Seventy four percent of senior professionals would prefer to work for a startup over a large corporate for better growth opportunities, according to a survey by CoffeeMug,ai, , a community of over 2,50,000 founders, investors, CXOs, and business leaders.
Growth opportunities and diverse experience better at start-ups, say senior professionals
Having surveyed more than 1,250 senior professionals, the report gleaned important insights into the preferences of senior-level professionals against the backdrop of the Great Reshuffle in India. More than half of the respondents (57%) also claimed that a more diverse experience attracts them towards start-ups. 53% of the leaders said that they would prefer start-ups over corporates based on the impact they could make at the workplace.
Other factors that play a role include flexibility, culture, and flat hierarchy. This clearly highlights the factors that start-ups need to focus on while devising their talent acquisition strategy.
“As of 2022, the start-up and corporate market is betting big on hiring top talent to overcome the growth lost during the pandemic period. What started as the Great Resignation has metamorphosed into the Great Reshuffle as professionals have their pick of amazing offers from both new and established companies,” said Abhishek Sharma, Co-Founder and CEO, CoffeeMug.ai.
What can start-ups offer?
The top three decision-making factors as per the report include the business idea (79%), the founder’s profile (67%), and the growth trajectory of the start-up (62%).
“Senior members have started preferring startups because of the buzz created in the past couple of years. The kind of salaries that startups are offering and the rate at which they are growing are instilling confidence in senior professionals, who are now preferring start-ups,” said Kamal Kishore Kumawat, Co-Founder, Edgistify.
Takeaways for corporates
While start-ups have taken a lead when it comes to senior professionals choosing the next step in their career paths, there is a lot corporates can do to reverse this.The top factors included leadership positions (53%), work-life balance (46%), and perks and benefits (42%). Focusing on these attributes can help corporates manage and retain their senior professionals in the current scenario.
Focus on flexibility
The new-age talent base prioritizes a positive work-life balance which is why flexibility has become a key factor for retention. As per the survey, 87% of the senior professionals agree that flexibility is important to them. Apart from this, flexibility in work timings (69%), flexibility in work location (60%), and the process of work (57%) also hold sway as determining factors for start-ups and corporates to retain talent.
Long-term goals
47% of the respondents want to start their own ventures down the line while 37% want to rise through the ranks and hold CXO positions in the long run. In a lucrative start-up environment such as India’s, it is no surprise that a majority of senior professionals aim to go on to become founders themselves.
The two different kind of senior professionals
“There are two kinds of senior professionals nowadays – professionals under 40 years of age with around 10 – 15 years of experience with an excellent pedigree in terms of education with fairly high compensation packages – typically 60 lakhs to 1 Cr plus and good ESOPs. Such candidates are happy to take leadership positions in high-growth startups. They would not really fit in large traditional organizational cultures or corporates. The other senior professionals are in their 40s and 50’s and have mostly worked in traditional companies and have risen to top management levels. They prefer job security and traditional organizations and corporates. Even if a few are open to the idea of startups, they would want assurances on funding, and then they mostly end up as cultural misfits in a company where the average age is in the late 20s or early 30s. Senior professionals in the higher age bracket want a stable company that is well funded and they also prefer working with large teams. Senior professionals in the younger age bracket prefer companies growing at a rapid pace,” said Shantanu Saha, Founder & CEO, The Recruiter.
Growth opportunities and diverse experience better at start-ups, say senior professionals
Having surveyed more than 1,250 senior professionals, the report gleaned important insights into the preferences of senior-level professionals against the backdrop of the Great Reshuffle in India. More than half of the respondents (57%) also claimed that a more diverse experience attracts them towards start-ups. 53% of the leaders said that they would prefer start-ups over corporates based on the impact they could make at the workplace.
Other factors that play a role include flexibility, culture, and flat hierarchy. This clearly highlights the factors that start-ups need to focus on while devising their talent acquisition strategy.
“As of 2022, the start-up and corporate market is betting big on hiring top talent to overcome the growth lost during the pandemic period. What started as the Great Resignation has metamorphosed into the Great Reshuffle as professionals have their pick of amazing offers from both new and established companies,” said Abhishek Sharma, Co-Founder and CEO, CoffeeMug.ai.
What can start-ups offer?
The top three decision-making factors as per the report include the business idea (79%), the founder’s profile (67%), and the growth trajectory of the start-up (62%).
“Senior members have started preferring startups because of the buzz created in the past couple of years. The kind of salaries that startups are offering and the rate at which they are growing are instilling confidence in senior professionals, who are now preferring start-ups,” said Kamal Kishore Kumawat, Co-Founder, Edgistify.
Takeaways for corporates
While start-ups have taken a lead when it comes to senior professionals choosing the next step in their career paths, there is a lot corporates can do to reverse this.The top factors included leadership positions (53%), work-life balance (46%), and perks and benefits (42%). Focusing on these attributes can help corporates manage and retain their senior professionals in the current scenario.
Focus on flexibility
The new-age talent base prioritizes a positive work-life balance which is why flexibility has become a key factor for retention. As per the survey, 87% of the senior professionals agree that flexibility is important to them. Apart from this, flexibility in work timings (69%), flexibility in work location (60%), and the process of work (57%) also hold sway as determining factors for start-ups and corporates to retain talent.
Long-term goals
47% of the respondents want to start their own ventures down the line while 37% want to rise through the ranks and hold CXO positions in the long run. In a lucrative start-up environment such as India’s, it is no surprise that a majority of senior professionals aim to go on to become founders themselves.
The two different kind of senior professionals
“There are two kinds of senior professionals nowadays – professionals under 40 years of age with around 10 – 15 years of experience with an excellent pedigree in terms of education with fairly high compensation packages – typically 60 lakhs to 1 Cr plus and good ESOPs. Such candidates are happy to take leadership positions in high-growth startups. They would not really fit in large traditional organizational cultures or corporates. The other senior professionals are in their 40s and 50’s and have mostly worked in traditional companies and have risen to top management levels. They prefer job security and traditional organizations and corporates. Even if a few are open to the idea of startups, they would want assurances on funding, and then they mostly end up as cultural misfits in a company where the average age is in the late 20s or early 30s. Senior professionals in the higher age bracket want a stable company that is well funded and they also prefer working with large teams. Senior professionals in the younger age bracket prefer companies growing at a rapid pace,” said Shantanu Saha, Founder & CEO, The Recruiter.
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