Retaining good employees is a challenge for any organization, whether big or small. However, this challenge gets even more unchangeable when you’re a bootstrapping startup where every hire is responsible for organizational success. In fact, product success in start-ups is directly correlated to employee satisfaction.
How then can a startup compete with big wigs and hold on to their star talent?
While retaining good talent is obviously highly crucial for the success of your company, it is an intense challenge when operating in a cut throat environmentwith large organizations that compete for your best employees, by offering lucrative benefits such as better pay and better perks.
There are several to-dos for a startup:
- Setting themselves apart by building a brand that drives the best talent to come work with them
- Fostering a culture that motivates every team member and encourages the spirit of innovation
- Generating loyalty amongst employees
- Inculcating and promoting the right values that drive both personal and professional growth for employees
Given that all of these growth drivers are interlinked, startups can start by looking inwards to see exactly what each team member needs in order for them to bring their best to work. When in the startup mode, there are fewer employees at the company, therefore it becomes all the more imperative for the founders to ensure that each and ever team member receives personalized treatment in terms of their personal and professional goals.
We have put together 10 proven tips you can implement at your startup that will not just help you retain your best talent but also encourage them to bring their best ideas, best work and an infectious passion to your organization.