Recruiting Hacks: Best Practices in Recruiting High Performers

Recruiting Hacks: Best Practices in Recruiting High Performers presented at Founder Institute and Dreamit Ventures David Teten, Partner, ff Venture Capital ffvc.com blog: teten.com @dteten New York, NY info@teten.com http://flickr.com/photos/h-k-d/2898797929/sizes/o/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps ff Venture Capital (ffvc.com) • Early-stage technology venture capital fund based in New York • Founded 1999, with over 100 investments in over 45 companies • Focus on early stage web-based services companies with disruptive models, including SaaS, video gaming, digital media, social, mobile and VoIP • First investments typically $50-$250K at valuations of <$5m pre-money • 50% of fund reserved for follow-on investments • Prominent angel investments include: Cornerstone OnDemand (IPO); Quigo Technologies (sold to AOL for reported $340m); Klout, Hashable, Voxy, Phone.com • Three partners: John Frankel (21 years Goldman Sachs); David Teten; Alex Katz (CFO); one Venture Partner (Michael Yavonditte, CEO, Hashable)© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps David Teten (teten.com) • Partner, ff Venture Capital, early-stage technology venture capital fund • Founder and Chairman, Harvard Business School Angels of New York • Founder and Chairman, Navon Partners, research and analytics focused on private companies • Managing Director, Evalueserve, through September 2008. 2,500-person finance-focused research and analytics firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve • Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500 • Founder and CEO, GoldNames, domain name investment bank, based in Israel • Technology/Defense Investment Banking, Bear Stearns (#1 group at Bear investment banking by revenues) • Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Harvard MBA 1998, Yale BA, both with honors. • Contact: info@teten.com© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Why should I care about social media for recruiting? •Because 3 out of 4 Americans use social technology. (Forrester, The Growth Of Social Technology Adoption, 2008) •2/3 of global internet population visit social networks (Nielsen, Global Faces & Networked Places, 2009) •Visiting social sites is now the 4th most popular online activity—ahead of personal email. (Nielsen, Global Faces & Networked Places, 2009) •Visitors spend 5 million minutes per day on Facebook. (Facebook)© 2011 David Teten. More at ffvc.com and teten.com http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/

Intro Source Interview Hire Manage Next Steps But I don’t use social media, and neither do (some of) my targets! • The reality: you and your target employees are in the matrix whether you like it or not. • Your candidates search for you on Google before doing business with you. • You are already a member of gated online communities, which you may or may not be fully leveraging: your alumni network, your local “Moms” or “Dads” mailing list, your church/synagogue/mosque You can accelerate your sales process by leveraging potential candidates’ digital footprints. These help you to source leads, filter them, and then run a better educated sales process.© 2011 David Teten. More at ffvc.com and teten.com http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity • Introduction • Source • Interview • Hire • Manage • Next Steps© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Your best hires are people who think and act like entrepreneurs (within reason). • Passion! • People you know • Functional skills • People with something to prove – Failed entrepreneurs – People from a less prestigious background© 2011 David Teten. More at ffvc.com and teten.com http://www.flickr.com/photos/cleverclaire1983/1377913882/

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Your worst hires usually look great. • Pretty on paper • Mercenaries instead of missionaries • Poor time management • Not team players http://www.flickr.com/photos/23905174@N00/2438005410/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Social media allows you to convert cold calls to warm calls.© 2011 David Teten. More at ffvc.com and teten.com http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Network Valuation Formula 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 = D * ∑ (Chn*Con *Rn* Sn*In) n=1© 2011 David Teten. More at ffvc.com and teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Biography analysis software allows you to search by common affinity and more effective subsequent outreach. Leading Providers of Biography Analysis Data • Boardex • Jigsaw • Pipl • Honestly • ZoomInfo© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Senior executives prefer to interact online behind barriers to lower- level personnel, just as they do in traditional networks. Sample Gated Communities for Senior Executives • IERGOnline.com • Executive-Forum.org • INMobile.org • Sermo.com • Some LinkedIn groups© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Almost everyone prefers to interact online behind some barriers. Online Community Platforms • Groups.Yahoo.com • Groups.Google.com • Grouply • LinkedIn • Ning • Xing • Kohort (ff portfolio company)© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Find one, find them all. Ways to Identify Friends of a Friend • LinkedIn references • Github comments • Facebook likes • Identified.com (ff company)© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Meeting people face-to-face is very powerful…if you can do it efficiently.© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Look for people who want to buy what you’re selling. • Directly-relevant companies • Startups that shut down© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Hacks for recruiting hackers • Classes • General Assembly • NYHacker.org • Ex-New Yorkers • “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 youll want to establish mutual respect and rapport before you begin.” – Evan Korth© 2011 David Teten. More at ffvc.com and teten.com http://flickr.com/photos/re-ality/41676755/sizes/o/

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity The more media you use, the greater the Strength of your relationship. • Phone • Email • Instant messaging • Internet telephony (Skype) • Web conferencing • SMS • Twitter© 2011 David Teten. More at ffvc.com and teten.com http://flickr.com/photos/re-ality/41676755/sizes/o/

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Effective recruiters are data hounds. Tools for Assimilating Data into Your CRM System Data source Selected technology for inserting data into CRM Business Cardscan, IRIScan, Neatco, Plustek Cards Emails Contact Capture, eGrabber, Gwabbit Cloud Plaxo, LinkedIn© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Use an applicant tracking system to reduce your email deluge. TheResumator.com (ff portfolio company)© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity If you value your time above ~$100/hour, hire a recruiter. • Your employees • Contingency • Retained • Find the already-successful, not the to-be-successful • Internal recruiters • Recruiting process outsourcers (e.g., Accolo*) * I’m on the Advisory Board http://www.flickr.com/photos/23912576@N05/2962194797/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity New York Intern Sources 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 http://flickr.com/photos/foundphotoslj/1134148114/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity 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© 2011 David Teten. More at ffvc.com and teten.com http://flickr.com/photos/extranoise/169187125/sizes/l/

Intro Source Interview Hire Manage Next Steps Topgrade your people. • 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?© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Interview hard. • Ignore the irrelevant • Don’t check their references; check yours (“off-list references”) • Close the deal • Meet the spouse/partner, if possible http://www.flickr.com/photos/27620885@N02/2654393745/ http://www.flickr.com/photos/27620885@N02/2654393745/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Coordinate interviews. • Host • Technical • Project manager (non-technical) • Lunch • HR • Technical #2 • Host© 2011 David Teten. More at ffvc.com and teten.com http://www.flickr.com/photos/adjourned/3068866048/

Intro Source Interview Hire Manage Next Steps Compensation is not just cash. • Open book management • “Hire the best, pay the best” • Speed wins • Let them choose in which currency they want payment • Title • Stock • Cash • Responsibility http://www.flickr.com/photos/oskay/412424747/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Who to hire – Garage: < $100k funding 2 engineers + business person Business / Product / Sales / Marketing Engineer Engineer Position Equity Salary Engineer 2 – 5% $30 – 50k VP 3–7% $50k CEO 10 – 15% $50k Aaron Patzer, Mint.com CEO, Founder Institute Presentation, July 2008© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Who to hire – Seed: < $1.0m funding 4 engineers + product + business person Business / Sales / Marketing Product / Design Dir / VP / Eng / UI Position Equity Salary Engineer Engineer Engineer Engineer 0.5 – 1% $70k VP 3–4% $90k CEO 10% $90k Aaron Patzer, Mint.com CEO, Founder Institute Presentation, July 2008© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Who to hire – Funded: $1.0m + funding 10 – 12 people, $4.0m in Series A funding scenario CEO Sales / Marketing Product / Design HR / Finance Dir / VP / Eng / PR / UI Position Equity Salary Tech Ops / Engineer x 4 QA / Test Engineer 0.2 – 0.8% $80 - 130k IT / Servers VP 2 – 3% $120 - 150k CEO 7% $120 - 150k Aaron Patzer, Mint.com CEO, Founder Institute Presentation, July 2008© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps More Compensation Data • 2009 CompStudy compensation study – Summary: http://blog.weatherby.net/2011/04/startup-compensation.html – Complete report here: http://www.scribd.com/doc/46045303/CompStudy- Report-Compensation-in-Technology-2009 • 2011 ExpertCEO Salary Survey, which only has CEO data, but shows the data across levels of development (<1M, 1M-10M rev, etc): http://www.expertceo.com/media/kunena/attachments/legacy/files/ ExpertCEO_February_2011_Salary_Survey.pdf (pages 3-4) • GlassDoor.com • Payscale.com • Salary.com© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Measure what you manage. • Each employee writes down 3-5 “SMART” goals • Specific • Measureable • Attainable • Responsibility • Time-bound© 2011 David Teten. More at ffvc.com and teten.com http://www.flickr.com/photos/chailey/138654755/ . http://en.wikipedia.org/wiki/SMART_criteria

Intro Source Interview Hire Manage Next Steps Fire fast, but fairly. • Offer chance to improve • Exit interviews=Learning • Set measurable goals and track them http://www.flickr.com/photos/betsyweber/2492339715/© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Any questions ? Slides at www.teten.com/recruiting More resources at ffvc.com and teten.com Contact: info@teten.com© 2011 David Teten. More at ffvc.com and teten.com

Intro Source Interview Hire Manage Next Steps Acknowledgments to… • Manjul Shah, CEO, Like.com • Aaron Patzer, CEO, Mint.com • Jed Chen, SmithStreetSolutions, for help in research and graphics • Darren X. Luo, Singapore© 2011 David Teten. More at ffvc.com and teten.com

Intern Sources in Singapore 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/  The ilead Program: www.nus.edu.sg/nec/ee/ilead/index.html  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 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/ Darren Luo (NUS), http://flickr.com/photos/foundphotoslj/1134148114/© 2011 David Teten. More at ffvc.com and teten.com

Intern Sources in Singapore • jobs.triplepoint.asia/jobs • www.singapore-interns.com • singaporeinternship.com • originsingapore.com • internsg.com • IIM Ahmedabad Forum for Industry Interaction ` Darren Luo (NUS), http://flickr.com/photos/foundphotoslj/1134148114/© 2011 David Teten. More at ffvc.com and teten.com

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Recruiting Hacks: Best Practices in Recruiting High Performers

by David Teten on Mar 08, 2010

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Recruiting Hacks: Best Practices in Recruiting High Performers — Presentation Transcript