The current economic state is less than ideal for businesses and individuals alike, thanks to inflation and rising interest rates. Because of this, many companies have purposefully slowed their growth to avoid costly consequences, though a select few have chosen slightly different ways to stick out the current slowdown.
One such company is fintech platform TheGuarantors. Its solution works to help improve rental housing affordability and accessibility for millions of renters across the nation. With its platform that offers financial tools for both renters and real estate operators, TheGuarantors has seen plenty of growth since its founding in 2015. Since then, the company has grown its team to more than 200 people across eight countries.
TheGuarantors is looking to continue its growth, albeit mindfully, as many have questioned whether a recession is on the horizon. Built In spoke with Karin Wilkins, TheGuarantors’ VP of people and culture, to learn more about the company’s growth strategy. This conversation has been edited for length and clarity.
In what ways has TheGuarantors’ growth strategy changed given today’s economic environment?
A common challenge for technology startups is that they hire too many people too quickly, and then in periods of economic uncertainty, they’re forced to lay off large sections of their team. We value people first — so our strategy is to identify the critical needs on each team and narrow our hiring to the positions we absolutely need to drive performance.
What does the company’s approach to hiring look like? What teams are growing?
Our hiring process is comprehensive. We evaluate functional, cultural and experiential fit to help ensure long-term success in the role. Accordingly, our interview process is selective. We determine the skill sets needed to round out and strengthen each team, and to the best of our ability, identify what a candidate could bring to the position and department. Essentially, we aim to ensure a solid fit and high potential for long-term growth.
In terms of team growth, our engineering team has grown tremendously this year — 17 hires in the last four months — and we’ve also had significant additions this year to the marketing, people, IT and security and product functions. The majority of our hires will be in engineering, product, sales and IT, but there will be some level of hiring across most of our teams.
Are you seeing any signs that the tech industry could be poised for a recession?
Some tech companies are laying off employees in an effort to conserve cash, likely anticipating more difficult fundraising rounds ahead. At TheGuarantors, we are continuing to recruit top talent and at the same time are careful to avoid overstaffing, given potential economic waves ahead.
How is TheGuarantors preparing for that scenario?
We’ve identified three priorities in our preparation for a possible recession, and they’re all centered around bolstering our organizational foundation.
First, we keep a keen eye on our people, making sure that we have the right individuals working in the right roles. Second, we consistently identify gaps in each team’s skillset compared to our strategy and tailor our hiring decisions around those pressing needs. Third, we understand that unless we do the first two things, we cannot improve our processes and systems. It’s crucial to know how we can eliminate unnecessary projects, for example, and ultimately reduce the risk of burnout for our teams.
