After successfully securing Series A funding, congratulations are in order! You’ve achieved product-market fit and are now ready to scale your business. An essential component of this growth phase is hiring the right talent. However, hiring can be challenging, particularly if you’re new to the process. From making bad hires to experiencing high turnover rates, there are numerous pitfalls to navigate.
After successfully raising Series A funding, it’s crucial to develop a hiring strategy that aligns with your growth objectives. Scaling your team and attracting top tech talent becomes a priority as you strive to leverage the funding and achieve your business goals. By understanding your hiring needs, evaluating your budget, defining role requirements, and implementing effective recruitment and vetting strategies, you can build a high-performing team that drives your company’s success.
This strategy should encompass the need for remote tech talent and prioritise diversity, equity, and inclusion (DE&I) in your hiring process. Here’s how you can achieve this:
Understanding Your Hiring Needs
To assemble a high-performing team, it’s essential to identify the specific qualities and skills required for each role. According to a study by LinkedIn, 80% of talent acquisition leaders believe that a deep understanding of the position’s requirements is crucial for successful hiring. By clearly defining your hiring needs, you can target candidates who possess the skills and qualities necessary to drive your company’s growth.
Evaluating Your Budget
When scaling your team, it’s vital to allocate your budget strategically. According to industry insights, companies typically spend 20-35% of their annual costs on their teams. Additionally, a survey by Payscale found that tech companies allocate an average of 50% of their budget to employee compensation. By carefully evaluating your budget and considering factors like remote work infrastructure and diversity initiatives, you can ensure you have the financial resources to attract and retain top tech talent.
Embracing Remote Tech Talent
Remote work has become increasingly prevalent, allowing businesses to tap into talent pools worldwide. In fact, a study by FlexJobs found that remote work has increased by 159% since 2005. Embracing remote tech talent can provide access to a broader range of highly skilled professionals while enabling your company to thrive in a flexible work environment.
Prioritizing Diversity, Equity, and Inclusion (DE&I)
Creating a diverse and inclusive workforce is not only ethically imperative but also essential for driving innovation and business success. According to research by McKinsey & Company, diverse teams are 33% more likely to outperform their peers. Incorporate DE&I principles into your hiring strategy by using inclusive language in job postings, implementing blind screening processes, and actively seeking out underrepresented talent. By prioritizing DE&I, you can build a stronger and more innovative team.
Developing a Recruitment and Vetting Strategy: Partnering with recruitment experts like Embedded can significantly enhance your hiring success. According to HR Technologist, organizations that use external recruitment services experience a 27% reduction in time-to-hire and a 12% increase in candidate quality. Leverage specialized recruitment services to access their networks, expertise, and streamlined processes, ensuring you attract the best tech talent for your company.
Adapting to Employment Trends and the Changing Workforce
The tech industry is dynamic, and employment trends evolve rapidly. Staying ahead of these trends is essential to remain competitive in attracting top talent. For example, a report by Dice revealed that 80% of tech professionals consider professional development opportunities when evaluating job offers. By offering ongoing learning and growth opportunities, you can attract and retain highly skilled individuals who are committed to continuous improvement.
Building a talented and diverse team is a critical success factor for scaling your business after Series A funding. By implementing these hiring strategies, backed by data and industry insights, you can optimize your hiring process, attract top tech talent, and position your company for long-term growth and success. Remember, investing time and effort in strategic hiring decisions will have a profound impact on your company’s trajectory in the competitive tech landscape.
Bridging the Gap: From Hiring Strategy to Utilising an Embedded Model
Once you have established a solid hiring strategy after raising Series A funding, it’s crucial to explore the most effective ways to implement that strategy and attract top tech talent. This is where the embedded model, offered by Embedded Talent Partners (ETPs), such as Troi, can play a pivotal role in achieving your hiring goals.
Troi brings a wealth of experience and expertise in filling positions within hyper-growth tech companies. Their knowledge is derived from personal backgrounds as former Heads of Talent, Head hunters, or collaborators with VC-backed clients, giving them a deep understanding of the unique hiring needs in this space.
By engaging with Troi you gain access to a comprehensive understanding of the complex and urgent requirements of hiring managers and stakeholders. We excel in managing the end-to-end candidate journey, addressing critical aspects such as designing tailored hiring plans, conducting salary benchmarking, optimising referral drives, talent market-mapping, and handling the challenges of expanding into new territories.
The value that Troi bring lies in our close collaboration and intimate knowledge of your company. We go beyond simply ticking boxes and instead provide tailored solutions that align with your business objectives and culture. This level of involvement sets us apart from traditional recruiters and agencies.
Partnering with Troi is particularly advantageous for startups or scaleups hiring 15 or more roles within the next six months. Seasoned founders and serial entrepreneurs, who understand the challenges and costs associated with scaling teams, are more likely to leverage the benefits of the embedded model. The Troi embedded model (or RPO as you may know it) provides a cost-effective solution that delivers sustainable, long-term results, saving you from the potential turbulence caused by employee turnover and the associated financial impact.
When considering the benefits of the embedded model, cost savings emerge as a significant advantage. Troi operates on a fixed monthly fee basis for an entire team, offering superior results at a lower price compared to alternative solutions. For companies experiencing exponential growth, engaging with Troi enables rapid deployment of a well-prepared team within weeks, ensuring seamless scalability.
The future of recruiting lies in the embedded model, which combines the expertise of external partners with the clarity and cohesion of internal teams. This hybrid approach ensures the best of both worlds by leveraging external recruiters’ knowledge and experience while aligning them closely with your company’s vision and culture.
Troi – the flexible solution for your hiring needs
Plug & Play talent acquisition on a monthly subscription.
The flexible offering for companies that require an embedded talent solution to act as a stand-alone Talent Acquisition function or to support an existing TA team.
Your dedicated Talent Partner will embed into your team, to hire at scale and take control of the full end-to-end process.
Delivering at the scale of a traditional RPO but with the flexibility and cost savings of embedded.
Scalable and customisable to meet your specific needs helping you to deliver at speed, without adding to your permanent TA headcount.
Our embedded RPO model is the ultimate extension of your team providing you with immediate access to our global hiring expertise.
For unique hiring requirements to meet the demands of a specific location, function, or program.
Our project-based fee structure is a combination of upfront + success fee and is inclusive of our recruiting tech stack and in-house expert support. We agree a fixed price and timeline prior to starting, tracked via our project planning team with milestones and deliverables that can be flexed to suit changing demands.
For ad-hoc hires on success fee only.
Traditional contingent recruitment is on a percentage fee per hire.
You may require confidential hires or a one-off hire that is urgent or complex. In this case, our contingent solution is a perfect choice.