When starting a new company, you may have limited resources to attract talent. However, this doesn't mean that you can't get good people to work for you. What can you do to get top talent to join your organization even if you can't necessarily pay them top dollar?
Offering shares of stock today or stock options that can be exercised in the future can help compensate those who take a risk by joining your company before it is profitable. This may allow you to pay workers well below market value today while ensuring that they will eventually be compensated at market value or above as your company achieves profitability.
In lieu of paying top dollar, you may be able to attract talent by offering perks that others won't. For instance, you could allow a mother or father to work at home or a young person to set his or her own hours.
You could also provide employer discounts to local bars or other attractions to make up for the fact that you can't necessarily pay them what they are worth. Another idea is to cover 100 percent of your employee health care costs, which ensures that they can see a doctor and otherwise stay healthy while working for you.
If you can find a local college to partner with, you may be able to find promising future employees by offering an internship. This may alleviate any need to pay for help while enabling your company to develop potential future leaders within your organization.
To convince them to stay after the internship and/or graduation, you could pay for their online MBA, which could help them develop into future leaders while helping build your company's future. When done right, it is a winning proposition for both your company and the person working for the company.
When someone believes in something strongly enough, he or she may be willing to take a chance on a new company. For example, those who love working with kids may take a job at your school or day care just to get experience and follow their passion.
Even as a startup, you have the ability to get great people to work for you. By offering valuable perks today and outsized success tomorrow, you can attract workers with strong track records and work ethics who will take your business to new heights.
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