While the pandemic may have accelerated the need for paradigm shifts, there is no denying that factors like agility and adaptability had already emerged to be an indispensable part of most business survival kits. These two attributes mean that an enterprise or business can redefine its working models speedily and in tune with market needs, especially during times of constant changes and challenges.
In the startup ecosystem, this applies not only to revenue models but also to HR models. After all, people make up a business and the way people are processed, managed and groomed reflect on the business outcomes. Any forward looking startup, nimble and smart enough to break established patterns, would want to explore new hiring practices such as ‘CoHiring’ to best leverage its human resources without taking on the burden of unaccountable HR costs associated with full time employment. This is especially true for C level managers. CoHired senior professionals, by not being bound to the organization as full time employees, are free to utilize their time as they deem fit and to engage with other non competing organizations. For the organization this means capitalizing on versatile expertise without taking on the baggage of a full time hire.
But like all new practices, the concept of CoHiring is also subject to misinterpretation, giving rise to many myths and misconception. The sooner these myths are understood and cleared, the better the outcomes from the practice are likely to be.
Myth No 1: The COHIRE is an agency / consultant / recruitment company
A robust Co-Hiring model rests on a strong synergy between the organization and the partner it engages with to CoHire its C level managers. Unlike any agency or consultant our panel of CXO’s work very much like senior employees of the companies who engages with us , carrying the same KRA’s. Infact there is absolutely no difference between a CoHiree & hired employee other than the compensation is paid as fixed monthly fees as against salary terms.
Similarly the COHIRE never engages in recruitment process as there is already an existing panel of CXO’s who are ready to work for companies to turnaround their businesses. This entails a very close understanding of the organizational needs and playing a role that goes beyond being an agency or a consultant.
Myth No 2: CoHired resource lacks commitment
A common myth, which is the result of a mindset legacy, is that any professional who is not a full time employee will lack commitment. Of course mere common sense can question the validity of this thought; after all there is no guarantee that an employee, simply by virtue of being on a full time contract, is necessarily committed. But more importantly, a Co-Hired professional, by being at a senior level, and by enjoying the freedom that comes with this model of working, has greater accountability and is therefore likely to be more committed.
Myth No 3: CoHiring will cause confidentiality & trust issues
Again, trust and confidentiality are factors that apply to anyone associated with an organization, irrespective of whether they are full time employees or not. But CoHiring, by default being applicable to CXO level professionals and entailing a close collaboration with the Co-Hiring partner who takes on the responsibility of vetting and enlisting the right resource for the organization, ensures that confidentiality and trust are maintained at all costs.
Myth No 4: CoHired resource will not be available when needed
Like the other myths, this too rests on many assumptions. That fact is that a CoHired professional is as much committed to his or her deliverables as any other organizational resource, a prerequisite condition while being hired, and therefore has as much to gain from being available when needed. In fact, unlike a regular full time employee, a CoHired resource by not being restricted by organizational timings and schedules, has greater chances of being available when needed.
Myth No 5: Any resource can be Co-Hired
On one hand, CoHiring works best for any functions such as marketing , sales , product , cyber security , HR , Finance etc.. which are important but may not be a part of the organizational expertise. By CoHiring senior professionals for functions as mentioned before, an organization is free to focus on its core business activity without having to divert time, energy and other resources . It is thus an efficient way of managing the critical, activities. Organizations thus have to use their discretion in deciding the key areas where C level managers can be CoHired vs Hired and thus arrive at lean processes.