InteriMarket a platform for in-house teams and companies to hire, engage and retain their skilled contract talent. She is a firm believer of success through people, change and culture in the future of work!

Written By
Bhumi
Founder & CEO at
Bhumika Zhaveri has expertise in business strategy, change, human resources and talent management. Her experience is built over years in various sectors via her consulting in HR, Resourcing and Transformation. Now as Founder & CEO of InteriMarket a platform for in-house teams and companies to hire, engage and retain their skilled contract talent. She is a firm believer of success through people, change and culture in the future of work!