In today’s day and age where along with hiring new top talent, retaining new talent is also a huge hurdle Startups face as the workforce of the new generation also looks at factors that are beyond salary. If you are such a founder who has been facing similar problems then this 10 min read will help you retain employees for 10 years.
Table of Contents
1. Get Real About Your Employee Value Proposition (EVP)
A solid Employee Value Proposition (EVP) lays out why someone would want to work with you. Today’s Job Seekers compared to the previous generations are more keen on knowing how they can grow while being in a job beyond the monetary benefits so it’s advisable to know what kind of person you want to get on your team before you start hiring. Work-life balance, Job Flexibility and Hybrid Work culture are some areas which makes Today’s Job Seekers are more interested in working long-term.
An EVP which will be honest and authentic to the values of the company will be helpful as Talents today can see through generic proposals.
2. Create a Strong Startup Brand
The Brand is one of the most important factors that GenZ looks at, but Branding isn’t just about logos or websites, it’s more about story-line, values, and vibes. There should be a healthy balance between impact and business goals when thinking about branding strategy.
Social Media also helps you showcase your values, cultures, and ongoing projects to the world. By building a brand that’s visible and respected, you’re naturally creating a magnet for good talent.
3. Use Social Media to Showcase Your Culture
Instagram, LinkedIn, and Snapchat give you a great platform to showcase how your startup is different and why it should be on the list of everyone who is looking for a new job. Having social initiatives, making trendy reels, and behind the scenes will showcase the work-life balance in your company.
Using social media to display your culture doesn’t just attract potential employees but also builds an engaged community around your startup. Social media doesn’t just help you showcase your culture but also is a free tool which helps promote the good factors of your startup.
4. Be Flexible, Especially with Remote Work
A flexible work environment is one of the biggest draws for today’s workforce. Remote work wasn’t just a covid thing, it is a new revolution. It allows employees to work from the comfort of their homes and allows nationwide or international hiring.
Hybrid is actually the sweet spot as it promotes team bonding as well as gives the option to work remotely which saves traveling time and increases efficiency. This kind of trust builds loyalty, which is gold in a startup where retention matters.
5. Hire Top Talent for Attitude, Train for Skill
As said by Ralph Marston “Excellence is not a skill, It’s an attitude”. Skill is something that can be taught whereas to find an individual with the right attitude is a herculean task. Find people who are adaptive, hungry and curious.
When you focus on people more than skills, you also open the door to a more diverse workforce, bringing fresh perspectives and ideas. Remember, a growth mindset is key in a startup, where roles often evolve, and flexibility is a must.
6. Invest in a Strong Talent Acquisition Team
Hiring is not just posting Jobs and interviewing people and waiting for applications. A startup needs a proactive team that knows how to scout and woo the right candidate. Being in touch with people you have an eye for is a great idea even when not hiring as you actively know what you are looking for.
If a full talent acquisition team isn’t possible, having one or two people who know what kind of attitude and skill blend you are looking for will leapfrog you compared to the competition.
7. Offer Clear Career Development Paths
One of the major drawbacks in most companies is the lack of clarity around career growth opportunities. If you are able to clear the fog around it, Talents of today will be keen and interested as it shows you’re committed to their personal and professional growth by creating a development path, even if your company is still small.
Promotions are not the only way to Grow, mentorship programs and Stipend for courses will also keep your workforce motivated as providing resources for career advancements shows that you are also investing in your employees, and it’s not just them investing in your startup.
8. Emphasize Purpose over profit
When employees feel like they’re part of something meaningful, their engagement and job satisfaction increase. Having a clear GOAL and mission will give a sense of satisfaction to the younger workforce as it shows they are working towards greater good.
Engage your team in your mission, make it a part of everyday operations, and you’ll naturally attract people who care about the impact of their work.
9. Show Appreciation to Keep Them Around
Hiring top talent is just half the battle won, retention is where you can win the whole war. Appreciating talent through celebrating milestones, and recognizing hard work makes the employees feel seen and valued which makes then loyal.
The buck doesn’t stop at just looking and hiring the top talents though. Retention of good talent is as important as hiring good talent. We suggest that you to hold on to good talented employees and encourage them to stick around to achieve your goals, by providing necessary incentives,happy work environment,and being empathetic to them during their tough times. Let your Human Resources take actual care of the Humans who are working for you.
Small Gestures too can make a big difference, something small as a pat on the back,company-wide email recognizing their hard work can go a long way in building loyalty and ensuring your team members stay around and go through the highs and lows of startup life as they say, it’s not a sprint, It’s a Marathon.
Getting and retaining Top Talent is one of the strongest structure a startup can have to grow. Always retain such gems when you find them, it will go a long way in having a healthy functioning business. Hope this helps, fellow Desi Founder! You can find even more startup tips here.