More than Money Part 1
The requirement for top talent within SaaS companies has never been higher. Software companies have been growing at record rates and competition for people is fierce, so how can you make sure you find the talent you need and make sure the ones you want pick you.
It is safe to say that most commercial SaaS roles are financially rewarding, with the majority of salaries averaging over £100,000, with OTE’s to match, and depending on what company you work at your overall compensation could well be higher. With both start-ups and established companies offering more money for talent year on year, what makes the best talent choose which company? And how can early stage companies compete for the talent they want – and indeed need?
- It’s not all about the money.
Money is rarely the sole motive a skilled individual ups and leaves their current position to step into a new one. Within a highly competitive market, the top talents want more than a great salary. For the early stage companies this is great news, as combining a ‘good’ salary with other attractive elements could be the make or break getting talent on board.
- What other elements are there?
Company culture – an overused and difficult to define measure: defining how your company does what it does, and the attitude it uses to do it. Culture is made up of the people within the company, their personalities and values – often led by the founders/senior/early employees – creating an environment which people either enjoy working in or don’t. A great company culture may take years to build and relies on the choosing the right talent throughout company growth – something which is increasingly difficult.
Relationships are the core of company culture and it’s a great place to start in ensuring the future of your company, as well as encouraging talent to stay in the company for longer and be more invested in the vision and long-term growth. There is no doubt that culture reinforces the appeal of your role over someone else’s and is much easier to mould when you’re a younger company with a small team.
- Be Transparent
Have you ever walked out of a job interview and without having your questions answered directly?
If you’re a company and hold things close to your chest you might lose the talent you want. The best individuals will want to know everything about the company they might be working at to understand the way you work and what future they might have with you. Transparency is key. Without transparency, how is someone supposed to understand your company culture, the company’s direction or opportunities that they may have with you.
Disclosure of information must be individual to any company, work to analyse what information benefits the candidate and what is useful for them to know, as well as what might intrigue them. The information you give away may surprise them and work in your favour.
‘Opportunities’ are much more appealing to the best people than a ‘job’. The clear possibility for development is what most people want when changing ‘roles’. Individuals want to hear that their potential employer is willing to invest in them whether they will one day leave or not.
As Richard Branson says “Train people well enough so they can leave, treat them well enough so they don’t want to”
The right talent may take a pay cut to work with you, and the right individuals will understand that working for a great company is about more than the money, it’s the entire package and the belief that your company is better than another. Their choice to work with you is just as important as your choice working with them.
Of course these are only a few pointers as to why someone might pick you to work for. There are of course hundreds of other individual factors, however the most important pointers to consider are the ones you may consider yourself. Family? Flexibility? Location? Benefits?
Find out more about the companies we have worked with and how we have worked with them to get the best talent on board.