Retaining employees is crucial for every type of company, but especially for businesses in the startup phase of their operations. The first team assembled to get an organization in action needs to feel stable and supported by management to help the company make a name for itself. Because startups are often small and budgeted with an uncertain future, it can be somewhat difficult to keep workers 100 percent on board. Use these tips to ensure that your startup gets off the ground with a high employee retention rate.
1. Be fair about compensation
While it is tempting to cut costs in the startup period, OpenView Venture Partners warns against doing this with your employees’ salaries. Most likely, they joined your company because they believe in its mission and want to be a part of its legacy – but they also need to be paid fairly for all the hard work they are putting in. In addition to offering a solid paycheck and respectable benefits package, many startups are successfully retaining strong workers by giving them equity.
2. Have a good onboarding procedure
Typically, when employees are hired by a company, they research that business’ mission and history to get a good sense of how they should perform. With a startup, however, no precedent has been set. While the people you bring on board are certainly well trained in their specific job, they will not have a solid sense of your organization’s vision unless you give them a thorough orientation, explained Mashable. If a new worker feels uncertain about the mission and potential of the company, they are more likely to shop around for other employment opportunities.
3. Create a strong company culture
This is an area where startups have the potential to truly shine compared to big corporate entities. Since they tend to be much smaller, startups can place more of a focus on things like teamwork, trust, friendship, and positive co-worker relationships. Make sure your workplace is a physically and emotionally welcoming, comfortable place, and your workers will look forward to heading there each morning. OpenView Venture Partners noted that a lot of this depends on managers. It’s your duty to create an empowering environment your employees are excited to be apart of.
4. Practice positive recognition strategies
It is crucial that you recognize just how amazing your workers are, noted Mashable. Startups require a lot of hard work and commitment, so make sure your staff knows just how much you appreciate them pushing your vision forward and bringing it to life. The source suggested asking for their opinions regularly. Not only will this make your employees feel valued and respected, but you might be able to use some of their excellent ideas. Additionally, try having company-wide recognition awards where you applaud specific efforts so that workers know their hard work is not going unnoticed.
By: Seth Fine