The past year has reiterated the fact that there has not been any dearth in innovation and winning ideas in India. 2019 has seen an addition of 1,300 start-ups in total amounting to over 8,900 tech start-ups in the country overall. According to Nasscom, India continues to reinforce its position as the third largest start-up ecosystem in the world. The fintech sector still remains to be one of the largest job creators in this space.
Managing human resources in a start-up company can be one of the most undervalued aspects of initiating the new business. As transformational changes in technology continue to increase the complexity of business around us, professionals need to be mindful of the unrelenting competition and globalization that are altering the way we perform our roles. Specifically, the HR profession is in the middle of a shift as companies are redefining what it is, how it’s managed and how valuable it is. For any startup, the first priority is acquiring the business, but equally important is the valuable workforce behind it. A well performing HR professional’s job is beyond planning office parties and programs, and that is the first misconception that needs to be dissolved in the office environment. We’ve become more purpose driven. The present and future workforce coming out of colleges wants to connect to their organization based on purpose. This groundwork is a part of the HR realm. Once their purpose connects to that of the organization, employees find it more easier to attain organizational goals.
Implementing HR solutions for startups doesn’t have to stifle the growing company. Instead, the HR strategy for the start-up can be organized in a way it creates a flexible environment that allows the company to operate the way you need it to. For startups, greater flexibility is key—the organization can build an HR solution that meets the needs of the company while maintaining flexibility for the employees. The most important role of HR in a startup is to provide a much-needed structure, help negate risk, and give the team a leg up. Without an HR strategy in place for the start-up, we risk allowing negativity and toxic work habits to establish themselves in the workplace, leading to reduced employee morale and low employee retention.
The transformation of work-life balance into workplace flexibility is the new mantra. This is largely due to the influx of millennials entering the workforce expecting offices to be equipped with multi-media entertainment, pool tables and nap pods. The designing of office spaces has seen a huge change due to this, with more investment and attention given to create a workplace that helps the employees to not just work, but also unwind and refresh. Another change in this digital age is the online presence being key for any company especially when it’s a start-up. Attracting new talent also means that they will look up the company reviews on LinkedIn or Glassdoor even before applying. A dedicated social media team is essential keep the web up to date on the company news and hiring social media managers for the same has been a success defining factor in the past few years.
The face of HR is evolving. It’s not just about following rules and regulations, but also about maximizing the use of the people and creating a great work environment. HR solutions for startups solve challenges by advancing and making adjustments as the company develops. Innovative hiring, attracting good talent, encouraging teamwork, celebrating milestones, and thanking employees for their work are all ways the HR department can overcome HR challenges in startup companies and give an advantage over the competition.
HR Head at Zeta