Working for a startup can be fun, and it can also be terrifying. But for all the media emphasis on cool perks and crazy hours, the employees who really thrive in a startup setting don’t accept the job because of free snacks or midday ping pong. They accept the job because it’s a great way to kick-start their career and make a bigger impact.
The question is, how do you find them? With so many people wanting to work for a startup, what makes a particular one stand out?
With that in mind, I asked 13 entrepreneurs from Young Entrepreneur Council (YEC) which benefits they offer employees that go beyond standard startup perks. Their answers are below.
The best candidates aren’t solely motivated by salary. They are often motivated by the opportunity to learn, grow and be challenged. Put your best employees in a position where they can succeed, develop new skills and do things they wouldn’t have the opportunity to do elsewhere. For example, at a startup you can pitch the ability to have an impact on multiple parts of the business and grow with the company.
— Kyle Wong, Pixlee
— Andy Leff, Electricity Labs/Warp Speed Labs
While startup perks (snacks, ping pong, etc.) can be compelling, the best way to get and retain employees is to give them an experience they can’t get elsewhere. Big companies can offer employees lots of money, lots of perks, and in some cases, lots of equity. A startup’s advantage is that their employees have responsibility, room to grow and the ability to learn new things. By all means you should offer a salary and equity package that’s good enough, but you need to play off your strengths in your ability to help your employees learn and grow.
— Jonny Simkin, Swyft
The advantage of working at a new company isn’t the salary. It’s the opportunity to do work that helps you master a variety of transferable skills, or skills that are relevant across roles and industries. In one year at a startup, for example, you might get experience in project management, client relations, sales, marketing and finance. A large company might pay you more, but chances are you’ll be pigeonholed in only one of these areas and your professional development will be exponentially slower.
— Alexandra Levit, Inspiration at Work
People rarely make decisions based solely on money, and that includes deciding where to work. Loving what you do, feeling appreciated and valued, and knowing you are making a difference are among the top reasons people choose a job. Creating a unique company culture that embodies respect, honesty and charity will create more loyal employees than a company that simply shells out cash. Small companies might want to include employees in creative brainstorming sessions or organize staff outings to a local charity. Offering unique logistical benefits like “create your own hours” or “work from home” might also be of value to some employees.
— Thomas Minieri, Planet Ballroom International, Inc.
What individuals crave more than money or status is control of their own destiny, something that many Fortune 500 companies can’t offer. Offering employees control over how their job is executed and what their growth pattern looks like is a huge advantage. If someone feels like they can work from home one day a week and be just as productive, give them that ability. If it doesn’t work it will be evident to both you and the employee simultaneously. Empowering employees with control will gain you loyalty and appreciation that might be harder to achieve at larger, more corporate organizations.
— Kim Kaupe, ZinePak
Since equity and company culture are popular ideas already, I think you should allow your future, would-be employees to choose. No other startup environment would say to employees: “If you get sick of being here, it’s OK to leave.” This shows them that you are aware of your own company’s standing and are not looking to keep people from fulfilling their greatest potential elsewhere. For a small company, that’s very admirable.
— Cody McLain, SupportNinja
In the Valley, it’s easy to get caught up in the game of high salaries and sexy things like free food, ping pong and wacky chairs. We forget what most people need: flexibility, or the ability for people to do their work on their own schedule and build a flow that fits with their families, friends and activities. If you can master that, you’ll never have to ask the question, “What will it take to make you stay?”
— Alexandra Skey, Rallyon
The salary game is something very few young companies can compete in. Our company makes sure that every member of our team truly feels like an owner. We start by giving every employee some sort of stock option. Combine that with a great culture where employees know their voice is heard, no matter what their title is, and letting them grow in their role as the company does. At large companies it can take 20, 30 or even 40 years to work your way to the top. With the fast-paced environment of a startup, employees can catapult themselves to the top if they spend time learning, growing and adding value to the company.
— Adam Keune, Higher Learning Technologies (HLT)
The one indispensable quality that can be defined is the culture. I believe a company’s culture starts with the employees who make up the workforce. Before hiring anyone, I ensure that the individual will be a a great addition. These are the people that you spend most of your time with, so it is important to want to be around them. I want my employees to want to come to work and hang out with their friends, not just see them as coworkers.
— Jayna Cooke, EVENTup
It’s a known fact that people look for more than money in a job. Most people in our industry nowadays are ambitious and eager to develop new skills. You need to keep things interesting and challenge people. Explain to candidates what they’ll learn while at your company. If that isn’t enough to sell someone, then you have a bigger problem or the candidate isn’t a right fit.
— Yair Flicker, SmartLogic
Trust in the workplace is much more powerful than most people know. If you trust your employees and ask for their opinions on important business issues they will feel valued and important. In our office we ask for each employee’s feedback on various business decisions such as taking on new clients, hiring new employees, new business ideas and big expenses. The feeling that employees get when their opinion is heard and taken into account is more valuable than any perk or benefit you can offer them. People are the most important aspect of your business and you should continually ensure they know that. Once the employee has trust in the company to voice their thoughts and opinions freely, they will be committed to the organization way past the monetary benefits.
— David Tomas, Cyberclick
Profit sharing allows all your employees to participate in and be motivated by the success of your company. Most employees are more driven to succeed when they know that they will directly benefit from the contributions they make, not just in keeping their job. They are invested in experiencing their own success in a monetary way.
Scott Gerber is a serial entrepreneur, author (Never Get a ‘Real’ Job), TV commentator and founder of Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneur…More Read more…