The past two years have been rough for all business owners and staff. We have seen some great success stories, but many seasoned workers have lost their careers, and many young people are struggling to take their first footsteps into the workplace.
While the younger generations are demonstrably interested in working in the startup space, especially technology-related enterprises, there are still talent gaps in critical areas. This presents a challenge for entrepreneurs competing for talent.
I am not a startup leader, but the EdTech space in which my organisation operates provides a good example. The Covid-19 pandemic was a powerful motivator for EdTech innovation. I recently read an article that suggested at least 100 Thai EdTech companies are competing (or sharing) talent with the corporate world. I have seen how willing talented people are to move if they are not getting the growth support and opportunities they want.
While we can all agree that the Thailand startup ecosystem still requires government help, even that can’t solve all the challenges overnight. This suggests that the responsibility for getting fresh graduates and new hires from zero to hero will fall on the entrepreneur and the existing team members. The competition for young talent demands it.
It is strange that at a time when fresh Thai graduates face unprecedented unemployment and uncertain job prospects, this gap isn’t closing faster. JobsDB recorded an 18% year-on-year jump in job applications from fresh graduates. The Employers’ Confederation of Thai Trade and Industry (EconThai) expects 500,000 graduates to enter the job market, joining 300,000 graduates still unemployed from 2020 and 2021. With so many candidates potentially available, what talent should entrepreneurs be looking for to build for the future?
To begin, look for people with potential, who are self-directed learners. Ensure you get people who can effectively work with others from day 1, and who are looking to make an impact.
What can you do to get them up to speed fastest? While some of these suggestions hold true for any business leader, I believe they are essential for founders and leaders of up-and-coming companies:
Ensure they have the skills, opportunities and mindset to make (good) decisions. It is surprising how rare this quality is, but if you do not screen for or help newcomers develop these traits, it will kill your ability to be flexible, fast and agile. Today, change is faster than ever, and this is non-negotiable.
Ensure they have the mindset, and they know how to fail (correctly). This shouldn’t be surprising, but this was one of the most important things I have learned from my work with Stanford University faculty. It is not just about helping them to develop the resilience that the entrepreneurial environment requires. It includes teaching them to simultaneously deal with feelings of disappointment and shame, while dissecting events for important lessons learned. I have promoted this extensively in my organisation but is not a natural approach in many Thai organisations. It is also sometimes difficult for bright young people to accept, so it is better to get them to learn from failure from the offset.
Ensure they can do multiple things and manage multiple responsibilities simultaneously. This is a more natural state for smaller and newer companies than corporate entities, but increasingly important as “jobs to be done” replace “job descriptions”. I still see this daily with seasoned staff, as things get delayed or slowed down because they can’t switch things up quickly enough. Leaders have to teach people to juggle multiple roles and completely different types of tasks.
Ensure they are learning — and can learn. Not everyone can. The ability to learn is important. Remember: learning is not taking a course or even completing a new task. Learning requires deconstructing insights. Leaders need to instill curiosity and watch for proof of learning taking place, especially with a young workforce just starting out and not yet having the experience to share.
Does this sound like a lot of work and risk? It doesn’t need to be, and it can be both professionally and personally rewarding. Seeing young potential achieve, and knowing you had a small part to play is immensely satisfying. Risk is natural for entrepreneurs but giving away ownership may be more challenging for some, especially when everything is critical.
Here are my suggestions. Remember:
Responsibility breeds learning. It also motivates learning new capabilities and decision-making more strongly than most other factors. When young people get the chance to step up, the talent your organisation needs comes to the fore.
Everyone needs a chance to shine. The opportunity to do something new is also a powerful motivator. It also helps leaders better evaluate the hidden talents their people already have. I have lost count of the number of times the most unexpected members of my team have demonstrated a valuable ability they probably never suspected they had.
Arinya Talerngsri is Chief Capability Officer, Managing Director, and Founder at SEAC — Southeast Asia’s Lifelong Learning Centre. She is fascinated by the challenge of transforming education for all to create better prospects for Thais and people everywhere. Reach her email at arinya_t@seasiacenter.com or https://www.linkedin.com/in/arinya-talerngsri-53b81aa
