The first and most important thing a startup needs to do is to attract talent.Startup founders can start with offering a competitive salary or stock options, but there’s more that future team members are looking for. Founders need to create an environment where people will want to work, be passionate about the company’s mission, and feel like they are part of something bigger than themselves.
Saudi startup ecosystem
There is a surge of incubator and accelerator programs to support Saudi startups, such as Misk Accelerator and Misk Launchpad. However, finding and recruiting talent is a key challenge facing startup founders based in the Kingdom. According to Endeavor’s report Mapping Riyadh’s Tech Sector, access to talent was the most common challenge identified, with 84% of founders interviewed saying that access to managerial talent was a major or severe obstacle, and 63% saying that the availability of technical talent was a major or severe obstacle. Now more than ever, founders need to know how to find and recruit the right team to ensure their startup is prepared to succeed.
Tips to recruit talent
The first thing you should do when looking for talent is ask yourself what kind of person you need: Do you need someone with an established career? Do you need someone who has experience as an entrepreneur? Do you need someone who is talented in a specific field, like marketing or design? Once you’ve answered these questions, it will be much easier for you to find the right people for your company.
A startup is never complete without the right people and the first hires will heavily impact the probability of success. While recruiting talent can be a challenge with the competition and compensation not always being on par with larger companies, fortunately, there are a few tips for attracting talent that startups can take advantage of:
1. Offer an appealing workplace
The startup culture is all about being creative, having fun, and working hard. And the office should reflect that. Whether it’s working physically or remotely, offering flexibility and being mindful of cultivating a safe environment will impact how well a startup can recruit talent in the future.
2. Offer competitive compensation and benefits
Competitive compensation and benefits are a must for any startup as they help attract and hire the best talent. Some of the benefits that startups can offer to their employees include flexible work schedules, unlimited vacation days, paid parental leave, health insurance, and stock options or equity if they are strategic first hires.
3. Offer the opportunity to work on innovative projects
When you give future team members the opportunity to work on innovative projects, they can come up with ideas and implement them without having to worry about bureaucracy or red tape because they have no formal reporting structure or hierarchy. This freedom is what can make a startup environment so attractive for young professionals who are looking for more than just a paycheck.
4. Provide opportunities for growth and development
Some ways in which startups can do this is by giving their employees access to workshops, mentorship programs, and internships that provide guidance at the start of a career. When a startup shows the willingness to invest in them, it will allow the team to feel more fulfilled in their jobs and give them a sense of purpose in the company.
Whether you’re looking for potential hires at industry events or through referrals, the future success of a startup depends on the team that it hires. A strategic team is the backbone of any startup and a successful one will be able to work together, help each other, and make sure that the company's vision is met and all goals are achieved.
