Things to Consider When Hiring for Venture-Backed Startups
Receiving venture capital is a great place to be as a startup. But apart from financing, staffing could determine how far a company reaches in terms of its goals. It can give it a good competitive advantage in the market and ensure it hits the ground running on time.
How a venture-backed startup goes about obtaining human capital is a major determinant of whether or not the company becomes successful. With the recent realities, most companies have turned to remote hiring to meet their staffing needs. Therefore, there is a need for more critical scrutiny to ensure that they strike the right balance in terms of staffing. Most companies must figure out a way to work with available funds, servicing clients optimally, carrying investors along and closing new deals.
There are basic things to consider when hiring the best team to help you achieve your objectives within the shortest possible time.
Return on Investment: When hiring new staff for your startup, you should ensure to keep your ROI at maximum. You must determine which staff will bring the highest ROI as the company is trying to balance its growing revenue while providing service and managing existing customers. Every staff matters when it comes to venture-backed startups, and the value they add to the team must be visible. A good way to start is to determine what teams or departments need to be set up first, and how many staff would be needed on those teams. It is best to have a roadmap, define objectives and write out job descriptions for each staff role. You should also study the market and decide salary ranges for the positions. Identify short- and long-term milestones for each role and a strategy for monitoring improvements.
Define Customer Service Needs: What major retention strategies does your company need now? What are your customers' needs? The answers to these questions will help you know what skill sets you require, and the number of staff needed for each skill set. If you have marketing needs, you might want to look out for more sales personnel. If you have more customers than you can currently handle, look out for customer service agents and personal managers. One good tip for startups is to have a reasonable number of sales staff because the company is growing and needs to create a wider reach. At the same time, ensure there are enough service representatives to meet their needs once onboarded. Research has shown that revenue increases by at least 25% when the rate of customer retention goes up by 5%. Good customer service is a good way to upsell and increase revenue.
Define your Support Needs: It's one thing to build a good platform but it is another to have the right technical support. Define the number of engineers and technical support officers you need to keep your products and processes optimally functional. Be ready to push out updates on your products and services, and to respond to any downtime at the fastest pace. Consider investing in technical support staff that have a proven track record of delivering on the job.
Hiring new staff is a big deal for venture-backed startups and can be overwhelming. It is a great idea to outsource this task to a professional staffing firm like Workbeast LLC. With a track record of hiring only the best employees for venture-backed startups, pharmaceuticals and many medical companies, Workbeast LLC prides itself in our ability to provide only the best staffing solutions.