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As a software-as-a-service (SaaS) company, attracting and retaining top talent is crucial for the success and growth of your company. Bad hires can cost your SaaS company money. According to a Society for Human Resources Management (SHRM) study a $150K bad hire could cost you up to 5X or $750K.
In today's competitive job market, it's extremely important to have a proven hiring and recruiting strategy in place to ensure you hire the best people. Here are some best practices for developing a successful SaaS hiring strategy in 2023:
1. Clearly define your company culture, values, mission and vision.
Before you begin the hiring process, it's very important to have a clear understanding of your company culture, values, mission and vision. This will help you attract and communicate with candidates throughout the interviewing and hiring process. You need to target people who align with your company's mission, vision and thrive in your work environment. Be sure to communicate your culture and values throughout the hiring process, including these things in job postings and passionately discussing them during interviews.
2. Utilize employee referrals.
Your current employees are likely to know people in their professional network who would be a good fit for your company. Encourage your employees to refer their connections for open positions and offer a referral bonus for successful hires. This can help you attract top talent who may not have otherwise applied for the job.
3. Utilize online job boards and SaaS focused recruiting agencies.
Online job boards and recruiting agencies can be a tremendous resource for finding candidates. Be sure to use relevant keywords in your job postings to attract the right candidates and consider partnering with a recruiting agency that specializes in placing candidates in the SaaS industry. These firms already have the knowledge, expertise and team to help you hire the best people.
4. Hyper-target ideal candidates for your jobs.
In order to get the best people for your jobs it’s critical to target your ideal candidate profile (ICP) who’s working, passively looking for a new job and not necessarily looking for a job. As a general rule of thumb 70% or more of your new hires should be working and not out of work. The best way to hyper-target at scale is using LinkedIn and building datasets of candidates for the roles you’re hiring.
5. Host information sessions or webinars.
Hosting information sessions or webinars can be a great way to attract potential candidates and give them a better understanding of what it's like to work at your company. This can be especially helpful for candidates who may not be local to your company's location, are passively looking for new opportunities or contractors trying to find full time work.
6. Conduct thorough interviews.
It's important to conduct thorough job interviews to ensure you're bringing on the best fit person for your team. In addition to asking about a candidate's experience and skills, be sure to ask behavioral questions to get a sense of how they will fit in with your company culture and values. Consider incorporating a skills test, code test or asking the candidate to complete a project as part of the interview process. It’s also very important to make sure you are selling candidates on the benefits of working for your company.
7. Offer competitive benefits and compensation.
In today's job market, offering competitive benefits and compensation is crucial for attracting top talent. In addition to a competitive salary, consider offering perks such as a flexible work schedule, professional development opportunities, a comprehensive health insurance plan, 401k, stock options and an unlimited or generous PTO program.
By following these seven best practices, you can develop a successful SaaS hiring strategy that helps you bring on top talent in 2023. With a strong team in place, you'll be well-positioned for success in the competitive world of SaaS.
If you would like to learn more about how PhillyTech can help you hire talent in the United States or LATAM, go here to learn more or set up a Free Consultation with us by clicking in the upper right corner of this page.
Michael C. Bertoni is the Founder-CEO of PhillyTech. He’s focused on helping SaaS and Hi-Tech companies hire talent in the United States and Latin America. He has 22,000+ LinkedIn 1st connections and uses these connections to help you hire talent, generate leads, get funding and drive growth within your organization. Connect with him on LinkedIn by tapping on his name above.