Today on The Startup Chat, Steli and Hiten talk about the pace of hiring at a growing startup.
As a founder, one of your most important tasks is managing your workforce. It's your job to make sure you have the right people - and the right number of people - to keep your company running smoothly, especially when you’re growing.
In this episode, Steli and Hiten talk about the speed in which you should bring on new staff so that your company, what factors you should consider before hiring new people, the importance of getting the right person for the role you’re hiring for and much more.
Time Stamped Show Notes:
00:44 – Steli’s reasons for choosing today’s topic.
02:18 – Why you should hire at the right pace.
03:58 – Hiten talks about “Just-In-Time Hiring” and what it means.
05:37 – Pace of hiring VS hiring the right people at the right time.
06:22 – Why you should use your outcomes to determine when to hire.
08:19 – The execution phase of hiring.
10:05 – Hiten’s gives his thoughts on the speed of hiring and the backend process involved in bringing on new staff.
12:29 – Steli shares a massive tip that works for his company, Close.io.
13:57 – How to decide on who to hire.
16:01 – Why founders sometimes don’t realize they need a manager.
Hire at the right pace for your business. It’s always a case by case basis.
Sales is usually the number one reason for hiring people.
Make sure the profile of the person you’re hiring is the same as what your company is looking for.
Steli Efti: Everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: And, today, on The Startup Chat, Hiten, I want to talk to you about hiring pace. So, not just when to hire and who to hire, we've had plenty of episodes about that, but also at what speed to be hiring. When is too slow, when is too fast, what is the right pace of hiring? There's a few reasons why I wanted to talk about this with you. One is that this has been a theme for us at Close. We started with not hiring at all for the first three years, and being just a tiny team of six people, just crushing in revenue wise, profit wise, growth wise, and loving it, until things became so big for my business, and the team was so tiny, that things started breaking apart and we didn't take advantage of certain opportunities. So, we went from no hiring to very, very slow, and I think poor recruiting and hiring, to then slow and being pretty good at hiring, to then slow and being really, really great at hiring, I think. Now, we're kind of entering the phase of trying to be a little faster, where we're adjusting the pace of hiring because we feel like we've been doing a pretty good job growing the team and adding really amazing people, but we're seemingly always two steps too slow versus just one. So, we've just increased the speed of hiring just recently, in the last quarter or so. So, that's one. It's been on my mind to talk about speed of hiring, 'cause I've had a company where I hired way too fast, and that's a catastrophe. I'm absolutely against hiring too fast. Then I've had Close, where I've hired too slow, and if I had to choose one of the two evils, I'd rather hire too slow than too fast. But, ideally, you'll hire at the just right pace. So, pacing has been on my mind. But, then, just recently, I was at a conference with you, and at one of the lunches we were talking to a group of founders, and one of the founders talked about mindset when it comes to hiring. He was saying, self funded, profitable startup, he's like, "I've been in this mindset of the profits that my company makes and the money that we put aside, that's my money, and hiring aggressively or even hiring at all is like taking money out of my pocket and my family's pocket and my children's pocket,...