Startup Strategy for Hiring Talent Changes
If you're looking to join a startup, you would be well advised to scour social media networks and work on brushing up your areas of specialisation, both of which would help you stand a good chance of being hired, reports Times of India. The environment for startups changed drastically this year with consolidation, and even shutdown of operations for some. Now, recognising that the scenario has changed and the initial euphoria around startups is losing its lustre, other new-age companies are reworking their hiring strategies to continue to get quality talent.
More targeted hiring, a greater focus on quality of hires and a preference for lateral recruits with specialised skills are just a few of the practices being followed. "The sentiment around startups has changed a great deal, and mid-sized players like us are well-poised to hire good talent. Lateral hires work well for us because they settle into the role much quicker than freshers," said Sujayath Ali, cofounder of Bengaluru-based fashion startup Voonik. The company is offering Esops to employees to make up for pay cuts.
It's no longer the `in' thing to work at a startup, said Mervyn Raphael, managing director of global human resource management consulting firm People Business. "With funding no longer as generous as it used to be, startups are realising that it's prudent to evaluate openings and requirements and hire accordingly, rather than ramping up for the sake of it," he said. Jewellery portal BlueStone is making its hiring processes more stringent. "We're doing very focused hiring, and are more concerned about getting the right talent rather than meeting numbers," Atul Mohan, head of HR at the Ratan Tata-backed startup, told ET. "People are much more wary about jumping on the startup bandwagon than they were even six months back," said People Business's Raphael.
For instance, at ecommerce firm ShopClues, the number of resumes coming in has dropped, but HR head Babu Vittal isn't concerned. "It's a good thing, because we get to cherry-pick talent and we know that the resumes coming in will be quality ones," Vittal said. Post-demonetisation, fintech startups have found themselves in a sweet spot.While most startups are taking a conservative approach to hiring, fintech firms are looking to make the most of India's cashless revolution. BankBazaar, for instance, is actively hiring people from the traditional BFSI sector. "Lately, we have started using psychological tools to judge whether interviewees have competencies two levels above the role they are interviewing for. This not only helps us see whether someone might be a long-term fit, it also offers them the opportunity to grow with us," said Sriram Vaidhyanathan, chief human resource officer.
At online ethnic store Craftsvilla, candidates interviewing for key positions are now being asked to send case studies on how they would approach a particular problem. This helps the company identify those who are really keen and gives an insight into their thought process, said Manish Kalra, chief business officer. Companies such as Flipkart, CarDekho, Grofers, and Hopscotch withdrawing campus offers also left a bitter taste in the mouth for many premier institutes. ShopClues's Vittal said some corrections need to be made. "It's important for the startup ecosystem to repair relations with campuses.This is definitely something we all need to make amends for in the next few months to ensure we continue to get the cream of fresh talent from institutes," he said.
SJP @DigitalAsian - ShareYaar
SJP @DigitalAsian - ShareYaar