23% of startups fail because they don’t have the right team. 13% of these new companies fail because there is disharmony between the team or investors. Many entrepreneurs hire their friends and family, and that makes sense. You have an idea, share it with your friend that has similar interests, and before you know it, you’re in business together. In the first phases of company growth you look to hire strategically, but how do you do that without the resources, time, or money? You hire people you already know because they are easy to source, attract, and willing to help you.
But what happens when you exhaust your network connections? You’re worried about funding and a return on investment in human capital. You know hiring mistakes can be devastating to a young business. What do you do?
Before we tackle hiring, let’s talk about some deep stuff (stay with us)… First, you need to establish your core values. Who are you? What do you stand for? These values will help your current team understand your mission and attract likeminded future employees. The next step is to create a set of goals for yourself, your employees, and the company’s growth (if you haven’t done so already!). All of your hiring (and firing) decisions should stem from these values and goals. Formulate a strategic intent and stick with it when it comes to hiring decisions.
Okay, so back to hiring… You have exhausted your initial network of friends, so where else do you look to hire the talent you need? You can look on LinkedIn, post on a job board like Indeed, advertise on your website to cobble together some inbound activity. Or you can invest in a recruiting resource – and in-house recruiter or an outsourced consulting firm. Let’s weigh the options… If you hire an in-house recruiter you then have to provide them a salary, benefits, and factor in the cost of on-boarding them. Meanwhile, you’re still behind on your hiring goals. You can compare an in-house recruiter to a contingent staffing agencies, but they’ll give you a huge amount of candidates you have to sort through – not alleviating enough of the work for the cost. You may then consider partnering with an outsourced talent acquisition consulting firm (like ORS). An outsourced consulting firm will embed a talent acquisition function and align with your employer brand. Consultants will become a part of your company and work to optimize your recruiting function.
At ORS Partners, we offer an outsourced talent acquisition function for emerging growth firms. We fully integrate into your brand, bringing along our proven talent acquisition practices and toolkits, ready to deploy. If you’ve exhausted your internal network, you should weigh your options and find the best talent solutions for your hiring goals. Check out our talent solutions for more detailed information.