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Career Advice

How to Boost Staff Retention in Your Startup

Starting a business is a stressful time, so the last thing you need is for your best employees to hand their notice in. Unfortunately, you can’t force people to work for you, but by making it more attractive to stay, you can lessen the likelihood that staff will leave. Here are some tips to make it easier to hang on to the best people – and grow a successful business at the same time.

A Slice of the Pie

The best way to hang on to employees is to have them invest in the company. By invest I don’t mean invite them to buy shares in the company, although this will certainly ensure they feel involved in the company’s future. No, what I mean is invest emotionally. To do this, make sure everyone is involved in what’s happening and where the company is going. Apprise your staff of your plans for the company’s future. Give them the opportunity to have a say and listen to their ideas. Make them feel involved and they are more likely to stick around. The other advantage is that they might come up with some fantastic ideas for growing the business.

Further Education

graduatesEducating employees is never a bad investment. Many companies are happy to pay for their staff to do extra training or study part-time. Extra knowledge is an asset to the company, so if one of your employees asks you to help fund their masters in health law and the budget can accommodate the expense go for it. A healthy policy degree or an MBA could really be useful in the workplace environment. It also means your employee is less likely to walk away if you have invested in their future.

Be a Caring Boss

Caring bosses are more highly thought of than bosses who run their employees into the ground. Treat your employees how you would want to be treated. Talk to them and ask after their family. If one of them comes to you with a personal issue, be empathetic and try to help them. The more you help them, the more likely they are to help you out.

Workplace Perks

Most employees would rather be paid a fair wage than have extra perks included as part of the package. However, if you create a fun, relaxed workplace, employees are less likely to leave. Look to Google for inspiration: employees there have access to massage rooms, gourmet cafeterias and nap pods. Ok, so this might be more than you are willing to provide, but you get the idea.

Listen to Your Employees

Above all else, pay attention to staff morale and listen to your employees if they have issues. It is sensible to schedule regular staff appraisals, so you can act swiftly if someone isn’t happy. Use this as a two-pay communication process i.e. you get the chance to give constructive feedback and they have the opportunity to tell you why they are not happy.

Keep a close eye on your best employees; they are your most important asset!

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