Hiring By Startups
India is the breeding ground for new start-ups and one of the fastest growing start-up landscapes in the world where every major accelerator and investor is participating in becoming a part of the country’s growth journey. Budding start-up companies in India are very exciting and transformational. There are some young companies that secure bigger investments and this is in a way, Asia’s growing prominence over the venture capital world. Start-ups are essential for the economic development of a country. People who are entrepreneurs bring more innovation and new market opportunities. Creations of such products and services add a lot of economic value to the country as a whole. Additionally, for a country with more than 50% of its population below the age of 25, generating employment is critical. India has a troubling issue where more than 30% of the youth is unemployed – creating jobs is the only solution to this problem which can be destabilizing. Companies that are able to generate value will hire more people to generate even more value. Start-up companies in India at some stage, feel the need to hire people who have a prior experience in the same field. Though young mind and blood come with a lot of benefits one will ultimately also need additional skills, networking capabilities and a certain amount of knowledge depth. We have observed funding for start-ups has also increased significantly through private equity and venture capital. That has resulted in more ambitious growth plans for start-ups in India. This is mainly in the technology or e-commerce space. As a result, budgets for hiring have increased significantly. Both higher growth prospects and higher budget availability are resulting in these start-ups being empowered to hire more talented people from mid to senior level. There are particular roles where experience is necessary, such as in a leadership position, where there is a need for confidence that only comes with years of specialisation, problem-solving abilities and overcoming challenges in ambiguous situations. Start-ups have recognized the importance of finding these experienced mid to senior-level executives who can use their years in the business to direct strategy and planning. These leaders can add tremendous value in hiring, training, setting realistic expectations, dealing with similarly experienced people (like investors) and unlocking a much deeper network of potential customers and mentors. Building the right team with right skill sets, Start-ups across sectors would also want to pick the best talent with the specific roles like data analyst, AI engineer, user experience engineer, augmented reality engineer, product management, etc. Most importantly, these companies prefer skill sets to be paramount and the employees to keep themselves abreast of changing trends, thus having the ability to use multiple technologies simultaneously to adapt to any upcoming challenge. Developing the right team with the right skill sets at the right time is the key for scaling and growing these businesses. Interestingly, there has also been an upward trend in start-ups scouting for Indian professionals with an international stint or a global degree. The two main reasons start-ups hire from outside the country are for international experience particularly on the technology and engineering side, and to strengthen their global operations. While start-ups have a tendency to go for raw talent over experience; it is important to note, it is easy enough to find either a fiery millennial with very high technical skills or a charismatic and experienced leader with industry know how, but finding someone who is a fit in both these categories may be a challenge but not impossible. What is important in today’s economy is to understand the need of that particular start-up company and their growth plans to have a sustainable and profitable future.