Startups in India have found a foster home. With the multitude of freshers in the job market, relatively easy access to funding from venture capitalists and a potentially huge domestic market base, India hits the right check boxes as a suitable environment to encourage the growth of new and innovative ideas.
With the recent attention given in the media and the government initiatives to make doing business and navigating the bureaucracy easier, a lot has been said about the technicalities and the business environment. The valuations, the market requirements, investor relations, growth projections etc. are all very familiar terms in this field. With high valuations being the norm, these organisations can look towards hiring the best kind of talent available in the job market and invest in their business to give it the jump-start required to push the idea through to the mainstream market. With millions in investments, companies have been trying to appeal the younger crowd in a bid to attract the best talent and they spare no expense for that. From high end office addresses and a youth-centric look most of them go for, it has added a lot to the running costs for most such enterprises. What most organisations don’t see coming, and wind up running into the obstacle is the high attrition rate which is associated with young professionals finding their feet in the world of work.
In the race to find and retain the right talent, it is a race against multiple factors. The right cost to get the right hires, the right attitude and the right team are just some of the “rights” that a potential employer has to deal with when going in for filling a new role. But those are not the only factors which are weighed when going for the right hire. Like any long term relationship, non-quantifiable factors like stability, adaptability and attitude. While a candidate might be the best person for the job according to the resume he or she may provide, it is the day to day work and the kind of approach the candidate has to it which is at the core of a successful hire.
With options galore for both candidates and companies alike, it becomes imperative to keep these things in mind. Unlike earlier times, where an employee came in as a part of a larger process and would be expected to work as another cog in the wheel, these days companies require people who are capable of multi-tasking and adept at a variety of tasks. Especially in the startup space where a single person may be looking after more than one task and the job calls for open minded thinking and innovative problem solving – in other words, a person who is not there just for the job description.
This kind of selection requires an exhaustive selection and sorting criteria, which requires employers to look beyond the obvious. With the number of new companies and startups shutting shops due to ineffective revenue generation and high running costs, where one of the biggest costs can be employee retention, hiring the right person can be one of the most crucial, and therefore tedious, aspects of running a successful business.