Working in a Start-up is always exciting, challenging and at times can be frustrating as well. People who have come from a corporate world can see huge difference if they enter into a start-up. Well both have its pros and cons.
Having been in Start-ups most of the time the main challenge I see is to motivate and retain employees. Employees need to be happy and satisfied more than any monetary compensation. The employees who always feel fulfilled are more productive in their work and can be an asset to the organization, and definitely stay longer with the organization. By implementing simple tips for retaining employees, you can keep your employees satisfied and can also be able to build lasting loyalty.
1. Share and Set Expectations- By sharing your expectations with the employees, they feel comfortable and stress free. You as an employer need to make them clear about the goals and objectives of the organization. You need to delegate authorities to them and assign responsibilities. Employees who really understand the importance of work can produce better results and really they enjoy being a part of a growing organization. Setting the right expectations will reduce misunderstandings and helps both employers an employee to achieve their goals.
2. Growth Opportunities- Employees join start-ups mainly to have good recognition and faster growth by taking risks. You can offer your employees different ways to grow ahead their current position. It is very important to tap their skills and assign right task and opportunities that yield recognition and promotion. The other way also can be by providing them ongoing education and training and also an option to learn while they are earning by providing extra and advance courses in your organization itself.
3. Feedback ( 360 degree): It is important to share feedback with employees. If your employees are doing good work then reward them by good words and extra perks. Incentives could be monetary also. Another important thing is also to listen to their feedback, which always helps a growing company in implementing new policies or procedures and for effective functioning.
4. Give Ownership: Ownership leads to responsibility and accountability. Motivate your employees to make good and better decisions that concern their job in the organization. If you throw your decisions on them they may react negatively to it. You should consider their ability to make decision and this will send the sense of responsibility among them and they can even perform better.
5. Work Culture: Employees spend good amount of their time at their work. The work culture and atmosphere matters the most. Treat them as your extended family and be sensitive to their needs. Create a fun filled atmosphere and have a weekly gathering and a monthly outing. These things are morale boosters and it helps them to get to know their colleagues have a healthy working environment. Always “We” culture works than “I”. Set a reminder for employee birthdays and have a small celebration, it makes them feel special.
At the end of the day Employees are our invaluable assets and retaining good ones helps an organization to grow into new heights. Follow these simple tips and techniques make your organization a good place to work where everyone is supportive and full of energy.