Accordingly startup founders spend about one-third of their time in hiring and retaining talent. Even though their pockets don't run deep, they have to offer salaries way above the industry average to experienced hires. Meanwhile the attraction of a stable job in a big multinational corporation is very high and the key difference is that the start-up ecosystem is dynamic and fast-paced and offers a highly accelerated growth potential and exposure where MNCs offer stability and lucrative compensation.
NASSCOM stated 40,000 jobs were created by start-ups in India in 2018. Furthermore experts opine that while stability and a lucrative compensation are important, people who work for start-ups often look at the impact. Reportedly Rama Krishna Kuppa, founder of ONGO Framework, said, “Hiring top talent for a start-up has always been a challenge and hence the problem with hiring in start-ups is that they have limited budgets and can't afford bad hires.”
Moreover Chaitanya Ramalinge-gowda, co-founder, Wakefit.co said, “Hiring the right people and good talent is the biggest concern for any start-up. It is of major importance, even above revenue growth, but for many start-ups, skills are not the only parameter to judge the efficiency of the candidates, multi-tasking attitude and competitive appetite to face challenges head on with perfection is more crucial."
