Hiring Without Money with William Glass of Ostrich

2022-09-15

How do you hire people when you have no money? While this may seem like an impossible task, the truth is that it is not as difficult as you might think. It starts by understanding what is important to the individual. Then connecting their desire your the value of your opportunity. Compensation comes in a lot of different forms and money is just one piece of the equation. Professional growth, challenging work, strong leadership, mission, purpose, mentorship, and equity are also forms of compensation. The most powerful form of compensation you can offer is the one thing that is REALLY important to the individual that you need to hire.

How do you hire people when you have no money?

While this may seem like an impossible task, the truth is that it is not as difficult as you might think. It starts by understanding what is important to the individual. Then connecting their desire your the value of your opportunity.

Compensation comes in a lot of different forms and money is just one piece of the equation. Professional growth, challenging work, strong leadership, mission, purpose, mentorship, and equity are also forms of compensation.

The most powerful form of compensation you can offer is the one thing that is REALLY important to the individual that you need to hire.

William Glass is the Co-Founder & CEO of Ostrich, a financial habit-building app that uses community and social accountability to help people achieve their financial goals.

In addition, William is the host of the Silicon Alley Podcast which focuses on telling entrepreneurs’ stories & learning from their experiences. His background is in software sales leading sales teams at Gartner and opening up a new vertical for an AI startup, Remesh.

In 2014, Will was awarded a Fulbright scholarship through the U.S State Department where he taught English in rural Thailand. Glass has his B.A. in International Relations from Rollins College in Winter Park, FL. Will is originally from Alabama and now resides in Queens, New York.

TODAY WE DISCUSS:

How to hire strong people without money
Outline steps to take to compensate with limited funds

Challenge?

Not in the financial position to bring someone on full-time.
Almost outsourced everything during the pandemic but would’ve spent all of the little money we had.
Both wanted to work together but could not afford a salary
- Set financial metrics
- Funding challenge
Found someone through referral

Why is this important to the company?

No other way to build the MVP

Rick’s Nuggets:

Take your time
- Really understand a person's desire
- Does your opportunity fill that desire?

Solution:

No code
- Built using no-code and hacked along the first version of the app
- Couldn’t do all of the key functions so sought a full-stack dev familiar with the no-code tool
Referral
- Found developer through a referral on the no-code forum.
- Brought them on to extend the no code version.
- Liked working together, but after the no code tasks were completed no budget to bring on full-time.
- Mission aligned and interested in working together.
- Neither of us is in a financial position to pay a salary nor to not take a salary with 5 kids.
Created a unique way to solve both needs.
Agreed to bring Stephen our developer on full-time when we were in a position to do so.
In the interim:
Banking hours
- Tracked hours worked as a contractor but rather than billing us, he banked them.
- Those hours are paid back on a revenue share basis.
Equity vesting
- Equity vesting began when the engagement began.
Revenue share
- A small percentage of revenues goes to paying off the banked hours.
Triggering mechanism for salary
- Once the company hit certain financial milestones, Stephen to come on board full-time.
Life changed
- Altered the agreement before hitting financial metrics.

Rick’s Nuggets:

Resourceful
- Identify people you want to work with
- Reach out and have conversations
Ooze Value

Key Takeaways that the Audience can plug into their business today! (Value):

If there is alignment in mission & desire to work together, and you can find creative solutions that meet both the company's and individual’s needs.
Ask the tough questions
- Only through strong communication were we able to determine the solution and it meant both parties sharing openly the financial situation.
Transparency
- Transparent with the financials of the company, runway, and salary from the get-go.
- Buffer model of transparent salary.

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