SaaS startup owner contemplates pricing

If you don’t value your star performers, your competitors will.

Tech startups can get so focused on their MVP (minimum viable product), they may lose sight of their real MVPs: their employees. “Good help is hard to find.” How many times have you heard that expression? If that old adage is true, your focus should be on keeping the talented individuals who already have chosen to work with you.

Retaining your startup’s most valuable asset requires a bit of work but the payoff is worth it: star performers who feel satisfied in their jobs will reward you with loyalty and greater productivity. But also note that a talented employee who is dissatisfied in their job can usually – and quickly – find another opportunity.

The inability to retain talent is costly to a startup, which relies heavily on key players to build a successful business. Once your startup has gone to the trouble of putting the right team in place, now it’s time to nurture and retain that talent. Here are 4 tips to get you on the right track.

Get Inspired

Companies voted “Best Workplaces” tend to have similar approaches to the way they treat employees. “What you’ll find … is a lot of freedom to make decisions, great communication across the organization, and a culture in which you never stop growing as human being,” says Marcel Schwantes. With this blueprint for success in mind, it’s a great idea for a startup to create a vision for the team, which will inspire and engage talented employees.

Gallup estimates that around 30% of your staff would be classified as “engaged,” meaning “they are inspired by, involved in, enthusiastic about, and committed to their work.” Aim for higher rates of engagement among your employees by offering on-going educational opportunities in the form of training and development.

Provide Flexibility

Top talent can hit the ground running and crash hard. “Burnout is a state of emotional, mental, and physical exhaustion caused by excessive and prolonged stress,” according to Bonusly. The Boston College Center for Work & Family reports that “[w]orkers who have more access to flexible work arrangements report greater job satisfaction, significantly better mental health than other employees, [and] are more likely to be committed to their employers.”

With access to technology at an all-time high, companies can incorporate work from home programs for their staff, allowing employees to care for themselves and family members in the event of adverse weather conditions or illness without losing productivity.

Digital Onboarding

If you’re looking to impress your newly hired talent, engage them more quickly, and improve productivity, consider bypassing paperwork-filled first days on the job. “According to the 2016 Talent Board North American Candidate Experience Research report, when digital onboarding is used in the hiring stage, new employees are more productive within their first few weeks of work,” writes Inc.

When digital onboarding your employees, you can eliminate pen and paper in favor of digitally signed documents. To promote efficiency and quicker adaption on the job, consider delivering the necessary documents to an employee before their first day in the office.

Recognize Greatness

And last but not least, don’t miss out on the opportunity to improve your relationship with employees by rewarding them for a job well done. High-performing employees, in particular, appreciate acknowledgement of their efforts.

This isn’t a new concept in the workplace, but nevertheless it’s an important consideration. Communicating with your star talent is a move that they’ll appreciate, both short and long-term.

Need help?

While you may be able to set the tone for a startup culture that rewards and develops top talent, there’s no need to take on all human resources tasks yourself. Learn more about Growthwright’s HR services, including recruiting and onboarding.

 

Sabrina is the Director of Human Resources at Growthwright with  years of experience in all areas of Human Resources including: Benefit Administration, Employee Relations, Performance Appraisals and Compensation Management, New Hire Orientation and Onboarding and Recruiting.

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