While top talent is vital for ensuring the success of any business, startups in particular face difficulties in attracting and retaining such talent.
Besides enabling startups to provide competitive compensation and benefits packages, meaningful missions also help startups attract and retain human capital. The following are some tips for startups that are seeking to hire and retain top talent.
Offer Competitive Compensation and Benefits
Companies are competing to lure and retain the best talent into their start-up due to contemporary business landscape being fierce and tough. Companies need to offer best prices and extra bonuses to attract talent professionals.
Salary is the major factor in a startup. What makes it there? People with high abilities to make great contributions to the company expect salaries that reflect their capacities. Hence, for a startup that is just in commencement, market research on the salary rates should be conducted on a regular basis.
Start up companies have better chance to keep their employees’ morale and motivation by providing employee with professional development and more benefits such as gym membership or a smoothie bar in the office rather than just consulting pay scales.
In addition, start up companies should express their gratitude for business employees’ effort by congratulating them via personalized emails or putting their name on the Wall of Fame in the company.
Offer Growth Opportunities and Career Advancement
Top talents would go for the career pathway and startup bosses also need to ensure a path towards growth for their employees as employees score startups. This can be made possible by the startup by offering different activities such as mentoring, job rotations or training programs.
Step up: A good way for start-ups to assist career development is to help employees gain promotions from within. It shows employees that the company cares for them to be happy and involved.
Startups can also offer workers flexible work hours and telecommuting options to encourage better work life balance, especially to new workers who desire well being. Ted Roselieb, CEO of Logmycall.com, noted that even something as simple as a personal congratulatory email from management can reward an employee for a job well done or being included in the Wall of Fame, which are potential keys to retaining good employees.
Create a Positive and Inclusive Work Environment
Moreover, it is not sufficient to increase diveristy by recruiting people from underrepresented groups; it is crucial to create a culture where all team members do not feel differentiated by their social identities such as gender, race, ethnicity etc. This could be achieved by implementing diversity and inclusion training, equal pay/benefits agreements and nondiscrimination policies.
Create an open forum where employees have equal time to share their differences in belief and experience, and where people can feel their voices are heard. If these practices are not followed, employees can become disillusioned and even quit.
Be open to ‘flex’ jobs and time off for religious holidays or personal commitments in order to hire and retain more employees.
Utilize Social Media and Digital Platforms
Startups can use social media and sites such as LinkedIn to publicise job openings and communicate with potential candidates regarding workplace culture. They can also explore job fairs in their local area or in their industry to advertise roles or connect with potential workers.
Social media recruiting allows startups to expand the size and diversity of their candidate base while also saving time and resources on those candidates who prove a poor fit for the role, and for the company.
Top talent needs an environment that fits his or her development in both a work and personal sense. Such talent might also need a flexible work schedule or training or mentorship programmes to be more engaged. Top talent needs an environment to themsleves because startups are all about constant change and relocation. Startups may also encourage their employees to attend events or other industry conferences to further strengthen their skillsets.
Establish Clear Expectations and Goals for Employees
First, it is essential that all your requirements for each role be communicated and discussed during the interview and hiring phase so that the employee understands exactly what you are requiring of him and can channel her energies accordingly. Second, giving regular feedback and performance reviews are important to maintaining employee engagement and motivation while enabling you to navigate the cumbersome work of performance improvement.
Great talent wants a workplace that makes a noble difference, so your ability to sell them on your company’s mission and vision is critical. And they want competitive pay in exchange for their effort – including health insurance coverage, paid-time-off benefits and retirement.