How do you attract good talent when you have shallow pockets?

In an environment of increasing competition, high risk and skills shortages — particularly for IT roles — hiring is a significant challenge for most startups.

Add to that Australia’s latest wage growth report; figures came in as forecast, with quarterly wage growth rising by 0.6% in Q2, a steady increase by recent standards, but well below the long-term average.

In this milieu, the businesses with the deepest pockets will have an easier time attracting and retaining good talent. After all, remuneration remains one of the biggest drivers of staff retention, despite things such as culture and flexibility rising in importance.

Startups rarely have deep pockets so often can’t compete on salary. So, how do you attract the right people you need to grow your business while asking somebody to take on a riskier proposition for less money? I recently visited a well-known fitness technology company in San Francisco that has experienced this problem and shared their wisdom. Here are some strategies to apply.

Hire for potential

Traditional hiring has always been about filling current skills gaps. For large organisations, this approach is often necessary, but startups must hire with a long-term mindset. Read more

Greg Muller - SmartCompany - 26 September 2018