Recruiting Hacks: Best Practices in Recruiting High Performers

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Recruiting Hacks: Best Practices in Recruiting High Performers
David Teten
Teten.com

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Recruiting Hacks: Best Practices in Recruiting High Performers

  1. 1. © 2016 David Teten. More at teten.com Recruiting Hacks: Best Practices in Recruiting High Performers http://flickr.com/photos/h-k-d/2898797929/sizes/o/ David Teten teten.com // @dteten
  2. 2. © 2016 David Teten. More at teten.com Don’t Take Notes! Download these slides and get more free resources at: teten.com/recruiting
  3. 3. Intro Source Interview Hire Next Steps © 2016 David Teten. More at teten.com Manage • Introduction • Source • Interview • Hire • Manage • Next Steps
  4. 4. Intro Source Interview Hire Next Steps © 2016 David Teten. More at teten.com Manage David Teten • Partner, ff Venture Capital, early-stage technology venture capital fund, one of the best performing seed- and early-stage venture capital firms in the U.S. • Previously serial entrepreneur and technology investment banker • Advised clients such as Goldman Sachs Special Situations Group, Icahn Enterprises, LLR Partners ($1.4b fund), Birch Hill Equity Partners (C$2B fund), and other institutional investors • Harvard MBA 1998, Yale BA, both with honors. • Teten.com / @dteten
  5. 5. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Introduction • Source • Interview • Hire • Manage • Next Steps
  6. 6. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage A, B… S – Always Be Sourcing! Alec Baldwin in Glengarry Glen Ross Source: http://www.onlygoodmovies.com/blog/thoughts-on-film/glengarry-glen-ross-my-favorite-movie-scenes/
  7. 7. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Social media allows you to convert cold calls to warm calls. http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/
  8. 8. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage = D * ∑ (Chn*Con *Rn* Sn*In) Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity N n=1 David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com) Corporate Network Valuation Formula
  9. 9. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Boardex • Identified (ff company) • Klout (ff company) • Saleforce • Data.com • Pipl • TalentBin • ZoomInfo Leading Providers of Biography Analysis Data Biography analysis software allows you to search by common affinity and more effective subsequent outreach.
  10. 10. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Passion! • People you know • Functional skills • People with something to prove – Failed entrepreneurs – People from a less prestigious background Your best hires are people who think and act like entrepreneurs (within reason). A batting average of .666 is stellar. http://www.flickr.com/photos/cleverclaire1983/1377913882/
  11. 11. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Pretty on paper • Mercenaries instead of missionaries • Poor time management • Not team players Your worst hires usually look great. http://www.flickr.com/photos/23905174@N00/2438005410/
  12. 12. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Groups.Yahoo.com • Groups.Google.com • LinkedIn • Ning • Xing Online Community Platforms Almost everyone prefers to interact online behind some barriers.
  13. 13. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Automatic gating: • Geekli.st • Stack Overflow • Vetted gating: • Some Meetups (highly technical ones) Sample Gated Communities for Engineers Developers/Engineers prefer to interact online behind barriers to non-technical people and recruiters.
  14. 14. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • IERGOnline.com • Executive-Forum.org • Sermo.com • Some LinkedIn groups Sample Gated Communities for Senior Executives Senior executives prefer to interact online behind barriers to lower- level personnel, just as they do in traditional networks.
  15. 15. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Look for people who want to buy what you’re selling. • Startups that shut down • TechCrunch Deadpool • Traditional VC news sources – Mashable – TechCrunch – Topix.net/VC – VentureWire – VCBuzz
  16. 16. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Hacks for recruiting hackers in NY http://www.flickr.com/photos/techshownetwork/2946211873/ • Classes (General Assembly, NYHacker.org, Flatiron School, Hackathons, HackerLeague.com) • Ex-residents, e.g. If they went to school in NY, try to bring them back • Your current hackers: referral programs • Allow remote workers • Find hackers by hobbies • GitHub • Personal Projects
  17. 17. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Psychology of Recruiting Hackers http://www.flickr.com/photos/techshownetwork/2946209857/sizes/s/ • “Try not to immediately pitch your idea to every programmer you meet. Get to know developers as people first, and understand what kinds of projects interest them. Working with a developer on a project of any scope is a team effort, so you'll want to establish mutual respect and rapport before you begin.” – Evan Korth, NYU • Source hackers through technology used and challenges faced. They often care more about the tech you use than specific industry pain points. • Entrepreneurs are trying to solve this problem. Examples: – Githire.com – developerauction.com – whitetruffle.com – TalentBin.com
  18. 18. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Find one, find them all. • Always be sourcing • Your close network • Keep them informed using social media • Employee networks • Set up an internal referral program Friends
  19. 19. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Find one, find them all. • LinkedIn references • Github comments • Facebook likes Friends of a Friend
  20. 20. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Meeting people face-to-face is very powerful…if you can do it efficiently.
  21. 21. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage The more media you use, the greater the Strength of your relationship. http://flickr.com/photos/re-ality/41676755/sizes/o/ • Phone • Email • Instant messaging • Internet telephony (Skype) • Web conferencing • SMS • Twitter
  22. 22. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Effective recruiters are data hounds. Tools for Assimilating Data into Your CRM System Data source Selected technology for inserting data into CRM Cards FullContact Data Enrichment Avention, ClearBit, Cloze, Data.com, Discover.ly, Evercontact, Introhive, LeadIQ, Plaxo, Ringlead, Salestools.io, SalesOps, VibeApp, DiscoverOrg Other LinkedIn Full CRM Microsoft Dynamics, Salesforce, SalesforceIQ, Act, Base, many others
  23. 23. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Use an applicant tracking system to reduce your email deluge. Jazz.co (ff company)
  24. 24. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Your employees • Contingency • Retained • Find the already-successful, not the to-be-successful • Internal recruiters • Recruiting process outsourcers (e.g., Accolo*) If you value your time above ~$100/hour (seriously), hire a recruiter. * I’m on the Advisory Board http://www.flickr.com/photos/23912576@N05/2962194797/
  25. 25. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage New York Intern Sources http://flickr.com/photos/foundphotoslj/1134148114/ Business Schools • Columbia Business School Small Business Consulting Program • NYU Entrepreneurs Exchange Club • InsiteNY.org • Levin Institute JumpStart Colleges: HackNY, Turing Fellows, Student Special Interest Groups Job Boards: UrbanInterns.com, Insidestartups.org Offshore: iimafii.org
  26. 26. Character – Competence – Relevance – Strength – Information – Number – Diversity © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Expand your horizons by the smallest amount possible. Look for people who are close to your target, but not exactly there. • By industry • By geography • By personal characteristics http://flickr.com/photos/extranoise/169187125/sizes/l/
  27. 27. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Introduction • Source • Interview • Hire • Manage • Next Steps
  28. 28. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Go through every career move: when, why, who, what, how • What are you proud of? • What were your failures? • Why did you leave? • What will your last manager say when we contact him? • Why are you here today? Topgrade your people.
  29. 29. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Ignore the irrelevant • Don’t check their references; check yours (“off-list references”) • Close the deal • Meet the spouse/partner, if possible Interview hard. http://www.flickr.com/photos/27620885@N02/2654393745/ http://www.flickr.com/photos/27620885@N02/2654393745/
  30. 30. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Host • Technical • Project manager (non-technical) • Lunch • HR • Technical #2 • Host Coordinate interviews. http://www.flickr.com/photos/adjourned/3068866048/
  31. 31. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Introduction • Source • Interview • Hire • Manage • Next Steps
  32. 32. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Open book management • “Hire the best, pay the best” • Speed wins • Let them choose in which currency they want payment – Title – Stock – Cash – Responsibility Compensation is not just cash. http://www.flickr.com/photos/oskay/412424747/
  33. 33. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Who to hire – Garage: < $100k funding Business / Product / Sales / Marketing Engineer Engineer Position Equity Salary Engineer 3 - 10% ~$50k VP 3 - 10% ~$50k CEO 10 - 20% ~$50k 2 engineers + business person Updated from estimates in Aaron Patzer, Mint.com CEO, Founder Institute Presentation, July 2008
  34. 34. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Who to hire – Seed: < $1.0m funding Business / Sales / Marketing Product / Design / UI Dir / VP / Eng EngineerEngineer Engineer Position Equity Salary Engineer 0.5 - 3% ~$100 - $175k VP 1 - 3 % ~$80 - $125k CEO 5 - 15% ~$80k - $150K 4 engineers + product + business person Updated from estimates in Aaron Patzer, Mint.com CEO, Founder Institute Presentation, July 2008
  35. 35. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Who to hire – Funded: $1.0m + funding CEO Sales / Marketing / PR Dir / VP / Eng QA / TestEngineer x 4 Tech Ops / IT / Servers Product / Design / UI HR / Finance Position Equity Salary Engineer 0.2 - 1% ~$100 - $175k VP 1 - 2% ~$80 - 125k CEO 4 - 7% ~$100 - 150k 10 – 12 people, $4.0m in Series A funding scenario Updated from estimates in Aaron Patzer, Mint.com CEO, Founder Institute Presentation, July 2008
  36. 36. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage More Compensation Data • CompStudy tech industry compensation study – compstudy.com • 2011 ExpertCEO Salary Survey – expertceo.com/media/kunena/attachments/legacy/files/ExpertCEO_February_ 2011_Salary_Survey.pdf (pages 3-4) • GlassDoor.com • Payscale.com • Salary.com
  37. 37. © 2016 David Teten. More at teten.com Source Interview Hire Next StepsManageIntro • Introduction • Source • Interview • Hire • Manage • Next Steps
  38. 38. © 2016 David Teten. More at teten.com Source Interview Hire Next StepsManageIntro • Each employee writes down 3-5 “SMART” goals • Specific • Measureable • Attainable • Responsibility • Time-bound Measure what you manage. http://www.flickr.com/photos/chailey/138654755/ . http://en.wikipedia.org/wiki/SMART_criteria
  39. 39. © 2016 David Teten. More at teten.com Source Interview Hire Next StepsManageIntro • Ad hoc feedback against goals regularly – As SOON as you see something wrong, don’t wait Feedback • Regular detailed reviews (2x per year or more) – Employee writes down progress against goals – You write back your input – You sit down and discuss Source: http://lethain.com/feedback- loops-in-software-development/
  40. 40. © 2016 David Teten. More at teten.com Source Interview Hire Next StepsManageIntro • Offer chance to improve • Exit interviews=Learning Fire fast, but fairly. http://www.flickr.com/photos/betsyweber/2492339715/
  41. 41. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Introduction • Source • Interview • Hire • Manage • Next Steps
  42. 42. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage Any questions ? Slides at teten.com/recruiting Sign up for updates at: teten.com // @dteten
  43. 43. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage →A representative of ff Asset Management, LLC d/b/a ff Venture Capital (“ffVC”) is providing this presentation for informational purposes to the intended audience. Nothing in this presentation shall constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction nor should anything in this presentation form the basis of, or be relied upon for, making any investment decision. Nothing in this presentation constitutes professional and/or financial advice of any kind (including business, employment, investment advisory, accounting, tax, and/or legal advice), nor does any information in this presentation constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. This presentation and the information contained herein are provided “AS IS”. ffVC makes no representation or warranty (express or implied) with respect to the information contained herein (including, without limitation, information obtained from third parties) and expressly disclaims any liability based on or relating to the information contained in, or errors or omissions from, these materials; or based on or relating to the recipient’s use (or the use by any of its affiliates or representatives or any other person) of these materials; or based on any other written or oral communications transmitted to the recipient or any of its affiliates or representatives. ffVC undertakes no duty or obligation to update or revise the information contained in this presentation. Disclaimer
  44. 44. © 2016 David Teten. More at teten.com Intro Source Interview Hire Next StepsManage • Ryan Armbrust, ff Venture Capital • Matt Joyce, Intern, ff Venture Capital • Manjul Shah, CEO, Like.com • Aaron Patzer, CEO, Mint.com • Jed Chen, SmithStreetSolutions, for help in research and graphics • Darren X. Luo, Singapore Acknowledgments to…
  45. 45. © 2016 David Teten. More at teten.com Appendix: Slides from Singapore Founder Institute Launch http://www.flickr.com/photos/90664717@N00/380336885/sizes/z/in/photostream/
  46. 46. © 2016 David Teten. More at teten.com Universities: • NUS Business School Career Services: http://bit.ly/9GOqAb • NUS Career Services Center: www.nus.edu.sg/osa/career/employer/index.html • NUS Overseas Colleges (NOC) www.overseas.nus.edu.sg/ Ø The ilead Program: www.nus.edu.sg/nec/ee/ilead/index.html Ø NOC Alumni: www.nocalumni.org/site/index.php • NTU Business School: www.nbs.ntu.edu.sg/careerservices/index.asp • NTU Career Services Center: www.nbs.ntu.edu.sg/careerservices/index.asp • SMU: www.smu.edu.sg/students/career_services/for_employer/recruit.asp • Singapore Institute of Management: www.sim.edu.sg Intern Sources in Singapore Darren Luo (NUS), http://flickr.com/photos/foundphotoslj/1134148114/ Polytechnics • Singapore Polytechnic: http://bit.ly/aPGxwu • Entrepreneurship IAP: www.sp.edu.sg/wps/portal/vp-spws/spws.i.entrepreneurshipinsp.itp • Temasek Polytechnic: www.tp.edu.sg/home/global/glo_sip.htm • Ngee Ann Polytechnic: www.np.edu.sg/ss/internship/Pages/local.aspx • Nanyang Polytechnic: www.nyp.edu.sg/aboutNYP/job_opportunities_for_employers.html • Republic Polytechnic: www.rp.sg/iep/employer/
  47. 47. © 2016 David Teten. More at teten.com Darren Luo (NUS), http://flickr.com/photos/foundphotoslj/1134148114/ • jobs.triplepoint.asia/jobs • www.singapore-interns.com • singaporeinternship.com • originsingapore.com • internsg.com • IIM Ahmedabad Forum for Industry Interaction ` Intern Sources in Singapore

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