There's a misconception out there that you have to spend an exorbitant sum of money to attract the best talent. In fact, companies in start-up mode should be thinking up more creative ways to hire rather than pouring huge sums into comp packages. One thing they can do is focus on a short list, as outlined by Rivi's own Michael Morell in this recent VentureBeat article.
(VentureBeat) – How to win the talent war without outspending your competition
There’s no two ways about it, employees want a good salary and even better benefits. Actually scratch that. They don’t want them — they expect them. Sometimes companies competing for top talent are tempted to pour money into expensive packages, further depleting already small budgets — a risky move when you’re in start-up mode. But there’s plenty of evidence that the war to attract the best talent can be won by looking at benefits in a broader way – and doesn’t have to cost an exorbitant amount. In fact, going beyond comp packages alone can often be what makes or breaks your ability to attract the best and brightest. Here’s how it can be done…
Tell your story first
If you haven’t done so already, take a look at this guide to building a great employer brand. Long before a prospective employee ever finds out about the specifics of your compensation and benefits offerings, they get a sense of who you are through your employer brand. Job seekers who feel a strong connection to your brand will be more forgiving when it comes to pure dollars and cents and are less likely to prioritize pay and benefits over other factors. “Believe it or not, someone will take half the salary if they value the work environment,” claims Ryan Farley who co-founded LawnStarter, a start-up that makes it easier for lawn care pros to manage their business from a mobile device.