In the fast-paced environment of biotech startups, one company found themselves in need of a reliable recruiting partner. The challenge was maintaining secrecy while finding a partner to serve as their comprehensive in-house recruiting function. They found their answer in IQTalent.Discover how a #StealthStartup optimized its recruitment process to maintain confidentiality and efficiency with the help of @IQTalent:Click to Tweet
A Stealth-mode Biotech Startup's Journey
This company is a prime example of a startup that needed a reliable and confidential recruiting partner to achieve its objectives. Their mission was to build a team of professionals with the utmost knowledge and experience in the medical, scientific, and engineering fields, all while operating in a pre-launch, stealth environment. With only one employee managing HR, they recognized that a swift, cost-effective solution was necessary to scale quickly.
We stepped in as their trusted partner, determined to provide them with the expertise and tools necessary to achieve their objectives. Our approach was strategic and rooted in identifying their unique set of needs and goals. With confidentiality as the backbone of our efforts, we made it our priority to maintain strict trust and confidence throughout the entire process.
Our talented team worked with theirs to identify the right candidates and create a successful recruitment strategy. We took the time to create a deep understanding of their culture, needs, and challenges to source their ideal hires efficiently. Our skilled recruiters engaged in a detailed screening process to uncover the most qualified and experienced candidates for the roles.Cost efficiency, timeliness, and collaboration—learn how @IQTalent helped reduce a #biotech startup’s time-to-hire and overall recruiting spend:Click to Tweet
Navigating Challenges: Scaling Team and Confidentiality
As a startup, building a skilled and experienced team of top-notch professionals can be a daunting task, especially when you're operating in stealth mode. This was the challenge facing this company, which was in the angel investor phase of its business and looking to scale rapidly. With only one employee managing all of HR, the need for additional support was critical.
The company found a recruiting partner in IQTalent, as we were able to provide the support they needed while maintaining absolute confidentiality. We were not only able to deliver top talent but also helped the company navigate the challenges of pre-launch stealth mode.
This is a common challenge that many startups face - the need for speed and quality when it comes to building a team, all while maintaining confidentiality. So, what was the key to success for this particular company?
Ultimately, it came down to partnering with a recruiting agency like IQTalent that shared their vision and was able to provide the expertise and guidance needed to navigate this challenging landscape.
IQTalent’s Solutions: Bridging the Gap
We became the startup's complete recruiting function on a temporary basis, offering a flexible model that allowed for scaling hours as needed for the job requisition load. IQTalent crafted the startup's recruiting and hiring process, functioning seamlessly as their in-house recruiting department.
The startup was impressed with IQTalent's flexible model, which allowed them to scale the hours up or down as needed or even end the engagement when they were ready. The engagement began with 80 hours per week, as the IQTalent consultants quickly built out the company's first-ever recruiting and hiring process. The goal was to function seamlessly as their in-house recruiting department.
IQTalent's recruiters provided detailed reports and regular updates regarding candidates' progress across numerous and diverse open positions. We reported directly to the CEO and the roles' hiring managers, ensuring transparency and collaboration throughout the recruitment process. The end result was a successful collaboration that allowed the startup to find and recruit the right talent to keep pace with its rapid growth.
Results: Streamlined Hiring and Cost Management
With an engaging and collaborative approach, IQTalent helped this company scale up and down their hiring needs while managing their budget effectively. The partnership resulted in a successful one-year engagement that led to the public launch of the company in 2023. The collaboration between this company and IQTalent made a true partnership that embedded IQTalent with their team and culture.
Using IQTalent's on-demand model, this company made 22 hires at an average cost of $12,218 per hire, with an average time to fill of just 63 days. The cost-per-hire was lower than if they had used a traditional retained or contingency recruiting agency, resulting in savings of between 40% and 60% for high-paying technical and medical roles.
At IQTalent, we understand the unique challenges that startups face, particularly around hiring confidentiality, cost, and timing. Our work with this startup showcases our ability to deliver top talent while maintaining absolute confidentiality and managing costs for the client.
Overall, the partnership between IQTalent and this startup demonstrates the significant role that an expert recruiting partner can play in supporting the hiring needs of a growing biotech startup. We look forward to continuing to work with innovative companies in the biotech sector and beyond, helping them to achieve their recruitment goals and drive forward their success.
Discover how IQTalent can help your company elevate its talent pipeline. Connect with us today, and let's create your success story together.