Your Network: Is It Really as Big as You Think?
Creating a tech recruiting strategy is challenging in any market.
Today, the tech unemployment rate is 2.7 percent—and the list of requirements associated with each position is so specific it can seem like an uphill battle to find qualified candidates. Add in the fact that your competitor is no longer only your business competitor but is now competing for the same type of skill sets, and the road to success can be quite challenging. Take for example anyone looking for talent in Big Data—there aren’t enough tech professionals in the area to fill all of the roles available. So essentially your challenge as a startup is to differentiate your business to candidates, and get to talent before the giants do—the likes of Facebook, Google and Apple. It’s a massive problem that you can only put a Band-Aid on for so long.
Right now you might be utilizing your network and it might seem like it’s working. But how do you determine its success?
Even if you have the best network in the world—and more power to you if you do—it probably doesn’t have rock star status. Because, let’s be honest, if you are not a Zuckerberg, or if you don’t have someone like Dave McClure from 500 Startups on your speed dial, your network isn’t as effective as you think it is. Moreover, the question of its success and how you measure it still to be determined.
Typically, metrics of success for recruitment look something like this:
50 qualified candidates > 10 engaged candidates > 5 first round interviews > 2 final round interviews > 1 hire
“Qualified” = fits your requirements, “Engaged” = responded to your email
Does your network render you success like that? If you don’t know, it probably doesn’t.
If you do know its success metrics, ask yourself what your average time to hire is, from the moment you find that qualified candidate to the time they sign on the dotted line. Does every person you hire come from your network? How often does it render you quality? And how large is your candidate pool? If you can’t answer those questions, you have already put yourself behind your competition in regards to talent.
You like your network because it’s free, right? In the sense that it didn’t cost you any real money: You didn’t spend anything so you didn’t lose anything. Right?
But you did lose something: You lost time.
In the amount of time that it took your network to produce one qualified person, what products could you have been building? What talented person did you miss out on? That person could have helped you drive your business forward and enabled you to be the next Instagram, and you missed them because your network was “working.”
You can’t buy more hours in the day. If you could, everyone else would already be doing that. Your time is your money. In an industry that’s having one of its greatest growth spurts in 10 years and moving faster than it ever has before, every time you wait to do something—like finding the right person for the Big Data role that has been open for over a month—you lose money. AND someone else is beating you not only to market, but to the talent that can help you beat your competition.
In order to beat everyone else to tech talent, you have to go somewhere where there are over 2 million tech professionals, where there are 50,000 new candidates signing up every month, with 70 percent of them being career-focused. Because by going there, you’re able to connect with qualified tech professionals without noise from everyone else.
As a leader at your company, you have to make decisions that your investors are going to like. You have to have numbers. These numbers validate your noble cause as a company, and prove to them that you’re worth the investment they’ve given you. Imagine being able to tell your investors, “We have had 50 percent growth month over month.” Dice can help you do that.
Email me to talk about how Dice can help you get to your business goals faster than anyone else.
Till next month,