I promised threads about recruiting for the next week. Here's the first one on referrals. In growth/marketing speak: referrals are your organic growth, inbound is your brand, and outbound/sourcing is your ad spend. You want to growth-hack your referrals. Here's how. 1/n
2/ Referrals (people on your team referring candidates into your recruiting pipeline) is great because it scales with your org size. They also convert higher since one of their friends is trying to convince them to join, plus they are generally not interviewing at many companies.
3/ The main disadvantage is that they tend to re-enforce your current team makeup. So if you have a diverse team, referrals will continue that diversity, but if you do not, you'll be entrenching your existing makeups which can have some real cons.
So with everything that happened yesterday, I have some personal news... 🌴
After 4 years here, I’ve decided to stay at Plaid (and in SF) to grow the team and continue building the future of fintech. The news though is that I am doubling my team this year.
Going to celebrate by tweeting recruiting tips all week. Later today: how to encourage referrals!
Speaking of: yesterday's news has been a really boon to inbound interest! Thanks to everyone who got in touch, applied, and is excited about Plaid's path as an independent company. Excited to meet and interview you!
Under-appreciated frustration of building an API product: feature adoption is much slower than for a UI product like Slack/Instagram. Even for your very satisfied customers.
Flip side: retention is much higher.
Here’s what I wish I’d known when I joined Plaid four years ago:
1/ If you have a UI product area, introducing a new feature or product is as easy as putting it in front of the user. You can email your customers, put a modal on startup (hi @onepeloton ), etc.
The user just clicks on the thing and voila they can use it and you get feedback.
2/ For an API product, it’s more complicated bc although you can do most of these things (email, dashboard promotions, etc.) to *tell* your user about the feature. Actual usage requires coding which requires engineers, and engineers’ work requires roadmapping. That takes time.