How To Wrangle A Team To Build Your Company
- 1. How to Wrangle a Team to Build your Business Presented for Startpad.org 5/5/09 Kirsten Roth consultant/recruiter/headhunter/coach
- 2. Phases for building a team Planning – What do you need to think about? What considerations do you need to make? Execution – What do you need to do?
- 3. What to think about? What do you need to have done? Long term? Short term? When should it be done – is there a deadline? How does this fit into the overall plan? Who on your team can do what needs to be done? Are they available for the job? What type of people would fit best with the existing team? What incentives will be available?
- 4. What stage is the company? What stage are you as a company - formative, mid-level, building the business model, doing a proof of concept, is the product developed? How mature is the company? Organizational needs will dictate the sequencing of hiring – business expertise, funding skills, What benefits/limitations will this provide as far as who would want to work for you? What is happening in the market? Funding status – F&F, angel; how are people to be compensated?
- 5. Timing What actually needs to get done? By when? What growth do you anticipate in workload? Are the jobs in your area of expertise? Do you know what it takes to accomplish the job? Do you have deadlines or deliverables for funders, customers? How will the hire(s) fit into your overall business plan – compensation, location, etc.? Use your advisors to discuss priorities if its not clear
- 6. Where do you start? Define what needs to be done – product definition; building; funding; business model; developing etc. Refine the to do’s and prioritize them – review regularly Assess skills present in your organization – be honest! Where are the holes? Create job descriptions for the near term functions (be thoughtful about this because it ultimately becomes a sales tool) What determines success for the role? Think about “why someone might want to work here?”
- 7. Where will these people fit into the organization? What reporting structure will there be? Do prospects understand the nature of the startup world? Are the functions “roll up your sleeve” types? Will they require decision making? Level of business knowledge needed? How clearly defined is the job?
- 8. Paths to finding people - hired guns? Raise lots of money and call me Kirsten Roth to help you find the perfect team Assess your hiring need vs. the time it will take to hire to determine your path If more than one role, prioritize which will be needed first Decide who will implement and drive the process Should you consider head hunters? What is necessary for the hire? What is the best way to structure the commitment: retained, contingent, contract/consulting, solutions driven?
- 9. A little bit about hiring help to hire… Retained – mostly reserved for executive level, partner approach, frequent updates/discussions and commitment & fee based on contract. Contingent – Mid to senior management and specialized skill sets, partner approach the best, placement based fee. Contract/consulting – CTH a “ try before you buy” approach Contract/consulting – limited time, 3 6 or 9 months, project specific Solutions/project driven – RFP & SOW based project, can be small to large teams In all cases consider the vendor and the type of work they specialize in, like most people they are better in their sweet spot.
- 10. More about the Process Work tied to milestones Work progress Project fee Solutions based Skill based Same Spread Contract Fee based on ultimate hiring salary or 2x hrly rate Billed on reg schedule (ie 2wks) Spread b/n hrly bill/pay Contract CTH Can work together well; best if work w/ 1 co: Replacement guarantee w/in 90 days. Invoiced for full fee on start 20-25% 1 st yr base Contingent Work together as partners (60-90 days to placement); Usually replacement guarantee 1 yr. Milestone based or upfront 33% cash comp 1 st yr Retained Comments Process Fee Type
- 11. Options to search on your own Friends of your community – funders, employees, service providers, partners, third cousin – you get the picture Familiar tracks for hiring Job boards On-line search sites Monster, Dice Social networking – LinkedIn Personal/professional networking events Contract recruiters Own professional HR Trade shows & conferences Employee referral programs Media coverage of the company
- 12. Getting the word out… Select the best vehicles to find the particular skills/role Present an engaging opportunity Make sure everyone on the existing team is aware and thinking Reach out to those that look interesting Recommend a phone screen to do a quick assessment of skills and fit
- 13. Once you’ve got your list of 5-6 potential candidates Winnow the list further to 3 or 4 Prepare for the interview – what do you really need to know It is a two way deal – they are interviewing you as well so be alert – it is a form of courting Ask for examples of what they’ve done that relates to this role Consider what types of thought they’ll need to use – process oriented or creative focus? Does it appear that they can handle the ambiguity of a start-up company? Tell them about your company Introduce them or have them interview with other team members
- 14. Decisions Decisions Evaluate the candidate’s skills against the job Consider the person as a team member Explore any red or pink flags – don’t be afraid Ask them for questions Talk to people that have worked with them Understand their weaknesses as well as strengths Check with your existing team get their input
- 15. Getting them to sign on Continue selling while they are “in play” Clarify the benefits and perks of the company Talk about the company’s trajectory/opportunity Have an exec/Board member call them Know their alternative options Compensation – be clear on your philosophy; This is a big decision for both of you, treat it as such
- 16. Onboarding So they said yes …! Its still a transition time Provide them additional background information to get them ready to start Plan their first few days Make sure that office equipment/set-up is there Take them to lunch shortly after their arrival to get their impressions Make them feel welcome and at home Let them get started!!
- 17. Congratulations on finding a great team member ! Remember to check in with them periodically especially in the first few weeks/months. Keep them posted on what’s happening over all with the company Enjoy the freedom to focus on your primary work with this new person on board to do theirs.
Editor's Notes
- #2: Hi, I’m Kirsten Roth from the Laurel Group. We’re a boutique search firm here in town I’ll tell you more about the search process later. My background includes many years of working on new ventures and consulting with companies on their market related issues – competitive landscape, product definition, market segments etc. Questions – Worked w/ search? Size of organizations and plans for hiring? What do you want to learn tonight?