Opinion: Why I’m hiring from downsized startups

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Last year was a good year for us and has helped us inch closer to fulfilling our vision of being the world’s dominant digital marketplace for instant financial services. We grew from 8 million visitors in March 2016 to 14 million in January 2017. And we hope to maintain this growth.

One big reason we could make this happen was because of the people who chose to build their careers with us. And the team is continuing to grow. This year, BankBazaar is looking to hire new employees—about 30 to 40 percent more than our current workforce of over 1,000 people. And we are now exploring a new hiring channel; we are actively looking for employees who have worked with companies that have either closed or pruned their teams.

Here’s why we think this is a good idea and why you could adopt this hiring model too.

Markets are cyclical, and we get it

We don’t plan for today; our focus has always been to hire sustainably, keeping in mind not just our immediate needs but also our future growth. In some years, startups are flush with funds and, in others, funds dry up and plans go awry. We have seen it all.

Similarly, we understand that losing jobs in the traditional BFSI (banking, financial services, and insurance) sector may be more connected to the inter-connectedness of the global financial system rather than the immediate market environment.

Our learning: Despite the downturn that may be affecting other sectors or the markets for now, hire to meet long-term needs, not just short-term requirements. For sure, the tides will turn soon and during good times, competent talent could either be unavailable or not affordable.

Good talent is not dependent on the downsized company they worked for

A lot of what we have achieved has been because of our engaged and dedicated workforce. Hiring from downsized companies does not mean we’re lowering our standards. It just means we’re hiring from a bigger pool of talent.

Think about it. Just because an employee worked for a failed startup doesn’t mean their skills are questionable. A talented employee’s experience with a company that shut shop does not impact their skills.

Passion and understanding of the startup world

If you’re an employee from a startup that has shut down operations, you understand the ecosystem and energy of the entrepreneurial world. That is a huge advantage because passion can’t be taught.

Moreover, a potential employee’s depth of financial industry knowledge will reduce the time we spend on training, which, as you know, is not a luxury we have in this environment.

Startups like us are looking to disrupt the norm with new and innovative products and hope to win in that market. Someone who may have been on a similar journey before is an asset.

Risk-taking ability is high

A competent person always has an option of working for a behemoth in a glass-walled cabin, drawing salaries from a secure job. But if he/she voluntarily chooses a life of uncertainty despite relentless hard work, then this needs to be given some credit.

A high risk-taking ability can have significant positive impact on teams and our business. We take risks, fail, and learn to succeed again. Understanding this concept of failure is easy for a person who loves taking risks.

Good practices for hiring