Retaining top talent for many start-ups can be a struggle. Though the talent may be excited to be part of a new and innovative company when the going gets tough they may choose to move to greener pastures. According to a report done by Deloitte in 2017, the employee’s experience of a company was a top priority for staff members in a business.
Here are seven strategies to improve employee retention in your start-up.
Nowadays it is not only important to know where someone went to school and what jobs they have had but it is also important to consider their values. Do their values agree with your business’ values? What type of person are they? What functions do they enjoy doing in their job? When you have a clear idea of the type of person you want for a position and then you can be sure you will hire the right person.
Many employers hire individuals and then forget about them and treat them like cogs in a machine. But the new-age of employees want to be recognised for their individuality and how they can contribute to the greater cause of life. They want to know that the work they do in your company has meaning. Therefore, it is important to have a great on-boarding system which introduces them to your company’s culture and mission.
It is important to know why you are losing employees so that you can adjust your company to improve retention. By keeping a track of why your employees leave, you could see what needs to be adjusted in your business to ensure you retain the best talent in the business.
Many employees want to have access to top management as they know they have the best information and could influence their careers. It may be helpful to consider a plan where the CEO has one-on-one mentoring session with the younger employees in the business. Depending on your business, you may encourage everyone to ask questions during a meeting with all the employees. By being transparent and giving access to your employees, you will be able to create trust and loyalty.
It is important for employees to be encouraged to be curious. You can do this by giving them access to seminars, expos and online courses which help them grow their knowledge base. By encouraging them to be curious, you could have access to new and innovative ideas before they become mainstream.
When hiring great talent, they will be the best at something. It is important to acknowledge this and give them freedom to make authoritative decisions in this area. They will enjoy the responsibility and your business will benefit from their expertise.
If employees highlight problems in your procedures and processes, it is important to give them due consideration and change them. These issues should be dealt with quickly and efficiently.
By implementing this seven points into your small business you will be well on your way to improving your employee retention figures.