How to be Successful When Your Startup is Cash Strapped
Recruiting the best talent for your Startup and getting successful is very important so how do you recruit an experienced developer, or an experienced salesperson ?
Here are some Strategies Which are explained in Detail Below:
- Performance-Based Pay
- Check out Your Expenses
- Invest in Your Employees
- Promote Balanced Life
- Reward with a Job Title
Performance-Based Pay: When hiring someone whose current base salary is high, add incentives and other objectives that would increase their salary. This way, they add more value and get paid for what they have struggled for. This way the money going out and going in is balanced out as you are only paying out if value is added to the company and that is good.
Performance-Based Pay is not only for your Sales or Marketing team who achieves their monthly target and get paid, but it can also be for your technical team when they meet the deadlines and deliver more value, they should be rewarded. The important thing to note here is that make sure the incentives are properly aligned with the metrics over the employee expertise. Otherwise it would lead to disappointment.
Some hires are often energized by performance-based pay when they receive more by over-time. Moreover, some of the lazy employees also get their way out when they can’t deliver more, which is also a good thing.
Check out your expenses: Many costs add up of an employee like metro passes, gym memberships, club memberships and other things. By paying these expenses from your company account, you can save some rupees (PKR).
Invest in Your Employees: Pitch them how they will grow and advance in their career by joining your company or startup. Successful people always invest on themselves and their team. Encourage your team to take their time out and develop their skills. Even in the small companies, employees setup their goals and report quarterly on how they have improved. In most startups people match junior team members with seniors and seniors with advisory mentors to keep everyone growing.
Promote Balanced Life: One great strategy is to promote balanced life by providing good policies, vacations and other trips for refreshment. Give leaves to your employees where they can work from home with their own comfort. This way everyone stays motivated and look forward to long-term employment.
Reward with a job title: Giving titles to your new hires can add more value to their work. A proper title given to someone can boost up their motivation and they start living up to the reputation of the title that you have awarded to them. Keep in mind that the title you are giving away to the new hire doesn’t bring jealousy into the environment and everyone stays motivated.
To top it all, most important is giving your meaningful work and the right resources so they can achieve success. Remember that beautiful compensation plan can add more value and that is by giving the right amount of pay.