Why VCs Should Consider Upgrading to a Talent Network

In the first quarter of 2023, VC-backed firms raised $33B, a 37 percent increase over the prior quarter. Although funded companies are probably spending less on real estate (due to the post-pandemic work-from-anywhere trend), talent, technology, and marketing are among the most common uses for capital.

Talent is the most essential expense. From leadership to new product development to culture and image building, the people within companies can play a huge role in its growth rate and success.

Therefore, the VC firms investing in these companies have skin in the game in ensuring that businesses at all stages have the right talent and resources to spend those investment dollars wisely and deliver a rapid return on that investment. 

Today, knowing people with the correct skill set is just the tip of the hiring iceberg. You want to engage diverse and committed talent.

That’s where VC firms can play a critical role -- helping their portfolio companies find and hire the right mix of talent to start or scale a business.

Talent Network

Traditional Talent Acquisition Methods are Limited

Over the past decade, many “hiring solutions” (conventional and cloud-based) have emerged but have significant limitations. 

Human recruiters can be terrific if your companies have unlimited budgets. They can be time-consuming and are only as effective as the search firm's database and network.

Cloud-based solutions companies promise a virtually unlimited pool of candidates but often depend on keywords. They cast out wide nets, so if quantity over quality is essential (rarely), they can be very effective. Additionally, people who are not actively job-hunting may not be in the applicant pool.

What is the Power of a Talent Network?

Simply put, a talent network is a hiring ecosystem that utilizes and automates the power of referrals and word-of-mouth to tap into individuals and groups connected to people you already know, like, and trust.

Candidates are often frustrated by the current application process of many companies. Filling out long online forms and re-entering information already on a resume can be a massive turn-off to prospective talent. 

We at Consider looked at the flaws in today’s hiring process, through the lens of the VC firm, the hiring company, and the candidates themselves. Deploying and promoting a Consider Talent Network can streamline the hiring process for everyone.

Consider offers:

  • A one-click expression of interest, which means that talented professionals who don’t have the time or immediate interest in a role to still “throw their hat in the ring.” Plus, that person’s information is automatically captured, so your VC firm and its portfolio companies will have a strong candidate pipeline for the future. This also gives your firm and its companies a huge brand perception advantage. People want to work with companies that don’t waste their time and energy. Simplifying the application process can be a huge win.
  • Automated capture of professional backgrounds and interests creates a smart and targeted “matching system.” 
  • You can create a proprietary talent network. You can hone in on job seekers who have an affinity for startups. You can make your network invite-only, which gives you control over your talent pool, allowing VC’s to invite by specific skill sets within AI, Crypto, Fintech, Biotech and so on, so that their portfolio can readily find great matches. The power of a professional human recruiter now sits on your device 24/7/365, and you can build it over time, so as your VC portfolio grows, you don’t have to start from scratch for every search.
  • Nurturing qualified candidates is easy. Many job hunters are frustrated with the application process and feedback throughout the search. Consider enables you to track and measure your outreach and ensure no one falls through the cracks. 

How a Talent Network Aligns With Your VC Firm’s Goals

The best time to source great candidates is before you need them. As you fund new companies or your current companies scale, a talent network gives you a pre-qualified database to tap into. Time-to-hire is significantly reduced, which means onboarding and contributions to the bottom line happen faster.

Because the formal application process has been removed and accelerated, so has the pressure to engage in immediate conversations. Some people may hesitate to apply for a role that would otherwise be perfect for them. Or they are unsure about making a move at that moment. Or, they are busy with their current job and simply can’t take the time to fill out lengthy forms and craft cover letters. Our candidate-friendly experience will actually help you attract better talent.

Data is critically important in decision-making. When you can measure a candidate’s interest and engagement levels, you will know almost instantly whether someone is the right match for the positions you have available. 

A whopping 40 percent of professionals believe that today’s hiring processes are broken. They complain to their peers and online about companies that require too much information, eliminate qualified candidates (based on keywords or bias), drag on the interview process, don’t communicate properly, or simply ghost candidates during the hiring process. Companies with a great talent recruiting process are perceived from the first contact as having their acts together and caring about humans. This applies to your VC firm as well. 

Consider Talent Network is a Game-Changing Solution for VCs 

As noted earlier, we at Consider have been able to create a compelling product for VCs and the companies they support because we understand the start-up and scale-up ecosystem and have considered the needs of both hiring companies and job seekers. 

We have a solid track record of using our proprietary automation-meets-humanity system to fill critical roles and build a talent pipeline for both VCs and their portfolio companies, accelerating hiring time and leading to employee satisfaction and retention.

As a best practice, VCs can significantly enhance their Talent Network by strategically promoting it through various channels. A multi-faceted approach includes showcasing their Talent Network in newsletters, social media platforms, and spotlighting it at key founder events. VCs Talent Network enhances candidate engagement by seamlessly integrating it into all communications from blogs to email footers. 

 Consider also knows to be effective, automated systems must be quick to learn and intuitive to use, and we’ve built our product around those principles. Consider integrates with systems companies use today, like Slack and Chrome. Plus, it has a built-in email engine, so keeping in touch with prospects and candidates in the pipeline is seamless.

To see how Consider has used automation to accelerate and humanize the recruiting process, please schedule a demo with one of our experts. 

Your portfolio companies will be grateful. Your companies will scale faster. And candidates will rave about how you have brought humanity back to the hiring process!

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