Ravi Venkatesan — in his analysis of some common threads between these startups — said it best:
“Becoming a magnet for talent is a very strong predictor of eventual success for all companies and even more so for startups.”
Being the recruitment geeks we are, this got us wondering… what makes these startups so good at attracting and retaining top talent? And what can other growing companies learn? Read on for the three lessons on culture and team-building that you can apply to your startup today:
- Craft an amazing employee experience
Even though access to the world’s most advanced technologies continues to become easier and cheaper, it feels like it’s harder than ever to find the right people to power your business. Add to that the fact that it’s often difficult for a scrappy startup to compete on salary with established industry players. How, then, have these upstarts been so successful at using their people as a competitive advantage?
An engaged workforce is a motivated and high-performing workforce. If there’s one thing that stood out to us across these top startups, it’s the care with which they craft their employees’ experiences. This means everything from obsessing over their onboarding (like Schbang’s potli of hope) to making sure employees are challenged and given room to grow every day, and to being deeply invested in employees’ physical health and wellbeing.
2. Build a strong connection with the customer
“Love your customers and they will love you back”, or so the conventional wisdom goes. Purposefully creating a direct connection between your team (regardless of seniority) and your end users not only helps keep your team’s ears to the ground but also creates empathy and ownership for the problems your customers face (which is ultimately why you are in business).
For example, all new employees at Dunzo — a Google-funded, online concierge services startup (and one of our clients!) — are required to complete a customer order to understand the nuances of the business firsthand. Similarly, Razorpay team members at every level are required to answer customer calls for 4 hours a month.
It may seem counterintuitive to have employees spend their precious time on such unscalable things when your primary goal is growing faster than your competition. But you need to look no further than companies like Amazon or AirBnB to realize that the world’s most customer-centric organizations are also the most innovative (and successful).
3. Create a business that solves real, everyday pain points
From working with over 200 companies across India and East Africa over the past few years, we’ve noticed ‘problem-solving ability’ to be a nearly universal requirement for any position employers look to hire for. It also happens to be the case that the brightest, most ambitious talent is attracted to companies that are committed to solving large problems in a unique way.
Mukesh Bansal led Cure.Fit is a stellar example of this, combining primary care clinics, yoga studios, no-equipment gyms, and food delivery into a one-stop healthcare platform (or, as Aviral Bhatnagar put it in his fantastic analysis of Cure.Fit’s business model, “a combination of Swiggy, Gold’s Gym, Baba Ramdev and Metropolis”).
It’s also no surprise to see Digit Insurance make the list given its bold mission to create simple and transparent products in an industry that is otherwise anything but simple or transparent.
At Shortlist, we’re always thinking about how we can help growing companies build happy, high-performing teams. Did you see any other big lessons we missed? Let us know in the comments!
Thanks to Sneha Iyer, Olivia Wold, Doris Muigei, and Yvonne Kilonzo for their contributions to this post.