How to Increase Employee Retention in a Startup Environment

Happy employees

More people, especially the younger ones, prefer working for startups. While this may seem like a good news, it is best to be aware that turnover rates for this entrepreneurial venture are high. While people are attracted to a more versatile environment, they likewise want job security and other important things that large corporations offer.

As a startup owner, it is an everyday challenge to make sure that your employees still love their job. This leads you to the question, ‘How can I keep my staff happy?’

Hire the right people

It is not only about competency, so do not be fooled by flashy CVs. As a small company, there is a great chance that you do not have a big dedicated team that does the hiring. Leave it to professionals instead of doing everything yourself.

If you are in the fintech industry, for instance, look for credible recruitment agencies specialising in financial roles. When the people you hire get the job they expect, they would not feel that they are being forced to do jobs that are out of their skillset. While some see it as a challenge, others may see it as a deciding factor to leave.

Focus on self-development programs

Your startup is only as good as your people. If you want your startup to progress, you need to elevate your team’s skillsets. Enrol them in seminars and short courses or invite experts to hold workshops in your office. Aside from improving the skills of your staff, put a bigger value on other self-development areas, such as health and wellness, as well.

Make work fun and exciting

What people love the most about working in a startup is they have the impression that work is going to be fun. Still, that depends on the culture you have as a whole. Come up with activities that will nurture teamwork and would help each employee to get to know each other better. Maybe a team building activity once a week is not so bad, right?

Many talented individuals desire to work for a startup company because they feel that they will be more valuable. Along with that, they expect a certain level of flexibility that allows them to better themselves in different aspects. Why not meet these needs, so they will work longer for you.