The number of entrepreneurs in the world is increasing rapidly. With the government policies evolving to promote economic consistency, the startup culture is overseeing tremendous growth. In a recent study at Yale’s University, UK, it stated that the post graduates from reputed management courses opting for a career in startups has grown by 15% year-on-year.
Why is the modern workforce shifting from a stable and established job in a reputed corporate to a high-risk and precarious startup environment? The answer is that they pay more. But, the real question is why do they do it?
Here's what you will learn
It’s A Risky Fruit
Every startup considers itself a high risk environment that may fall into pieces in probably months. This is pretty similar to the equity bonds in the share market – They come bearing fuller fruits, but so does the risk of losing them all in the storm. Even though it may sound cliche but security is an important factor. So, to convince people about joining their startup, they offer more money.
No Corporate Privileges
Startups are different from a Corporate employer that has strong hold on the ground for long-term, gains a considerable amount of profits, and is on a stable growth pattern. That’s why, they lack the basic functions of employee privilege like health benefits, leaves, infrastructure, and policies. How would one compensate for not providing more leaves? By paying more. That’s what startups do, and the trick seems to be working just fine, especially for the GenZ.
More Done By Less Hands
The thing that attracts many towards startups is the opportunity to lay hands on more work than a Corporate would offer. But, that is still a debatable aspect to be considered as a positive side of it. Startups crave the best of talent, and they need to be attractive enough to grab them away from big boys like Apple, Google, and Microsoft. When you think in that way, more work means more exhaustion, which in turn is compensated by more money again, even for the inspired ones. As they say, take no chance on losing an opportunity. That’s what startups do too.
A Corporate has multiple hierarchies that work in an orderly system, also known as The Process. This system also divides responsibilities, ensuring that employees do not feel under pressure. Opposite to this, startups along with offering more work to do, bestow the responsibilities on your shoulders too. These responsibilities, unlike those of Corporates, impact the business much more directly. In simple terms, a mistake in a startup can literally close its shutters, while in a Corporate, the worst case scenario is a backlog along with the culprit not getting a good increment.
A Startup is a fast-paced growth environment, and along with it comes abrupt shifts in workload. One day you may sit around doing nothing apart from surfing on social media, and the very next second you end up working for 3 days straight without even going home. This abrupt nature of a startup environment is not the first choice of work. So, if the employer wants you to go for an urgent meeting with an investor right now, they would not take a chance for a negative response. Hence, more money!
You may join a startup thinking that if it succeeds, you will be at a much higher position than you are today. But, how do the employers from startups convince you of this proactive and inclusive growth? By offering more from the beginning itself. This is known as the initial bond to attract and land the right talent. Most of the startups prevent bargaining or what recruiters call, cost cutting to give the interested candidates what they seek. Money does give hope for the future.
Do You Belong To A Startup?
If after reading all the factors that they pay you more money for, you still have second thoughts about joining a startup, just don’t. The culture, environment, speed, and competency in a startup is for the ones who are ready to take the risk, pressure, and exhaustion with a hope of growing into something much more, much faster. That’s why the majority of elite talent shifting to startups is young in age ranging from 21 to 28, as this age is capable enough for one to take risks and still get back on ground.