Startups are notoriously risky. 90% of them fail, so the odds are stacked against you. But if you have a great idea and the right talent at your disposal, your odds of success are far more favorable.
It pays dividends to hang on to your top talent. These are the people with the big ideas and the verve to make them happen. It isn’t enough to work 18-hour days, seven days a week. Unless you have some capable employees that you can delegate tasks to, and team members with useful skills you don’t possess, it’s extremely difficult to build a sustainable startup.
Here are some of the things you can do to ensure talent doesn’t desert your startup business too quickly.
Offer Opportunities for Promotion
Don’t underestimate the power of promotional opportunities. Ambitious millennials are not happy working in a dead-end job. They might initially opt to work for you because they agree with your mission statement and company ethos, but if you can’t offer them any chance of promotion within the company, chances are they will move on pretty soon.
Create a program whereby talented individuals can move up through the ranks. Have management training opportunities in place. Make sure your startup business is forward-thinking, with a concrete growth and development plan in place.
The more potential a startup has, the more attractive it will be
Show Your Talent Some Appreciation
Showing appreciation is an oh-so-easy, yet often neglected tool for managers and business owners. We tend to take people for granted, especially when they work their socks off day after day, without a murmur of complaint. But this is not the way to do things if you want to hang on to the people who are making things happen at your startup.
Yes, it’s time to show some appreciation.
A simple “thanks” will probably be much appreciated at the end of a long day, but if you want to show your appreciation every day, consider providing some healthy office snacks.
An office snack service is a quick and easy way to give hard-working employees a boost. You can choose from all kinds of office snacks, from calorific treats such as cookies to healthy nuts and seeds. You can read more about The Pros and Cons of 8 Different Snack Services by checking this handy blog from personalized beverage company, Bevi. Bevi’s smart water dispensors are helping to reduce the plastic waste blighting our planet.
There are some great snack services out there, so try one on for size and see how much happier your hard-working employees are!
Pay a Sustainable Salary
Most people won’t work for a pittance for long, even when they love the idea behind the business.
Pay as much as you can afford to keep your talent on board. Where possible, be willing to pay more for the right people. If you suspect a key person is being head-hunted by a rival, head off the challenge by offering that person a pay rise and/or promotion.
It is worth going the extra mile to persuade your top talent to stay. You need them. Besides, it takes time and effort to train someone else, so try your best to create the kind of environment where people want to stick around.
Offer Training and Professional Development Opportunities
Training and personal development opportunities are very important, especially for millennials. Offer to pay for training courses, on-site and off-site. Be open to requests for financial assistance to help your employees study for relevant qualifications.
Talented individuals are more likely to stay with the company if they feel valued and appreciated and encouraging them to continue their education is a great way to show your appreciation. And besides, an employee with an MBA or similar could be extremely valuable to your business.
Encourage Creativity and Flexibility
A lack of engagement is often a problem in the workplace. If an employee is not engaged, they are not doing their best work for you.
Talented individuals often have creative minds and a desire to do things differently. Give them space to use their creativity and be open to off-the-wall ideas. Stifling a person’s creativity will soon foster a deep sense of dissatisfaction in that individual, which could see them heading straight for the door.
You don’t necessarily have to provide games rooms and Xbox consoles but giving talent free rein to be creative is important, especially in a startup.
Finally, have an employee retention plan in place. Be transparent from day one what you expect from your employees, so there are no misunderstandings on either side. For example, if you are bootstrapping a startup, don’t make wild promises to pay for a new hire’s MBA so they accept your offer. Disappoint them and they’ll be straight back out of the door the moment they learn the truth.
