The Resurgence of Start-ups as the economy turns around
Because of their complex structure, large companies are usually slower to innovate than smaller companies with less internal hierarchy. Start-ups in particular can often thrive in a challenging economic environment because of their agility in reacting to market conditions and their strong motivation to bring their products and services to market quickly. As the economy has begun to rebound, Start-ups are finding a way to do more with less and have once again captured the attention of investment capital.
As capital has flowed into these fledgling companies, they often have to scramble to take their business plans and their manpower requirements to the next level. Almost overnight, these companies can go from a few friends working out of a single office to leasing entire building floors. This rapid growth often creates tremendous hiring challenges that can make or break the next phase of company growth. Those that can staff up quickly with top talent with the least amount of chaos put themselves in position for success (not to mention impressing their investors).
With so many new applicants approaching start-up companies, applicant tracking software (whether internal or 3rd party SaaS) is almost a no-brainer. Because most start-up managers have multiple responsibilities, they are often early adopters of new tools that make make them more productive and improve efficiency. From talent recruiting to qualifying and hiring, no Start-up wants to waste their limited resources on a backlog of unintelligible candidate data. The quicker they can extract the most attractive candidate from the stack, the faster their company can grow. They want to measure abilities, evaluate potential, and make the hire with the highest probability for success. They also want tools that interface well with their strategic partners. A small start-up is often working with a range of outside recruiters and HR services. They want to be able to share information with multiple layers of access. Judicial use of the right criterion with the right software not only speed up the process but give potential candidates the right first impression — the impression of a dynamic company that knows where it is going and doesn’t have time to waste.
Unlike some larger companies, startups often look for broader talent over individual skills. That is because they don’t just need a specialized programmer, they need a problem solver, someone who can contribute the bigger picture as well as the problem at hand. Tracking talent also serves the company down the road. Just because a candidate wasn’t a perfect fit today, they might be ideal for a new position that opens up the following month. A well-maintained resevoir of applicants can help plug ad-hoc staffing holes as they suddenly arise.
As in many other areas of business, start-ups are rewriting the methods and rules of operations and innovation. These companies prize their human capital above all else because they determine the future. Any tool that makes it easier to expand and analyze the qualified labor pool is a welcome addition. These companies want to spend less hiring and more on those hired. Clearly, that’s a strategy that even large companies can use.