An amplified stress in startups when it comes to functions such as finance, legal, human resources and corporate affairs is being highly noticed. While comparing them to the other functions which were considered hot cakes, like product, marketing, technology and engineering. Various companies like Flipkart, Ola,Practo and ShopClues are structuring a robust HR and finance function as they make an attempt at handling pressure in order to cut cost.
Startups : Are HR and Finance functions the new hot cakes?
“As startups reduce people and cut costs, they have to do it in the right way. There is a great demand for people in finance and HR,” said Anshuman Das, managing partner of Longhouse Consulting, the senior-level search division of Hirepro.
Last year, taxi machine Ola secured in Infosys CFO Rajiv Bansal as its finance head. Flipkart welcomed Nitin Seth who has an altogether experience of two decades as Chief people officer this year with a decree to make the online retailer the best work environment.
“As the focus has shifted from plain growth to sound financial health for startups, the demand for talent has also changed in the last few months. Roles like sales head, business head and CFO are more and more required by these firms,” said Anuj Roy, partner, digital practice, Transearch.
Marketing spending at start-ups has reduced which has in turn impacted the functions of and prospects from chief marketing officers. Also, there seems to be a relevant requirement for cross functionalists than pure specialists for business roles. This has brought a complete change in how both candidates and companies assess each other this which is basically deeper examining.
What’s the need of the hour: Experienced Expert or All-rounder Expert?
While first-hand experience is considered as a key necessity for any talent that aims to be linked with a start-up, what actually is commended is a complete all-rounder expert. “Companies are looking for doers not practitioners. One of the challenges is to find CXOs who will also be hands-on,” said GC Jayaprakash, executive director at RGF Executive Search.
“New-age employees require a lot of new-age practices and the key for these practices is sustainability. There is a need for matured and adoptable professionals in all facets of a startup, including finance and HR,” said Shikha Taneja, senior director, HR, ShopClues. “It’s more about sustaining employee best practices and creating innovative solutions for our ecosystem. If this comes in through experts, we are more than happy to welcome.”