In some way, every company today is a tech company. No matter the industry you’re in, you’ll likely be hiring developers, engineers, and data scientists—and chances are, it’s becoming harder and harder to find those people.
In 2019, it took companies an average of 66 days to fill tech roles. Three years earlier, it happened faster—just 55 days. (That’s according to a report from iCIMS, an employment recruitment software company.) What changed? Competition, rising salary expectations, and even immigration constraints.
But now you’re in luck. While the current global climate poses many challenges for startups, it has also created a bigger, better pool of tech job candidates to pull from. Tens of millions of jobs have been affected over the past few months—AT&T laid off 3,400 people in June and 54 more in August, Airbnb had to cut 25 percent of its staff, and more. That means top-tier talent has suddenly become available.
These five guidelines will help you secure that talent for your budding business, even when working with a smaller budget.
1 Know what they’re looking for.
Workers today are more likely to accept modest salaries— not just because of the economic downturn but because they’re increasingly interested in the rewards of their next job, rather than simply the paycheck. This is especially true if they’ve been laid off, in which case they’re likely to be reassessing whether they want to return to a corporate lifestyle.
To attract these kinds of employees, give them a great experience. “A lot of applicants are looking for new challenges and sectors,” says Dina Bayasanova, cofounder and CEO of skills-based talent marketplace PitchMe. “New companies have to be open to accepting career shifters, innovators who are going to want to operate outside the box and who are driven by purpose over pay.”
Workers will also want to know your plans for remote work. In a recent survey, 27 percent of tech workers said they will want to work from home permanently even after most of us return to the office. If you’re willing to embrace that, you can hire people from around the country, if not the world. And with the money you’re saving on office space, you can invest even more in the well-being of your staff. Everyone is going through hardship right now, and employers need to be supportive of people’s general health.
2 Do your homework.
Continue reading your story on the app
Continue reading your story in the magazine
Staying Ahead of Change
Yousuf Ali had a successful career in marketing until he failed to embrace new technologies. Now, as a My Eyelab franchisee, embracing forward-thinking capabilities is the key to his success.
READY FOR A BIG RETURN
The end of the pandemic is in sight, and many franchises are anticipating an explosion in business. Leaders at four franchises share how their brands are working overtime to prepare for the rush and win back coveted business.
Creating Trust Where There Was None
Home renovations are full of headaches—but how do you fix an age-old industry woe? Here’s how Jean Brownhill, founder and CEO of Sweeten, built something better.
His Worst Five Years Were His Life's Best Gift
What is it like to build a hit business and then lose all control? The founder of Max Brenner: Chocolate by the Bald Man has a lot to say about that.
Managing Mental Illness Can Be a Team Effort
Like so many people—and so many entrepreneurs— my husband and business partner struggles with his mental health. I’m speaking up so others know: With the right understanding, life and business can still be good.
THE CREATIVE PROCESS STARTS WITH PROCESS
My business barely survived its first few years, and I nearly crumbled under the stress.Then I learned the greatest lesson of my career, which transformed our company into the go-to apron brand for restaurants everywhere: Without process, we are nothing.
Think Like a Disruptor
If you want to shake things up, you must have a mindset that’s different from everyone else’s. Here are three ways to reshape your thinking.
Can Creativity Be Created?
Your team has big ideas. To unlock them, you must first build an environment of support and encouragement.
Bethenny Frankel Is a Time-management Machine
She builds multimillion-dollar brands, stars in TV shows, and vigorously defends every moment of her day. The secret? It starts with deciding what matters (and what doesn’t).
Build Lasting Partnerships
Finding trustworthy vendors and partners is key to growing your business—but it’s a challenging relationship to perfect. We asked six entrepreneurs to share their best methods.