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If you are hiring You have to understand one thing for your startup: this is arguably one of the worst times to be looking for talent.
While inflation is rising and the Fed is raising interest rates, consumer confidence is unchanged and unemployment is at historic lows. The financial outlook for business and markets is grim, but companies are still at the mercy of their employees, who seem to have endless choices for work. Big Tech may have released 10% of its talent to the market, but those were generally not employees of core businesses.
So how can early-stage founders compete in this battle for talent against larger, better-funded companies?
Look at talent through a product-market fit lens
Whenever possible, it’s far better to slowly integrate a great candidate as a consultant or part-time contractor and let things take their course.
Most startups simply cannot afford to compete based on capital, especially in terms of talent.
Your early employees (the first 20-25 people) joined you because they wanted something that big companies with money couldn’t provide. Your job is to find out what something is and make it available.
Approaching early stage recruiting through a product market fit lens is a great way to do this. Think of your candidates as your customers and get to know them in person, understand their career path and find out what their gaps are. Their gaps are your problems and the role you have to offer is your product. The two must fit together – otherwise it is not a good hire. When you understand this, explain how they can get what they want by working with you and why they can’t get it from other companies.
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