According to human resource experts, hiring and retaining the right people is critical for the success of startups. Despite this, entrepreneurs rarely consider this at the onset of their project.
“Let us be clear, we are in a new normal and the labour force, even in Pakistan, is experiencing a generational churn. Older workers are exiting or retiring and Millennials and Gen Zers are filling the gap,” said S&P Global Managing Director, Mujeeb Zahur.
“What does this mean for companies? It means that to attract and retain the best young minds, you need to offer more than a stable salary. Young workers want more flexibility, mental wellness and more perks,” he emphasised.
Talking to the Express Tribune, startup investment expert Kapeel Kumar explained that, “Startups have multiple challenges when it comes to attracting talent. In my opinion, about a quarter of the total startups in Pakistan fail because they do not hire the right people at the right time. Sound human resource decisions and strategies in the early stages are a part of the strong foundation on which any company is built,” he added.
“HR development is a huge area lacking in our case,” said Alpha Beta Core (ABCore) CEO, Khurram Schehzad.
“Whether one believes it to be corporate culture, climate or Covid-19, everyone is frustrated, anxious and uncertain about the future. There are innumerable problems, no clear solutions and it is only going to get worse. Startups need to promote an Employee Stock Ownership Plan (ESOP) culture so employees feel more dedicated and committed,” insisted Kumar.
“ESOPs provides an employee benefit plan that gives workers ownership interest in the company in the form of shares of stock. ESOP thus encourages employees to work hard as the company’s success translates into financial rewards for them,” he explained.
Planetive Management Limited Founder and CEO, Ayla Majid noted that “open communication is the new normal, as awareness and honesty are crucial for the next generation of workers.”
Adding to this, she stated that the ‘Gen-Z’ workforce is much more aware and there is a need to nurture this trait by uberising work processes and hiring models.
In response to a question related to Gen-Z’s work ethic and responsiveness, Mobilink Microfinance Bank President and CEO, Ghazanffar Azzam said that the, “New generation has a different set of expectations as they want instant, real-time solutions. Therefore, organisations need to step up if they wish to attract and retain the best talent.”
On the query of how organisations can unlock the full potential of Pakistan’s predominantly young population, Mujeeb cited the need for a ‘people first’ approach.
“This involves continuous learning in fields as diverse as automation, blockchain and cyber-security through our dedicated EssentialTECH program to individualised career coaching by mentors within the company. This approach has significantly reduced churn and has allowed us to promote in-house for more senior positions,” he explained.
“Compared to the previous generations, Millennials and Gen Zers have access to learning tools so the concept of dependency has been eliminated,” Zahur explained.
He further praised local talent saying the youth today are brilliant and resilient. Our local start-ups are a testament to this fact and it is our responsibility to build on frameworks that further these results, he affirmed.
Al-Meezan Investment Chief Financial Analyst and CEO, Mohammad Shoaib reinforced the concept that ‘learning is continuous’, encouraging all organisations to promote knowledge within the workplace.
“There is an urgent need for associations to change the general work environment so that they may empower and provide opportunities to workers,” he said.
Social Scientist, Soban Hanif said, “The new generation of workers are excited, passionate and significantly more woke.”
Published in The Express Tribune, September 4th, 2022.
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