So, you are trying to hire a local product development team for your startup, but it is just not working because there’s a huge lack of specialised development talent, or you do not have the budget. This scenario is pretty common these days. Mainly when we are talking about the U.S. and Western Europe.
How can you overcome it? The market is increasingly global, and the war for talent is here to stay. Upskilling, reskilling, and counting on a tech partner are some of the options. This last one is the only “hassle-free” alternative while being sure of getting the job done. Did you know that based on an analysis of 101 Startups Post-Mortems, not having the right team is the third leading reason for failure? That’s indeed a big problem.
In fact, a Korn Ferry research study forecasts that by 2030 the labor-skills shortage will reach 4.3 million workers in technology, media, and telecommunications. The United States alone, currently the world’s leading tech market, can expect to lose out on $162.25 billion by that time due to sector skills shortages.
The time to act and mitigate the talent crunch is now. This includes attraction, qualification, and retention policies.
Looking beyond traditional tech talent hubs where competition is high and costs even higher, makes it easier to expand and fill in skills gaps — besides leveraging diversity. When individuals with different perspectives come together, the results are often multi-faceted and powerful. Have you already considered this?
Also, note that the attitude towards job-hopping has changed. Good employees won’t stick around just for a competitive salary. They want challenging, meaningful, and impactful projects with work-life balance and continuous personal and professional improvement.
What a mess to deal with, right? How can you focus your time and efforts on innovation and delighting customers when it’s so difficult to access and maintain a stable product-development team you can rely on?
Startups Cannot Exist in a Bubble
Startups need to evaluate all the available possibilities to increase the chances of success. We all know that people are the centerpiece to move from an idea to a scalable and always evolving product. Without them — the right people — it’s impossible to sustain a business. The thing is how to reach them in the most agile and cost-effective way. Being open-minded and building long-term partnerships with companies that share the same mindset can make all the difference. Companies that work as full-stack product-development teams or as extra hands to enrich yours with strategists, developers, designers, engineers, and QAs work with your startup as a single and truly committed team.
At Runtime, we have been able to attract and retain the talent our clients need to materialize their vision, most of whom have worked together for many years and with an average experience of over 10 years. We have a demanding recruitment process, and we offer all the conditions our talents need to prosper and be happy. That’s why our turnover is incredibly low compared to the average.
And, very important, we are experts in the startup ecosystem and in the best techs to address its fast-paced reality, namely Ruby on Rails, Python/Django, Node.js, React and React Native. We are not simply executors. We have a critical view regarding product development. Our senior talents can add value from suggesting new features to better approaches and initiatives that move your business forward.
Product development can’t wait, and we are here to help you overcome any lack of specialised talent. Let’s talk and take your startup to the next level — together!