The giants in tech are rolling out the red carpet for top talents, from software engineers to AI specialists. More recently, Google, OpenAI and other big tech brands have advanced their recruitment tactics to professional athlete levels to court AI researchers. That means millions of dollars in bonuses and astronomical pay packages.
How can your startup compete with such resources and dazzling perks?
The allure of million-dollar compensation is undeniable, but successful talent acquisition isn’t always about exceedingly competitive salaries.
What Top Talents in IT Seek
Noam Brown, the man behind OpenAI’s breakthrough in complex math and science reasoning, chose to go with his current company even though it was not the most financially rewarding. While seeking opportunities, Brown was courted by Google, xAI and a few eager investors. He went with Open AI because it offered him the most resources to support the work he was excited to pursue.
Brown, it seems, echoes the sentiments of most tech talents looking for new opportunities. Most talents focus on benefits rather than compensation; tech workers want to see four-day workweeks, unlimited paid time off, tuition reimbursement and stock options.
Some job seekers also want to see what’s referred to as à la carte benefits, which are customisable options potential employees pick.
According to an Indeed Tech Talent Report, many tech talents look up the following when researching a company:
- Benefits (69%)
- Salary information (67%)
- Overall rating (56%)
- Employee happiness (53%)
- Work load (44%)
How to Compete With Big Tech for Top Talents
Your company may not be at the level of big tech businesses in terms of scale and valuation, but it can still attract the best talents. One way to do so would be to work with a tech consulting firm that specialises in recruiting top tech talent.
Whether you manage hiring internally or through external partners, lean into your strengths as a small business and offer what the big tech business can’t provide.
Here are five ideas.
1. Define the mission, articulate the long-term impact.
What real-world problem is your business solving? Engineers, researchers or scientists are deeply interested in the whats and whys of projects. If your mission has never been done or even considered, they may be attracted to work in your company.
Define your mission and articulate its long-term impact. Are you going to make more affordable AI-powered home security systems? Does it involve improving education in developing countries? Will the project you're working on make healthcare more accessible?
The top minds in your industry will want to be intrigued by the work you’re doing, and understand how it will affect the world for the better.
How your company makes a difference could be the very alignment in values top talents seek.
2. Demonstrate potential for deeper strategic involvement
Big companies have thousands of employees, which means siloed roles and limited opportunities to stretch one’s creativity.
Offer job seekers the opportunity to wear multiple hats. They can head projects, contribute to design or participate in customer service. You could even offer them a chance to drive hiring decisions.
The other benefit of working in startups is the chance to build the business and become an integral part of its success, creating new products or innovating services. Unique opportunities like these enable a sense of ownership that can build effective and resilient teams in small organisations.
The goal is to not merely offer them a job, but to present them with a way to shape the architecture of your business.
3. Highlight investments in developing teams.
Every modern business offers employees a path to career development. How will an entry-level worker move up to a senior role? What future would they expect five to ten years from when they onboarded with the company?
An investment in developing employees is usual, so you can set your business apart by highlighting holistic development. Your business can distinguish itself by valuing employees not only for their skills, but also by nurturing their overall well-being and personal growth. Other than providing the requisite technical training, offer coaching and mentoring, health and wellness programs, or leadership seminars.
4. Train industry outsiders.
Recruiters and hiring managers are having a difficult time trying to find the right people to fill highly technical positions. Fewer professionals (i.e., 35% versus 49% from the previous year) are looking for work, and those who are looking lack the necessary skills to fill key positions. With this scarcity in talent, some companies have started to employ creative strategies to find talent.
One data firm applies sports analytics techniques, similar to those made famous by the movie ‘Moneyball’, to uncover promising, yet overlooked, talent. Instead of simply looking for data scientists or AI engineers, they’ve started to look for individuals with extensive background in quantum computing and researchers with theoretical physics expertise.
5. Offer a la carte benefits.
Finally, present a la carte benefits to job seekers. When employees are able to choose from the benefits plan according to their needs, your company may save money and still offer value. It allows for greater flexibility and customisation, helping employees feel more valued.
Your business may be new to an industry or it hasn’t reached the scale of big tech, but it can still attract top talent. With the right strategies and benefits, your recruitment can engage the right people.