Startups: Your Biggest Investment is Talent
Hiring the best (and by best, I mean the right fit) talent for your company is as, or arguably more important than anything else you do. A misconception with remote is that companies assume it automatically means the talent will be cheaper.
Advancements in technologies and sciences mean a global war for talent. To be competitive you need a culture that offers flexibility, which could mean remote. It doesn’t necessarily mean they will be significantly cheaper, but it does level the playing field of getting the best talent, higher retention rates, and the best fit for your company. The cost of good talent shouldn’t deter you from hiring them, especially if it means growing your company to new levels.
Here are three reasons you need to invest in talent above everything else:
- No company reaches unicorn/decacorn + status with a mediocre team
If you think you can build the best product in the world with a mediocre team, think again. And by mediocre, it means people that just don’t “get it”. Depending on what your product is, you need a diverse team of people who have a high level of experience (say engineering manager, or CTO), and then a mix of people who don’t necessarily need a lot of experience but really have the motivation to be a part of and grow your vision.
When a startup talks “A” players, it doesn’t mean that someone went to Harvard and worked at Mckinsey for the past 5+ years. It means, the person is putting in the relevant work, and is enthusiastic about what is being done. They bring fresh ideas and expertise to the table. They’re always studying the market, they know what trends are happening, and offering suggestions for improvement. Only a team truly inspired will bring the types of ideas and plays to the table that will scale your company to unicorn + status.
- Everyone has ideas, not everyone has a team that can execute
As much as you have a great idea and believe that the condition of the market is highly favorable, the truth is that most companies usually change their product/ideas down the road. The founding vision of Instagram was to build an app called ‘burbn,’ and everyone knows the story of how Twitter was merely a side app to a podcast platform.
What these companies had in common was a talented and hardworking team that was able to develop fresh ideas and build new products until they became the success they are today.
The people working at these companies were able to change, develop, and adapt. Maybe your own company won’t diverge completely from the initial plans you have, but having a team you can count on is highly essential.
- Great Talent Attracts Great People
Nothing is more attractive to potential customers and other future hires, than a highly skilled team. Despite all the problems that arise with hiring, there is always a huge reward if you do it right. With every talented person that joins your team, the team gets better, and it will be that easier to get great customers as well, develop a better product, scale, and keep attracting better people.
An effective and talented team will create greater awareness and sales for your company. They will like, retweet, repost, everything the company does, leave good company reviews, and also have the best customer service. The most significant anyone can do to attract great people are the way people will speak about the company to their friends, and any potential stakeholders.
Don’t try to cut corners by hiring people who are not qualified nor passionate because you’re getting them for a fraction of the cost. It will make the difference between a successful vs failed startup.