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"The entrepreneurial spirit, backed by strong education, ample capital and economic policy support is going to be the engine that drives India into its next growth cycle," says the COO of TimesJobs.com, Vivek Madhukar.
In 2015, a large number of young professionals are going to decline lucrative corporate jobs to venture out into making their own dreams a reality. With a vision of the future, seven figure salaries are being turned down, for a stake in a start-up and the chance to make a difference.
In 2014, nearly 55 per cent organisations witnessed candidates changing jobs to work in start-ups, according to a TimesJobs.com study. However, it's not easy for a candidate to evaluate a start-up offer. In fact, accepting an offer from a start-up is one of the most difficult decisions for any candidate, especially when he/she is already employed with an established brand or corporate house. So, how do you decide whether to take the plunge or not?
Insights from industry leaders on accepting a start-up job.
1. Money matters: Remember that compensation is directly related to what value-add you bring to the start-up. "Start-ups have increasingly become competitive pay masters compared to established large companies. But expectation from the role would also be high," explains Anand Subramanian, director-communications and lead-internal communications and employee engagement, Ola Cabs.
Specific to the offer, while comparing salary structure and benefits, be sure to factor in ESOPs (employee stock ownership plan) and possibilities of gaining ESOPs with tenures when deciding on a start-up job offer. While it is true that early stage start-ups might not be able to match the benefits given by big corporates, well-funded and successful start-ups can do so.
2. Culture talk: A start-up is not a corporate set-up, look for your peer group and culture at the start-up work space to ensure that you are able to fit in and be productive. Since the company is in the early growth phase, be ready for stretched work hours. If possible, try meeting the people you are going to be working with. They could well be the make or break decision point.
3. Accepting change: Be open to change. While large companies have intense detailing in terms of organisation structure and processes, in a start-up it is likely that you might be the one putting these in place. That's a lot of responsibility. "Domain knowledge and prioritising work sensibly will help you sail through the long work hours," advised Saurabh Nigam, VP-HR, Snapdeal.com.
4. Being accountable: Ownership and owning-up are important. Taking accountability for what you are expected to deliver, at times even deliver what is not expected. In larger organisations, there could be a peak and a trough in the case of most businesses and this is because they have been fairly established. "Be ready to give it all you have if you are choosing a start-up over a large company. The industry is constantly looking for people who are passionate and have fire in their belly," said Upasana Nath, chief recruitment officer, Zomato.
5. Factor-in risks: Risks are greater in start-ups, so do your research on company, use websites such as JobBuzz.in to assess relative strengths and weaknesses across the industry. Don't be afraid of seeming intrusive, after all it's your career. "Don't be hesitant to ask questions about revenue, profitability, competition and other such things during the interview process. And, always have a Plan B in place, in case the stint at the start-up fails," summarises Vivek.
Jobs in start-ups are increasingly attractive for candidates. While they offer great opportunities, there are pitfalls too. Before you consider taking that offer from a start-up, ensure it is the right call.
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