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FOREWORD
It may surprise you, but the most significant challenge facing startup and expansion-stage technology companies today may have nothing to do with technology at all. Instead, according to a recent report by Silicon Valley Bank,1 the most problematic hurdle for those businesses revolves around another word starting with the same letter: talent. In its annual Startup Outlook report, SVB revealed that 90 percent of software executives plan to add headcount in 2013 if, of course, they can actually find and attract the type of people who will help their companies grow. Astonishingly, 90 percent of those same executives believe they will have trouble doing exactly that this year. In other words, the war for top talent is still being waged. And if your growing software company isnt prepared to compete, it may not be able to keep up. So, what should your expansion-stage business be doing to find, attract, and retain the kind of top talent that can fuel its growth? Some of the most forward-thinking companies are developing their own talent factory a team of in-house recruiters who can manage the recruiting process with factory-like precision. In Get More Talent! How to Build the Talent Factory Your Company Needs to Scale, OpenView outlines the benefits of building an in-house talent factory, explains which types of companies should be doing so, and lays out a clear process for creating, managing, and measuring a successful talent team capable of helping to dramatically scale your business as efficiently as possible. Ultimately, however, the argument for building a talent factory within an expansion-stage software company is simple: You need top talent to grow. If you arent able to recruit enough of it, you will likely struggle to keep pace with your competitors. And, if you recruit the wrong type of talent, you may unwittingly create a ticking time bomb. A correctly designed and implemented talent factory can help you mitigate those issues, while also improving your companys culture, visibility, credibility, and cost-efficiency. Is your business ready to build a talent factory? And do you have what it takes to do so? Read on to find out! Keith Cline, Principal, Dissero
1.
Startup Outlook: The Issue of Talent, Silicon Valley Bank, May 2013.
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CHAPTER 1:
While the main function of a talent factory is to recruit and hire top talent for your company, this encompasses a variety of tasks, including:
Meeting with hiring managers and discussing the needs of their teams Creating job descriptions and providing salary information Screening resumes of inbound applicants and responding appropriately Attending career fairs and building relationships with colleges and universities Proactively sourcing candidates through a variety of mediums, including social networks Conducting initial phone screens to determine fit
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Acting as a project manager to move candidates through the interviewing process Implementing interview and evaluation best practices throughout the company Completing reference checks Extending offers Assisting in onboarding new employees
2.
Realizing the Value of People Management: From Capability to Profitability,The Boston Consulting Group, July 2012.
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Fostering a better candidate experience and building culture along the way
Having a talent factory will create a more streamlined hiring process that ensures that each candidate your company recruits goes through the same procedures, meets with the same people, answers similar questions, and is told the same information. In turn, your candidates will have a better overall experience, and your company will be able to make a more educated decision on which candidate is the best fit for the job, because there is continuity in the process.
A talent team can help shape company culture and impact its development through its policies and programs.
Improving visibility
Talent specialists also act as ambassadors, representing your company and its culture to the outside world. By attending career fairs and on-campus events, a talent team will provide valuable marketing for your company, creating more visibility within your desired candidate pool. A quarterly networking event led by your talent team can also pay huge dividends for talent acquisition by showcasing your company and its employment opportunities. Candidates will always be more responsive and exude more confidence when they feel they are being treated as an individual, rather than an application. A talent team can serve as liaison between the candidate and the hiring manager, improving communication and, ultimately, your credibility even among candidates you dont end up hiring. Because the internal recruiting team will be in the trenches, they will recognize the need for new hires more quickly and be held accountable by the hiring managers who are awaiting qualified candidates. Additionally, the hiring managers will be asked to provide more timely and complete feedback if the recruiting team is in the same office, allowing for a shorter feedback loop and faster decisions.
Increasing credibility
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uct offering, a set of satisfied customers, and are executing a core go-to-market strategy; you are also growing at a rapid rate, which creates a need to hire employees quickly.
Have at least 75 employees and/or are forecasting extreme
growth. If you are too small, or are not projecting hiring for enough positions, the ROI will likely not be high enough to justify setting up a talent factory.
Are hiring at a steady rate. Generally, this is 10 to 20 hires per
quarter, or about one hire every one to two weeks. If not, the money you spend on resources and salary to employ a recruiting team will likely be higher than what you are currently spending on talent acquisition. If this is the case for your company, then you need to decide whether hiring a talent team makes sense for your company.
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Exploring how the talent team should lead the overall hiring process of your company
Explaining the metrics you need to track to measure and strengthen your talent team
Whether you are at an early stage startup, expansion-stage company, or a mature corporation, hiring top talent is always a priority. This eBook will help you ensure that your business can most efficiently find, attract, and compete for that talent.
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CHAPTER 2:
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another team?
Function: It rarely makes sense to have a talent team report to your CTO or VP of marketing. Someone in a similar opera-
tional role is a logical choice, and at smaller companies, the CEO may even be best. As a rule of thumb, a talent team fits in well among the administration, HR, and finance departments.
Location: The person managing your talent team must be in the same location as the team being hired. Collaboration is
their career might be a good choice to manage the team until a director of talent is on board. Whoever you choose, that persons first responsibility will be to hire a director of talent.
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General Responsibilities
Although specific responsibilities for a director of talent will differ depending on your companys needs, some standard responsibilities include:
Hiring recruiters, managing them for success, and terminating underperformers when necessary. If this person is the only member of the talent team, then they will also be charged with all open requisitions. Working with hiring managers to map out the hiring plans for the year.
Ensuring that the talent team is effectively operating within its budget, and periodically performing cost and productivity analyses. Developing metrics for the talent team, and creating quarterly and annual goals that the team can measure against to determine success. Working with the talent team to put best practices into place, resolve impediments, and help them achieve their quarterly and annual goals.
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Conducting performance reviews with each member of the talent team. A director of talent can be instrumental in hiring for C-level positions or for a board of directors search, where a deeper network and more experience are required. The director of talent should play a role in overseeing the selection of recruiting technologies and be the administrator of the applicant tracking system for the team (see Chapter 4).
Picking a technology
Once you determine the areas of responsibility that your director of talent will own, you can prepare to launch your search for the right candidate. Please see page 50 in the Appendix of this eBook for a sample job description for a director of talent.
A director of talent is responsible for setting and executing your companys talent acquisition strategy and should be comfortable not only overseeing a team of recruiters, but also leading searches for an array of positions, from an entry-level software engineer to your next CMO. That takes the right combination of recruiting expertise, management experience, and strategic insight into both your organization and industry.
Diana Martz, Director of Talent, OpenView Venture Partners
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