If you are starting up, the foremost thing that you need after a good idea is a great team; a team which will sail through the rough storm together with you, a team which will be equally passionate about making the company big. Employees are the superheroes of any startup. They are the backbone of the startup. So building a great team is crucial, but retaining the good talent is even more important and challenging.
In this world of hairbreadth competition, everyone is seeking better job opportunities. Many choose startups because of the challenging work and learning. So it is quite obvious that if you can’t provide your employee with the right atmosphere to work, s/he is sure to leave if s/he gets a better pay and learning experience. There are unlimited roles for the talented people out there who hold the potential to quickly rise through ranks and are intelligent enough not to let go such golden chances.
Startup co-founders are generally preoccupied with lots of work at the same time and don’t find it possible to give enough time in every field of work. While this may sound very obvious, it is also crucial to keep an eye on everything that’s going around. You may be arguing and say that’s what you built the team for. Yes, agreed. But the fact is your team also needs and expects your time. They should never feel aloof and isolated. In life, nothing comes for granted and you need to put in your efforts in everything you do. Your employees’ emotions may get hurt anytime as there are certain things that they expect from the company. As a result, things take a different turn without you even knowing it and to your utmost dissatisfaction; your “good” employees are gone forever.
There can be several reasons as to why people would want to leave your startup and march forward in their own path. Either they didn’t find the right motivation to work because your startup doesn’t have specific goals or they may fear layoffs as your startup starts running out of money. Maybe your behavior didn’t suit them or maybe there happened some internal clashes which you overlooked.
Here are few tips on how you can keep your team happy and retain the good talent in the right way.
Communicate with them and communicate in the proper way
Communication in the right way gets half of the job done. Effective communication skill is probably the most important skill for an entrepreneur. Whenever you are talking to someone, be polite and don’t make them feel that they are working under you or they are just your mere subordinates. Also, don’t show off your knowledge and skills as they are not working in your company for that. Moreover, body gestures matter a lot and you, as the cofounder, must have a good control over it. Face time is really important to build trust and you must not compromise in this part however busy you might me. Do it less, but do it.
Coach your employees rather than managing
Your employee won’t like to work under you if you start dictating them every moment. They are just helping hands and you can’t expect them to work more than their capabilities. Also, if you try to force yourself on others, you might end up with the most uncertain things. Give your employees the responsibilities so that they feel their worth. Let them handle a small part of the company and provide them with the necessary tools and power. But also keep an eye on what they are doing. Sit for brainstorming sessions and organize frequent meetings and grooming sessions to keep up with the modern trends. Ask them about their career expectations and guide them accordingly. This will make them feel that they are important to you and hence, a strong bond is sure to develop along the journey.
Don’t delay salaries
The serious and good employees won’t ask for their salaries. They are clever and have an eye at your company just the same way as you keep an eye on their performance. If you don’t pay them at the right time frequently, they will become frustrated and leave you. You will realize this after it’s too late. So whenever your company scales up and turns profitable, pay them the market value and sometimes even more. Incentives are always welcomed. It indicates that you respect their efforts and hard work.
Encourage growth and promotion, especially for the good and hardworking ones
Those who are expert in their field and are working hard, they are not in your company for just a mere monthly pay. They seek learning and experience more than anything else. And if you fail to encourage them and they find good opportunities, they are more likely to leave. You may even lose them to a “not-so-happening” company who may not pay them as much as you do but are offering growing opportunities. This can hurt you and your company very badly. If you lose them to your competitors, things can become even worse. Also, before hiring more people from outside, make your employees clear about internal positions that they might be interested in. This will give them a sense of warmth and they will stick to your company.
Ask for open feedback and suggestions
Companies do go for feedback from their employees. More often than not, they are very formal and are not done on a one-to-one basis. This doesn’t work out as the employees don’t give these stuffs any importance. They see this as another job that has to be done. As a result, you don’t connect to them. For a better result, you need to ask them at a personal level what is disturbing them, how do they see the company performing in the near future, what are the scopes for improvement, what are the reviews of the clients that they are handling, what are their expectations and stuffs like that. So, you need to maintain a proper record of when a “good” employee is feeling frustrated and reach out to them in time. Always remember, retaining the best talent is as crucial as hiring them
Leverage performance reviews
Reviews can help to boost your employees’ performance. This gives a sense of competition which helps them to grow. The right talent is looking for this opportunity and this helps them to prove themselves. Those who are good will try to give their best to get noticed. And when you notice them, leverage good payment, certifications, badges etc which will ensure that they are happy working with you. And if they are happy, they are always there with you.
In a nutshell, treat your employees as you treat your co-founders. They are equally important for your startup to breathe and grow. Follow the above rules sincerely to retain the right talent as they are the pillars of your startup and even if one of the major pillar shakes, even backups won’t fulfill the need.
