How startups can hire good talent and retain them for long term

There are many stages of pain in startups, Funding, Marketing, Hiring….. and the startup needs to qualify in all stage, and all stage takes unlimited efforts but there are some stages which can be done easily if you have a good knowledge in that particular field. Now-a-days hiring is one of biggest challenges in startup journey. Hiring a good talent, when you don’t have much budget in your pocket is very challenging. and it’s a major problem for startups. Any business needs good employees to deliver a good quality business. so how new startups can hire good talent and retain them for long term.

image source : career skyrocket

1. By ensuring a better job opportunity(if anything goes wrong) :-> Most of employees wants security in their salary and as we know that most of startups get failed within 3 years of time. so majority of employees would not like to leave their current job for your startup unless you make them feel secure by offering a job bond in another big company. Startup founders must have some good industry connections. it’s one of some good resources available for free and most useful too. you can ask stable corporations to hire your employees in case your startup is failed or a good employee wants to leave your startup. By doing this you create a trust between you and your team that if anything goes wrong with us, we are here to get you a better job. Like OYO Rooms fired a big amount of employees but they reached to many companies to hire those employees and they got a good response. That was very bold move and OYO’s employees were satisfied with this effort, which did not damage OYO’s reputation.
2. By offering Stock Options :-> You may have heard of this before, because this is very common thing that startups do but in past few years, when startups fails, employees get nothing by shares because at the closing time the startup has 0 value. So employees are not able to see direct cash in your stocks and they will give you less priority but if you are a good convincer and you, yourself think that it will go that much big then you can take a bet on your stocks to hire good talent.
3. By offering bonds :-> many good cash positive startups hire senior executives by offering them cash bonds after completing a fix time job. like ‘X’ startup hired ‘Y’ senior executive with a offer that ‘Y’ will get fixed amount of bonus by completing ‘z’ years in their startup. Since cash bonds requires good amount of fund so less preferable for startups but i would prefer them over “high salary package”.
4. By improving your reputation as a good work culture :-> You can increase your reputation as good work culture by improving your social media presence, asking current and former employees to give reviews about your company on Glassdoor or on AmbitionBox.com, enable a competitor-learning strategy, empowering your company as a brand at work culture.

Joining a startup has both pros and cons. In startups, you have good learnings, more team work, direct interactions and great opportunities ahead but has a lot of cons too, like insecurity of job, payment delay, more work hours, less salary. But every employee should somehow get in touch with day-to-day startups, which is beneficial for both startups and employees.