Yeah, sure. Fabulous employees know they how valuable they are, and they're only looking for established companies with sky-high compensation, benefits, and perks galore-- right?
Well, I found this article from the San Francisco Chronicle. It's about a recruiting firm that came up with an "Employees Without Paychecks" program last year. They look for people who know up front what they're getting into-- a job without income at a company that may not last longer than the shelf life of a gallon of milk.
It may not sound like the ideal recruiting package, but surprisingly, it's successful.
Here's why--
"The kind of people who are attracted to [this] idea are appropriate to the phase of company we have. We wanted someone who was not a 9-to-5er and who would be comfortable with the lack of infrastructure at a startup..."
Are there excellent employees who will actually be drawn to the company in spite of the instability and risk? Even if it's a job that doesn't pay?
You bet. Some people seem to be more suited to the startup lifestyle than a "regular" job. That's the kind you're looking for when you're building your team, because frankly, there are no guarantees for you or your employees when you're starting the business.
Find employees who are able to thrive in these conditions and don't get swayed by the turbulence that does and will happen. Then keep them happy.
Employees who like the startup experience aren't primarily motivated
by salary, benefits, and having a cushy office anyway. (Not that they don't like those things, too....)
Instead, reward them by encouraging creativity, sharing the lessons of the startup experience, and giving them freedom and flexibility to contribute to the development of the business.
That’s the kind of reward that goes a long way for keeping the quality of employees you can’t afford, that they likely can‘t find in another job. If done well, the “work for equity” approach is a win-win situation all around.
