Viaduct’s Peter Petrella Discusses What Attracts Employees to Startup Companies
Viaduct’s Managing Director, Peter Petrella, was interviewed by the Buffalo News for an article titled, “Buffalo’s Startups Aren’t Just for Coders, They’re Luring Accountants and Sales Workers, Too.”
Across the United States, record numbers of employees are quitting big finance and tech firms jobs—like Facebook, Amazon, and Goldman Sachs—and joining smaller startup companies, according to data from workforce intelligence firm Revelio Labs. “In a challenging hiring market, startups and more established, traditional companies are competing for the same talent,” Petrella said. If you have a good attitude, a strong work ethic, and a willingness to learn, a startup company could be a good fit for you.
Why are employees attracted to startups?
- Startups often offer a flexible, relaxed, family-like work environment where everyone knows each other and feel like part of a team.
- No two days are the same at a startup which means workers are always learning something new and are required to adapt to the changes that come with a growing company.
- Founders are often open-minded and willing to listen to their worker’s ideas. “Many employees are lured into startups because they feel their ideas are listened to and they can see the impact their work has had on the growth of the company,” Petrella said.
- Even if the pay is less than that at a traditional company, a startup position can provide an accelerated career path which is beneficial to workers that are in the early stages of their careers. This often leads to faster salary growth and more frequent promotions.
- According to Petrella, “early employees are often offered equity in the company and that can pay huge dividends if the company is bought out or goes public.”
Related: What Makes Working at a Startup Special?
Related: 6 Ways to Attract and Hire Best-Fit Startup Talent
However, working for a startup is not without risks. 20 percent of new businesses fail within the first year and 45 percent go under within five years according to data from the U.S. Bureau of Labor Statistics. Are you interested in exploring the startup world?
Check out this article to learn why now is the best time to switch to a startup job. To browse available employment opportunities with startups in the Buffalo area, visit Viaduct’s job board here. You can also view additional startup opportunities at Forge Buffalo’s job board.