Wurkplace Blog - Managing theGrowth in a Tech Company

Managing The Growth of a Tech Company

We are living in a time full of innovative and disruptive technologies. So, it’s an attractive proposition, starting a tech company. Fast growth, lucrative returns, working within a rule breaking ‘yes we can!’ culture. Getting a new tech company off the ground is hard, especially in this highly competitive backdrop, but staying in business and achieving sustained growth is an incredibly difficult task. In this blog, we’ll be giving you some HR-approved tips on managing the growth of a tech company.

 

According to research, tech start-ups list growth as being their most important factor. Fast growth often goes hand in hand with higher returns. It predicts long-term success and therefore attracts a self-generating circle of funding. In return, business’ that are receiving vast funding rounds, can find the smallest competitive advantages in their market. But with the sheer number of tech companies that are operating in the Tech, Bio Tech, and IT market, how do you achieve sustainable growth?

Based on general principles of development stages and the ability to scale operations at the right moment – no easy feat – there is a recipe for growth that businesses should consider.

Employee buy in – getting everyone on the same page.

Engaging employees in your vision for the future, sharing your plans, and convincing them how you will exceed their expectations in the long term brings its own rewards. With global working increasingly becoming the ‘new norm’, office premises, where needed, are similarly needing to become innovative and fresh in the way they are set up.

Where you work

Culture and environment give opportunity for a tech company to distinguish themselves as ‘unique’. An enticing place to work. A recruiting asset. A fun, lively environment helps. Tech companies have the advantage of innovating the way in which we work. The tech workspace is nothing like it is in other sectors, like manufacturing or retail.

Forget cubicles and snail-pace progress. Fast paced and rapidly changing by the minute, the growth of a tech company sprints to solve and deliver faster than others to win the race. Aligning your environment with your expected way of working, reinforces the culture you need to be ‘first past the post’.  And don’t forget bigger doesn’t always mean better; working at a tech company in growth stage has the potential to accelerate an employees’ career and change their life.

Stress the benefits

The growth potential is infinite within Technology firms. Fuelled even further by the global pandemic every day, millions of people turn to their computers and smart phones to shop, work, and even learn. This continues to push innovation to new levels, making the tech field a great opportunity for rapid career advancement as the company grows. There’s nothing more exciting than successfully creating something. The hard work it takes to nurture a growing business with a developing product to success is a life experience employees will never forget. Working closely with other passionate people, bonded by the goal of growing the company from the ground up, means that you can confidently count on their support to push further and collaborate to achieve a shared goal.

Because a growing technology company needs to disrupt to dominate, there is no shortage of opportunities to exercise creativity and problem-solving. There is always a new challenge to solve, meaning that you won’t be bound to the same tasks or rigid routine day after day. This can offer a very different experience than working at a larger corporation with a less flexible plan in place.

Search for The Human Factor In Technology

This leads nicely on to the next consideration. Being a business leader means understanding your people in the same way you view your technical discipline. Most Tech companies employ contract and remote teams. This means that the communal drive towards growth can often get lost over the Wi-Fi.  Supporting, managing, and developing your employees fosters innovation and opportunity to flourish, increasing productivity and teamwork. Recruiting for talent that can side comfortably astride both ‘camps’, technical and human, is key.

Understand Your Employees’ Needs

Fast growth priorities can often lead to business owners losing touch of basic employee needs. Employees need a purpose; they need to feel empowered and that they make a difference. By working with employees to better understand them and their needs, you will build a strong technical team that is growing personally and technically and will be more engaged. It’s hard to find a better group of people than those working at a tech company—who often prioritize culture and teamwork at the top of the list.

Implementing leading edge AI Capabilities

Buzz words and lip service are no longer adequate. In the competitive landscape of today’s tech companies, a continuously updated, scientifically grounded and realistic understanding of tomorrow’s AI capabilities is the only way to make well-informed decisions today.

Connect Technology At An Emotional Level

Connecting your technology at an emotional level is vital for growth and longevity. As technology continues to become more ubiquitous, people will choose what they adopt. Technologies that people can relate to emotionally will hold higher value and loyalty.

Have A Risk-Based Approach to Your IT Strategy

Recruiting top class IT leaders is vital. They can longer solely be focused on the technology. A broader, holistic approach to the discipline is needed. Being able to link IT with the companies current and future needs is fundamental to the growth of the business. They need to be business leaders not just technical experts.

Thinking of embarking on a Tech start up? As an established HR consultancy, Wurkplace are ideally placed to assist you with all your HR needs. From establishing appropriate policies and practices at the onset, through to helping you recruit and developing the right team of people to best take your company forward; fast.

 

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