The importance of recruiting has never been more critical than it is now, as we’ve learned from failed startups in recent years. Funding can be volatile for even the most successful companies. This article will show you how to set your company up for success on hiring after receiving a round of funding.
Before the Funding
When you’re looking for funding, it’s important to think about what will happen in all three stages of your business: before the round (when predicting growth), during phase 1 & 2 (how much work needs done) and after awards have been given.
The time spent planning ahead can make or break whether or not any particular investor is interested enough that they put their money down on table with an agreement between both parties- so take these tips seriously!
Planting Your Flag – Defining Hiring Goals
It can be difficult to establish company-wide hiring goals, but it’s important to do so in order to ensure that your business is attracting and retaining the best talent. There are a few things to keep in mind when setting these goals:
- Make sure that your goals are realistic and achievable. Trying to achieve an unrealistic goal will only lead to frustration and may discourage your team from trying to reach it.
- Set goals that are specific and measurable. This will help you track your progress and determine whether or not you’re on track to reach your goals.
- Make sure that your goals are relevant to your business. There’s no point in setting a goal that doesn’t align with your company’s values or mission.
- Make sure that your goals are challenging but not impossible. You want your team to feel motivated to reach the goals, but you don’t want them to feel like they’re impossible to achieve.
- Communicate your goals to your team and get their feedback. It’s important that everyone is on the same page and agrees with the goals that have been set.
Establishing Your Hiring Strategy
To get the ball rolling on your hiring goals, develop a recruitment roadmap that maps out when and how you will attract new hires. Review what metrics are currently being measured in order to identify opportunities for growth within these areas as well as current strengths such has employee engagement or diversity initiatives so they can serve according people needs more effectively while also fulfilling organizational objectives.
Then take one step further by looking inward at who’s already working there before deciding which outside talent might be able fill any gaps left unfulfilled through internal promotion from within; if you have a good thing going, it might be worth trying to keep it that way.
This is especially important when establishing company-wide hiring goals because, as anyone in HR will tell you, employee turnover can be costly. The last thing you want is to set unrealistic targets that end up putting undue stress on your team and causing more harm than good.
Take your time to develop a well-thought-out plan that will help ensure you’re making the most of your recruitment efforts while also meeting the needs of your business. After all, happy employees tend to be more productive employees, and that’s something we can all get behind.
Talent Acquisition During the Funding
The stress of funding can have a serious impact on everyone in your company. Teams are leaner than ever and employees work long hours, but there’s not much time for team bonding or building culture as you try desperately to get through the day before investors meet with executives again at week’s end.
Leaders may become even less available because they’re prepping themselves mentally for that presentation–and it doesn’t help when recruiters need new hires right away while also reassuring teams who’ve been told everything will be fine until next year!
Connect directly with candidates using active and passive talent acquisition strategies. This means being omnipresent across multiple channels in order to get as much exposure as possible.
The best way to create your own luck in the hiring process is to learn the market you’re targeting, then identify and increase the exposure within that market as much as possible. As you have more exposure and more targeted exposure, your chances of attracting the right talent goes exponential.
Make sure to keep your goals set prior to funding flexible as your investors bring on different requests based on the funding. Keeping a good line of communication with leaders during the round of funding will best keep everyone informed on how the hiring plan may change.
Recruiting Once Your Round of Funding is Complete
Now that the firehose is open, you might see a change in the urgency or frequency of recruiting. Originally you may have been looking at hiring on an as-needed or turnover basis, but now there’s been a dozen different open roles plopped into your lap. Its an entirely new world!
You can scale your recruiting efforts using a few different strategies;
- Become as ‘public’ as possible with your recruiting efforts. Share it everywhere your leadership goes.
- Excite and incentivize your current team with tools to help recruit great talent
- Utilize different communication and marketing avenues to uncover other pockets of talent previously missed
- Invest in internal and external support. If its going to be a “spike” in needs, best to work with a recruiting agency
By utilizing a recruiting agency during this major upscale, you will have your internal efforts supercharged. For example, with Frederick Fox, you can quickly and efficiently bring on the support of up to a dozen recruiters on your hiring needs to quickly gain coverage. Quality is #1, but time is of the essence! As they say, may hands makes light work.
There are many steps to go through when you’re going from being funded, but with the right plan in place each one will become more manageable and productive. If you’d like to learn more on how Frederick Fox can help you with your hiring goals, reach out to James Aiken at firstname.lastname@example.org