What are Purple Unicorns? How and where startups can find them in 2022?
There are no two minds that industry experts are asking to give up searching for the perfect candidate and hire diamonds in the rough to polish them according to your needs. But when it comes to startups, hiring only the best ones to ensure success is a must!
Well, not something new, but you cannot ignore that 90% of startups fail. Out of those 90% startups, uncompetitive teams of startups have 23% contribution toward the failure!
Hence, building an A-team should increase 1/4th of the chances of a startup being successful, and I am sure every founder would do it if there were only a one-digit chance to decrease the risk of disaster.
And, here it is where the search for a Purple Unicorn starts at a startup!
Do Purple Unicorns really exist? Yes.
Are they easy to find? No!
Can startups get access to them? Yes, but with little extra effort!
We all know that the tech talent market is competitive. The big sharks in the industry don’t leave a stone unturned to find & hire them at every chance they get. They can do so because they know where this talent is hidden. A very few organizations understand the tactic to find them.
Startups being new in the industry, are unaware of these techniques. Usually, they have a single person for the entire Sourcing, recruitment, and HR processes. Hence, there is a lack of dedicated resources to focus only on searching for the perfect candidates.
“Software engineers are the hardest to find. They like to hide. Marketing people, salespeople, and product people will network. Engineers, they’re very timid about giving out contact information for themselves or anyone else.”
~ Jon Marcus, Tech Recruiter for 15 years in Silicon Valley and San Francisco
So, what can startups do to access the perfect candidates? Let us read further to know!
1] Proactive hiring strategy
Proactive hiring is a must for startups! The challenge for most startups is that they don’t have the luxury of time and money to invest in a long, drawn-out hiring process. They need to move fast and hire the right people as quickly as possible. Hence, being proactive about where they look for talent, how they assess candidates, and what they’re looking for in a candidate.
It’s also important to be clear about the startup’s values and culture so that you can attract candidates who will be a good fit. By being proactive about the hiring process, startups can ensure that they find the right people at the right time.
2] Talent Mapping
A little research can go a long way when it comes to recruiting top talent. By taking the time to map out your talent pool, you can more easily find the candidates you desire. This process involves research into organizations and competitors where your candidate persona is available. The goal is to better understand the talent landscape and identify potential sources of top talent.
With this information in hand, you can target your recruiting efforts more effectively and improve your chances of making a great hire. So, if you’re looking to access the best candidates out there, be sure to put some mapping effort into your search. It’ll pay off in the end.
3] Building a Talent Pool
In these competitive times, organizations are always on the lookout for top talent. They want to be able to access this talent just in time when they need it. One way to do this is to build a talent pool.
There are several benefits to building a talent pool. First, it gives you a database of qualified candidates that you can access when you need them. Second, it helps you to proactively identify and attract top talent. And third, it allows you to develop relationships with potential candidates before you even have a job opening.
If you’re looking to access top talent just in time, building a talent pool is a great strategy.
4] Employee Value Proposition
A company’s employee value proposition (EVP) is the set of benefits and perks that they offer to employees. Typically, an EVP can include things like salary, health insurance, vacation days, and retirement benefits.
But for startups, it can also include things like company culture, work-life balance, and opportunities for career growth. Creating a compelling EVP involves learning what your current employees enjoy about your startup and what candidates want in their ideal workplace.
By investing time and effort into creating a strong EVP, you will be able to set yourself apart from your competition and attract the best talent for your company.
So, if startups could take the right steps toward finding the purple unicorns they need, they don’t have to settle and build B-Team instead of A-Team!