90% of startups fail, and 23% of them fail because they did not have the right team. Building a strong group of the right individuals will certainly lead to achieving business goals and company longevity. Certainly, there are other factors that lead to startup failure. The top two reasons are that there is no market need for the product or service, and running out of cash. Not having the right team is the top third reason, and this highlights its importance in scaling a tech startup.
Building The Dream Team
In a constantly changing industry like technology, expanding your team needs to be approached very carefully. If done thoughtlessly, you may end up hiring the wrong expert, destroying a product, or negatively impacting your business. It all starts with you, the business owner. Know what your skill sets are. Once you have a solid awareness of what you can bring to the table, find qualified people to handle areas that are not covered by your expertise.
Find people who can nimbly find solutions to problems. They need to be resourceful and creative for your company to have an edge against competitors. Hard skills are not the only basis for recruitment. Take careful note of soft skills as well. Your team must have the right mindset and culture, which are aligned with your company’s core values.
Anne M. Mulcahy once said that “Employees are a company’s best asset.” However, the typical employer/employee relationship is slowly changing. “The corporate world now regards them as stakeholders, and as important to their organizations as shareholders and customers.” With this in mind, make sure that your enterprise’s hiring and onboarding is made as seamless, efficient, and attractive as possible. Doing this correctly will ensure that the people you hire will not only have the right skills but will also have the ability to easily assimilate into your company’s culture.
Provisional labor accounts for 50% of employees in the tech industry. If you believe that your staff personnel are stakeholders in your company, don’t stop at an enticing compensation package. Invest in their health, wellness, and safety. One way to do this is by providing workers compensation to your regular employees, and independent contractor workers compensation for your contingent staff. Another way is to create a health program that will enable them to adopt good health habits, making for fewer sick days and higher energy, resulting in better productivity.
Positive worker morale is a principal component in staff longevity. Take a look at these tech companies and what they did to boost morale. Netflix has a culture of freedom and responsibility. The assumed trust that Netflix has in its workers empowers them to make the right decisions that are good for the company. Encourage your personnel to have side-projects. Gmail, Google Maps, Twitter, Slack, and Unsplash all started out as side-projects. When you enable people to find time for their passion, it lessens their stress and promotes creativity, making them better workers. Intel and Adobe offer their employees sabbaticals based on the length of their service. This makes certain that employees don’t leave because of burnout.
Recruiting, developing, and retaining talent are important factors to consider as you scale your tech startup. The right team will enable you to reach your long-term goals and provide more business successes.