The Value of a Talent Function within Venture Capital

29 October 2020 by Max Eldridge
Find Out About Creative Direction By Samuel Burgess Johnson

Calling all venture capitalists! You want to place more emphasis
on value in your portfolio companies – and why wouldn’t you?! After all, by
boosting operational value, you can secure your investments over a longer
period of time.

So, how do you do just that? A key factor comes down to hiring the
right people: the very people that will ensure success for the companies you
manage. What you need, then, is an embedded recruitment solution.

That’s where Life Science People comes in. We’re your go-to
specialised provider and we realise the importance of making the right hires to
keep costs down and boost company performance. The aim is to ensure a
standardised recruitment process across all the firms you invest in, allowing
for substantial cost savings and greater control of quality of hire. This is
done through a purpose built, in house, outsourced recruitment team working
across your portfolio of investment companies, acting as a ‘central hub’ of
recruitment.

Here’s a closer look at what we can do for you when you outsource
to us…

Hire Well

We hire well so you don’t need to hire twice.

After all, making the wrong hires can slow things down and cost
money. But we’ll find the right talent for you to ensure greater success down
the line. Ensuring improved – and faster – company growth, the right people can
make a big difference to the health of your portfolio.

Devise One Process That Works

We’ve been doing what we do for years, with decades of life
science recruitment experience and expertise amongst our small but
ever-expanding team. At Life Science People, we work hard to standardise
recruitment processes across your portfolio, tracking metrics so you know
exactly what you’re spending and when.

Choose an embedded model like the one we offer, and you could save
between 40 and 50% vs search firm and agency costs, thanks to a dedicated
in-house recruitment team that can help maximise profits.

According to HR News, 51% of
HR directors admit to not knowing their average cost per failed hire. The site
offers a handy calculator that can reveal the cost of true recruitment failures;
it presents a telling example below:

‘…a company with 500 employees in
the hospitality industry, that is looking to increase its headcount by 5% a
year and has staff turnover rate of 15%, which is equivalent to the UK average,
bad hires are costing them a staggering total of 
£406,038 a
year.’

By making the right hires now, you could improve your bottom line
in mere months. Harvard Business Review also weighs in on the subject,
here: ‘…successful
portfolio transformations require financial discipline that is not an event,
but a pattern; strategic clarity that is not a direction, but a commitment;
operational excellence that is not a tool, but a mindset.’

The site adds
that making these shifts ‘requires increased attention to organisational governance
through talent, capability and leadership.

Ensure Boosted Growth

We’ve said it once, but we’ll say it
again: our embedded solution can help ensure future growth. In short, the right
people will help make money for the companies you manage. Aside from that, you
could be spending on existing hires which, sadly, aren’t needed.

By streamlining your processes – and
your team – we can ensure your investments work as hard for you as possible.

Want to know more? Do not hesitate to get
in touch with our team
here on the site.