Hiring as a Start-up? The Statistics You Need To Know

Every company wants to grow, achieve more and ultimately be the best that they can possibly be.

To do that, companies need to hire people with the same goals and hire more of them fast.  One factor that contributes to a slow hiring process is attracting the right people. We often write about the talent shortage and industry competition prohibiting smaller and less-known companies from attracting the right people; however, there are things you can do to get the right people on board.

Career opportunity is the number one reason for changing jobs

70% of the global workforce is comprised of passive talent

Streamline your recruitment process

Be Flexible

Continuously hire

Career opportunity is the number one reason for changing jobs

(LinkedIn)

Highly ambitious achievers need space to grow and flourish. Large corporations don’t often have the ability to offer high growth opportunities for individuals as their growth acceleration has most likely already occurred. They have their processes and best practices in place, which can be unattractive to a certain calibre of talent.

Make the most of the fact you’re a high-growth company, and there is space for talent to grow with you. If your startup is a place of opportunity and earning potential, let people know about it!

70% of the global workforce is comprised of passive talent

(LinkedIn)

It’s no surprise companies are struggling to attract skilled and experienced applicants for their roles when they rely on people coming to them.  Take a more proactive approach and start targeting passive candidates who would fit the position.  If you don’t know where to start, ask for help by partnering with an executive search firm that understands your company's needs and your sector.

If your startup isn’t targeting passive talent, you’re missing out on 70% of potential candidates. Passive candidates are people who aren’t actively looking for a new position but are open to opportunities. They’re not going to apply for your job ad or reach out to you, which means you need to have a strategy in place to reach them.  One way in which companies do this is to work closely with an executive search firm to identify top talent and approach them about the opportunity they’re hiring for. According to LinkedIn, 85% of active and passive job hunters are open to new job opportunities; however, if you’re unable to reach them, you’ll never get them onboard.

Work with experienced recruiters who can target the right people and position your company as a lucrative player in the market.

Streamline your recruitment process

We always mention that ‘time kills all deals’, and the same goes for recruitment. Create an internal recruitment process that is well-planned, thorough, and fast. Being fast not only gets people on board quicker but also shows you are interested in them and getting them on board. It also reduces the chances of a competitor approaching them and hiring them.

As a startup, your company is unlikely to be well known. A candidate’s recruitment experience is what they will judge you on, so it is essential to give candidates the best experience of your company. 67% of employed Americans say job interviews influence their decision to accept a job (ICIMS, 2017).

If you’re serious about hiring, you need to act quickly.  Great talent doesn’t wait around for companies with a disorganised recruitment process – they will be snapped up by another company before you know it! Nearly 25% of applicants lose interest in a position if they haven’t heard back from a firm after one week, AND the best candidates are off the market within 10 days (officevibe.com).

Be flexible

One of the biggest benefits start-ups can offer to new and existing employees is flexible working. 36% of women and 29% of men say flexible work arrangements are critical to considering a job (LinkedIn, 2019); this figure is likely to have increased since 2019. What is more surprising is that 35% of job seekers say they will turn down an offer if the employer does not offer a remote work option (Career Builder, 2020), and 23% of employees report they are willing to have their pay cut by 10% if it means they can work from home. (OWL Labs, 2020).

Continuously Hire

If you want to continuously grow, you need to continuously hire. Not only will this help you achieve steady growth, but it will also reduce your hiring time. 55% of companies who constantly recruit say it slashes their time-to-hire (Accurate). Streamlining and optimising your hiring strategy will help you get people on board faster and more efficiently, saving your company not only time but recruitment expenses.

For more advice about hiring as a start-up, contact Oakstone International today.