Two months ago, Jacob Eiting completed the B round of financing for his startup RevenueCat, a platform for managing in-app subscriptions. The US$40 million investment is to grow the company, and most importantly, to hire more people. The 35-person start-up company hopes to expand to 50 employees by the end of the year and 100 employees by the end of next year. In order to attract them, RevenueCat offers a series of benefits-unlimited holidays, family office allowances-and equity and salary equivalent to some large technology companies. Regardless of region.
Two years ago, before the pandemic, such offers were not common in startups. Now, the competitive recruitment market has pushed up wages, increased benefits, and encouraged companies to provide job applicants with greater flexibility. “Part of the reason is,’How can we stand out in the Google of the world?'” Aiting said. “We take advantage of what we have. If you are not in the Bay Area, our salary is high-this is where we stand out.” (Large technology companies such as Google have said that it is possible Pay cut For remote workers. )
Like RevenueCat, startups around the world are in expansion mode. In the first half of 2021, a global record for venture capital expenditure was set, of which US$288 billion Invest in startups around the world. For most of them, the influx of cash means an influx of employees, which has led to a surge in the number of entrepreneurial jobs available. Engineers and software developers who have been in short supply can now write their own checks.
This is not just a start-up company. According to a report, in the first quarter of 2021, overall technology job postings increased by 16%. report From the industry occupation database Dice. Although large technology companies have been growing, the year’s Zoom conferences, telemedicine, and restaurant menus with QR codes have driven the demand for software programmers and engineers more widely. According to data from the analysis company Emsi Burning Glass, there were more than 323,000 vacancies for software engineers between March and July. The company tracks job growth and labor market trends. This is 13% higher than 2016. In the past five years, the number of recruits for other technical positions such as data engineers has increased by 312%, indicating that over time, people’s interest in these positions has increased.
All of this has created what Silicon Valley insiders call the craziest recruitment market since the Internet boom in the 1990s. “Competition in the engineering market has become so fierce,” said Justin Moore, an investor who manages a company. Job bulletin board Promote the opening of startups and venture capital companies on Pallet. “I have seen many startups offering bonuses to referrals. I would say that $10,000 is a pretty standard referral fee, but I have heard that some people are willing to pay as much as $50,000.”
Other startups use more creative strategies to find referrals, or at least stand out in other job postings. The start of a seed phase Posted on Moore’s pallet board, offering four tarot cards, two boxes of succulents, a huge “mystery item” pinata, plus a cash reward of $3,000, anyone recommending job applicants who have worked in the company for at least six months Everyone can get it. Another startup Provide one-year supply of biscuits from Levain Bakery to recommenders. (A gift box containing four bakery signature chocolate walnut snacks $27 online-Or $6.75 per cookie. ) On Twitter, the founder of a mobile game company supply “Paid one bitcoin in person”-worth $44,500-is used for referrals leading to hiring.
A year ago, job seekers preferred the stability of large technology companies to start-ups, which experienced greater volatility during the pandemic, but smaller companies may have an advantage in the current market.one Learn, I checked the AngelList search results from February to May 2020 and found that job seekers are 20% more likely to apply for jobs at companies with more than 500 employees (such as Apple and Google).According to a recent report, more and more job seekers are now prioritizing flexibility and the benefits of remote work Polls Of American technical employees. The survey also found that the level of burnout among technicians was high last quarter, with 48% of people interested in changing companies this year—up from 32% in the same period last year.
Smaller companies may have the opportunity to attract some transforming talents by offering job candidates what they say they care about most now. “Start-ups are getting smarter and smarter targeting other companies, and these companies will become interesting recruitment locations,” said Hunter Walk, a partner at the seed-stage venture capital fund Homebrew.When the CEO develops a new policy regarding working in the office, or Speak out on social issues At work, there will naturally be frictions among people who disagree. Walker said that for startups, there are opportunities to recruit these people. “What I see is that more and more candidates are considering the mission they want to participate in, or the company culture in which they work, which is a bigger factor in decision-making.”