Hyderabad: Start-up founders spend about one-third of their time in hiring and retaining talent. Though their pockets don't run deep, they have to offer salaries way above the industry average to experienced hires.
The attraction of a stable job in a big multinational corporation is very high. The key difference is that the start-up ecosystem is dynamic and fast-paced and offers a highly accelerated growth potential and exposure where MNCs offer stability and lucrative compensation.
According to NASSCOM, 40,000 jobs were created by start-ups in India in 2018. Experts opine that while stability and a lucrative compensation are important, people who work for start-ups often look at the impact.
Rama Krishna Kuppa, founder of ONGO Framework, said, “Hiring top talent for a start-up has always been a challenge. Start-ups are not going to beat the big companies in terms of salary, benefits, or other tangible perks. The problem with hiring in start-ups is that they have limited budgets and can't afford bad hires.”
The challenges of the start-up culture to prove one’s ability and to take on the competition, pushes employees out of their comfort zone. A stable MNC job looks like a dream in comparison, with a more cushioned environment.
Chaitanya Ramalinge-gowda, co-founder, Wakefit.co said, “Hiring the right people and good talent is the biggest concern for any start-up. It is of major importance, even above revenue growth. For many start-ups, skills are not the only parameter to judge the efficiency of the candidates, multi-tasking attitude and competitive appetite to face challenges head on with perfection is more crucial."
In order to increase hiring, start-ups started offering a healthy and cooler ambience, with nap rooms, pool tables, xbox, and other relaxing means, free lunches/ snacks, library, flexible work hours and some good incentives.
