Working for a startup takes a lot more than “believing in the vision”. By virtue of the size of the team and how we each take on multiple roles, it is important that the vision is shared.
The reason people look for a job is to secure an income. While the money component is important, security is the trump card to getting people to buy into your vision.
You’re welcome to share your views on this. But one of the things I miss about my old job, working for corporates, is knowing there is a team, backed by investments and history to ensure I have an agreed salary at the end of each month. On occasion, said corporates would through in a bonus. One thing they did well was offer insurance for my life, death and the salary I earned. Employee benefits that insured the risk of whatever mishap.
All this changed when I hired myself to “start a business”. I had to learn so much more detail to setting up these structures. Mind you I worked for banks and insurance companies – best believe the perks were great. Implementing the processes is where I thrive, not the product development.
It takes a while to get to a point where revenues are consistent in the business. Meaning it takes you that long until you can guarantee an income. Someone looking to work for your startup operates on good faith that you can deliver on that. Some will even stay with you when you tell then, things haven’t gone as planned and it affects their income.
What about employee benefits?
With the recent retrenchments, there is a pool of skilled resources that is now available for startups. Some of these people are no longer motivated by money. The retrenchment package closed the debt. Only thing is, they weren’t done working. They’d like to maintain the medical aid, life and death cover, the sort you continue paying for until your death.
How does offering employee benefits affect your business?
It’s not just the company policies that change. Taxman gets involved (like there’s ever leaving them out). You need to adjust the budgets and forecasts to make sure it’s affordable. It truly is one level up of being an employer.
Share your views. I’ll be using this to feedback to assist entrepreneurs to offer their employees benefits.