Sponsored by Pollak PLLC:
As a successful woman entrepreneur, you’re leading the way and helping level the gender playing field (we’ve made progress, but as noted in a recent study there’s plenty of work to do). Considering how vital talent is for your current success — and long-term survival — here are three ways to find and keep the right people to share, empower, and evolve your vision:
1. Sell the Vision — Not the Job
Most entrepreneurs can’t compete with large enterprises when it comes to bottom-line salary, benefits, and perks. However, when it comes to making a meaningful contribution and a real difference, entrepreneurs have a decided advantage that they should fully exploit to win the hearts and minds of talented new team members.
It all comes down to selling the vision and getting recruits to embrace the fact that they’ll be doing more than a mere job — they’ll be part of something special, unique, and transformative.
2. Target Risk Takers — Not Status Quo Seekers
Unless you’re able and willing to pay above market norms, then it’s going to be virtually impossible to connect with talented candidates who are in search of stable, predictable work experiences. But why would you even want to head in that direction? The people who are going to plug into your vision will have a tolerance for unpredictability and an appetite for risk.
Instead of trying to mitigate or hide this, make it a core part of your recruiting pitch. After all, working for an agile, the-sky’s-the-limit company isn’t for everyone, and it’s just as important to filter out the wrong people as it is to find the right ones.
3. Share Success (Literally)
Offering new hires a piece of the equity cake may not be a good long-term move. However, you can still tie success to compensation by offering them a share of the (potential and projected) profits down the road.
As a bonus, this strategy can boost motivation and buy-in, since team members who have some “skin the game” can usually be counted on to dig deep and lean forward when it really counts.
What if You Can’t Find Local Talent?
You may also face a situation where none of the above can work — because you’re in a field where local talent simply isn’t available (this is increasingly common in healthcare, cyber security, etc.). If so, then you may be able to bring in a foreign worker on an H1B visa. However, h1b attorney Karen-Lee Pollak points out that you’ll need to demonstrate to the Department of Labor that you legitimately tried to hire someone in your area and that you’ll pay the prevailing wage rate.
The Bottom Line
The war for top talent can be even more relentless than the battle for customers or the quest for capital. Indeed, “people are our greatest asset” isn’t just one of those tiresome business clichés. It’s a pragmatic, down-to-earth truth. The above insights could help you connect with the right people at the right time — and help ensure that your business is a success story for years and decades to come!