Have you ever experienced any difference between working at a startup and working for big companies? Sure, you must have, if you have worked in both. Well, there are few things that are really exciting about startups. Working hard together as a teammate and seeing the company evolve and grow from the scratch is a great journey to follow. You tend to take new challenges and explore possibilities to build the company. There is a constant flow of new and innovative ideas, development in the workflows that best fit the company. Working at a startup is an adventure every day.
On the other hand, big companies have already done most of the work and you just have to follow an established plan. Your job is focused mainly on getting your assigned tasks done. On the other hand, working at a startup is a wonderful way to acquire experience and continue learning, while doing real work in a dynamic environment. For experienced professionals, swapping from a corporate business to a startup is usually the best way to break years of routine, get new goals, regain passion and continue growing by using your knowledge to help create something new.
Flooded with fresh funding and strong growth projection, the $1 billion valuation startups are planning to scale up teams by 10-100 per cent. The sectors that are bullish on hiring this year include logistics, digital media, e-commerce and deep tech.
People who have worked with startups must know that they are famous for their relaxed environment and entrepreneurial spirit. CEOs and founders interact with each and every level working in the organisation. These startups give everyone opportunities to help design and deploy organisational strategies and drive innovation. And that is the reason every employee comes with the best ideas to take it forward. There are a lot of intangible rewards working with a startup. You can take real ownership over your work, be proud of your contributions, and have a measurable impact on the company’s performance. There is a greater sense of individualism and self-governance at a startup compared to a large corporation, where most of the time rules are lax. You will likely to find more flexibility when it comes to your work schedule, dress code and telecommuting options.
In general, you can also expect a more collaborative environment. When there’s a smaller workforce, you’ll spend more time interacting with your colleagues. This can present unique and fulfilling learning opportunities. You will have unparalleled access to organisation leaders and work alongside some of the most dedicated and creative individuals in the industry. There is a big emphasis on team dynamics and work culture. This can facilitate lifelong and meaningful relationships with colleagues and mentors. Working at a startup gives every individual the power to shape the organisation as a whole and the way to interact with each other.
Making The Curve Straight
The pandemic had not only hindered businesses but also slowed the financial growth last year. As a result, many companies were forced to shut their doors forever. On the same side, there were few startups that entered the unicorn club after reaching $1 billion in valuation. This year, startups are likely to observe a strong hiring uptick this year. This is expected due to a bounce back in business and revenue, with the growth for some even outstanding the pre-pandemic levels.
A survey by debt fund InnoVen Capital in its annual Startup Outlook Report showed that 72 per cent of respondents expect higher hiring in 2021 as compared with the last year. The sectors that are bullish on hiring this year, include logistics, digital media, e-commerce and deep tech. Similarly, health tech, enterprise and fintech expect hiring at the same level. Also, less than one fourth of respondents have over 20 per cent women among their leadership teams, compared to 21 per cent last year.
However, gender diversity continues to be a challenge and there has been no improvement over the last few years. In the same way, the survey also highlighted that the top challenge for startup founders is in finding the right talent. Over 52 per cent of founders said hiring right is their biggest challenge, consistent with last year’s survey.
On A Hiring Spree
When the coronavirus pandemic has ravaged most businesses and the economy at large is moving southward, most of the startups are looking to speed up their hiring process in 2021. When most of the companies are shrinking or putting their shutters down, startups are taking major steps this year. Last year, the startups that have entered the unicorn club are planning to expand their horizons this year. Flooded with fresh funding and strong growth projection, these $1 billion valuation startups are planning to scale up teams by 10-100 per cent. The aim is to drive market expansion and invest in product development. Fintech has been the best performing sector in terms of funding deals for startups, with $543 million raised from 62 deals last year. And, it is followed by edtech startups with $452 million from 44 deals.
In the coming months, startup unicorns such as Pine Labs, Zenoti, Postman, Cars24, Glance and Razorpay are planning to hire over 2,000-2,500 employees. This may include an upgradation of their product, tech, engineering, sales, operations, and data sciences teams. On the other hand, edtech startup Byju’s is planning to hire 6,000-8,000 people in the next 12 months. This will include top-level executives to spearhead its initiatives. The salaries at these startups are expected to range between Rs 15 lakh per annum and Rs 60 lakh per annum, along with a crore-plus package at the senior levels.
Indian startups that are dealing in the e-commerce and logistics sectors are also planning to accelerate their hiring process. And this will be mainly for blue-collar workers, who function as their hands for on-ground deliveries and supply chain support. These startups are now looking to launch new products, upgrade their tech capabilities and expand leadership as they grow. Similarly, e-commerce giant Amazon India is planning to create around 2 lakh jobs. This will be mainly for information technology, skill development, content creation, retail, logistics, and manufacturing departments. And this will include direct and indirect roles in Amazon Web Services, Alexa, Amazon Advertising, Technology, Retail and Operations, Amazon Payments, Prime Video.
Edtech startup Byju’s is planning to hire 6,000-8,000 people in the next 12 months, where as e-commerce giant Amazon India is planning to create around 2 lakh jobs
The Right Choice
The concept behind a startup heavily depends upon the customer requirements and possible market transformations. The chances of succeeding with the best approaches are bright. And it also provides you with the benefits as your company takes the best efforts to bring out your best. Here are some of the reasons why you should work in a startup:
Friendly Work Culture
Startups heavily differ in terms of work culture and employee lifestyle when compared to other typical corporate environments. You get to make the best out of your free time; social gatherings, a lot of fun activities to do, and there are various ways startups keep their employees engaged. It allows you to work in a culture that is real and dynamic at the same time. The credit for achieving success in a task never gets snatched away from you. Because your small team strength helps you get identified easily, and you get credits in your sack.
Moreover, this fun collaboration with your co-workers develops relations with them and makes your regular work life fun and enjoyable. They ensure their employees stay fresh and efficient throughout and become more productive than ever. You can never go wrong with music, good food, and a friendly environment. Employees love to participate in such activities. Hence, the first benefit you earn is co-workers’ support.
More Than Work
If you are an introvert, this might come as a blast for you. But with time, you get habituated to this routine and start enjoying. You learn to make and keep relations with not only co-workers but with person with other departments. This is one of the crucial skills for an entrepreneur. There are startups which give their employees a friendly work environment by arranging monthly movie nights, holiday rewards, gym, and swimming pool, and many more. The point is to keep engaging their employees in activities to lead a healthy and happy life.
Shaping Up Your Career
The work culture of a company is an important aspect that affects your career. A friendly work culture lets you learn many skills from other co-workers working with you. This positive, friendly work environment helps you find what you are best at and shape your career in the best way possible. The skills you learn from your work makes all the difference.
Growth And Exposure
A typical corporate company is highly structured, where each employee has to report to their superior. The chances of getting enough exposure are low, if you are a slow learner. But startups are the best bet for you. They give their employees equal attention and a chance to grow at the best pace.
Best Use of Latest Technologies
The concepts of artificial intelligence, blockchain, cybersecurity, machine learning, internet of things and more are the fundamental technologies these startups expertise in. This includes the website security measures like generating SSL certificates, preventing hacks, securing online payments, and more are their work areas. This helps you earn knowledge on the practical implementations of technology. It prepares you for the future, where technology rules the world. The e-commerce websites owners have a flat structure, where every employee is handed over responsibilities equally. It helps learn the aspects that the company assigns you and expertise in the same field.
Productivity And Creativity
Startups are best at measuring employee productivity. As every employee holds significance and contributes to the success of the company, they strive to maintain work productivity. The perks of friendly work culture include increased work productivity. As the responsibility to manage and maintain your work front is on you, you can learn to plan out your work strategy and improve productivity. Similarly, your surroundings also affect your thinking. Like the corporate hierarchy, startups tend to integrate each and every employee in every process. The innovators or the founders of the startup can teach you many things from their experiences. But the primary benefit you earn is, you get to experience their innovative thinking. Thinking creative and innovating new solutions to solve common problems is what startups are good at. If you work at a startup, you get to experience their creativity.