How to Grow Startup Talent On-Demand?

 


The traditional way of acquiring talent through the standard recruiting process. It takes anywhere between 2 to 4 months and costs ~$20-$30K, hiring through this process. This works well when the business strategy and talents needs are clear.

To reduce the recruitment time, many organizations use the alternative – buy option. This helps to recruit faster through staffing firms, agencies, or consulting firms. According to the recent workforce report, it takes 20+ days to recruit talent through staffing firms. But, it comes with up to 80% markups. This approach provides relatively faster access to talent, but higher cost over the period.

These two options work well for larger organizations with a clear business strategy for the next 2 to 5 years. But, startups work in a fluid environment, which changes fast. Startups need more flexible talent options.

Rise of freelance talent

The technology advances are paving a new way of talent acquisition that is faster and cheaper compared to alternatives. This option, sometimes referred to as the “borrow” strategy, connects organizations directly with the freelance talent, cutting off the middleman. Since there is no recruitment or procurement process involved, organizations can instantly access talent with 30-50% cost savings. The flexibility also offers additional advantages for scaling up or down quickly.

Talent acquisition strategies

The three options – build, buy and borrow have their own pros and cons. Startups can benefit by picking the right combination based on their unique situation. For example, you can use the build and buy options for strategic initiatives, and borrow for tactical activities.

Alternatively, you can also use certain strategies for certain functions such as product development, marketing, sales, etc. For example, you can use the build option for product development, buy option for marketing, and borrow for support functions. Read more

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