How can one build a team and retain talent using compensation management? This is a real dilemma for a successful startup since the concept of team is one of the most important factors that determine the fate of an entrepreneurial adventure. To answer this question we chose Enrico Pandian.
In March he was the protagonist of the session of the mentorship program the Fintech District offers to the startups of its community. We also decided to interview him so that his valuable advice could remain available to everyone.
What are the main criteria that should guide us in building a startup team?
Hiring people who reflect the initial corporate culture. It’s not easy when the team starts to be structured.
Three characteristics that a team must have to function.
Humility, honesty, integrity
What is the best thing to do to retain talent in your team?
It is necessary to take into account the fact that the life of employees is strongly influenced by the situation of the startup. I personally put them at ease but at the same time, I also create challenges to test their limits.
Does compensation management help to retain talent in a team?
It’s a practice that certainly brings more and more important benefits but for me, the main tool for retaining talent in this day and age is corporate life.
How can you make it convenient to work in a startup?
It already is (convenient), for those who want to take risks! For certain a tax exemption on working on innovative startups would help even more.
In a video of yours published on LinkedIn, you advise 30-40-year-olds to choose a career in a startup instead of a big corp. Can you explain to us the reason for this? Does it apply to all sectors, including fintech?
In the video, I wanted to show, numbers in hand, the growth in a startup vs. a big corp. I know that it can be difficult to understand it, I see it in the talks I'm doing in these months: the culture of stock options is completely missing.
About Enrico Pandian
Enrico Pandian is the founder of Supermercato24, the platform for day-to-day home shopping delivery, founded in 2014, but not only. Pandian can be defined as a serial entrepreneur. He started 17 different companies, 3 of them were very successful, the other 14 taught him the value of failure. With Checkout Technologies, his most recent entrepreneurial adventure, Pandian aims to eliminate the mechanism of passing through the supermarket checkout by combining artificial intelligence, facial recognition, behaviour recognition and deep learning.
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