When we picked up the Economic Times a few days ago, we were quite taken aback to learn 10% of the 9,000-plus students who will graduate out of IITs this year are likely to take up employment in Startups.
Students from IITs are the epitome India’s best and brightest, but are also the most conservative in their job preferences. After all, those precious years of prep cannot be risked. Change is much closer than most of us really realize.
Here’s what a near future holds;
- Be Virtual, Hire Virtual:
In most cases rent in Places where you want to be is almost unattainable and unnecessary. Hire people who are talented and can work remote. It would be unfair and self-defeating if you create a local setup and then go remote. Setup once, set up right
Virtual Offices are a step in the direction, enhancing reach and productivity.
Recruitment Tip: WeWorkRemotely.com, Staff.com & Fiverr.com
- Go Paperless
To be Virtual, you need to go Paperless. Large cupboards filled to the ceiling with Paper not only eat away at the sun entering your office, they distract you from your key purposes. Keep Key documents in a secure location and digitize the rest.
The Modi government has initiated steps in this direction, paperless Bureaucracy -> Link
- Build the right Compensation Structure:
Do not reward for showing up, but for the work done. Base your cost and compensation structure where you retain an individual only for a particular job. Increasingly, more and more companies are using this Structure.
- Correct Marketing Myopia:
Probably the first thing every Management student comes across when they read Kotler. That is easier said than done. Look at how you can be more relevant. This even extends to how space is planned for and utilized. For example, Sales Departments of many big companies started using shared office services post the recession. For certain companies, savings on rent and other overheads were upto70%.Additional Read: Common Marketing Myopia Mistakes -> All India Management Association
We hope this information proves useful and if you have any other ideas you’d like to add, leave them in the below comments section. And most importantly, cheers to a successful you.