How does a start-up retain its top performers?
You've recruited promising new prospects to help develop your start-up and investors are noticing your company. The recent hires have advanced your company's public profile through delivering top performance. While investors may notice your performance, they are also looking at potential talent to poach and build their company's profile. As the job market continues to get more difficult for employers to retain a high level of talent, how do you continue to retain your top performers?
No matter the industry, recruiting talent is only half of the battle. As companies offer more money, more benefits, and more flexibility, how does a start-up retain its top performers? Here are 3 things you need to know about retaining top talent employees:
1. Provide Praise and Constructive Criticism with Mentorship
Constant criticism creates unnecessary stress and negativity in the workplace. New hires continue to say that they are looking for an environment that is supportive and provides leadership development skills. Employees will feel encouraged when they see the time that the company is investing in them through having managers and seniors provide constant coaching.
2. Promote a Flexible Environment
The pressures of a start-up environment and a demanding job can slowly deteriorate a new hire's motivation to stay in their current position. With or without a family, employees look for the flexibility to go to the doctor, attend various events during the day, or pursue an interest of theirs. If they have a schedule built around flexible hours, it is more likely that they will be more productive and have the ability to live a lifestyle that suits them.
3. Enterprise Management Incentives (EMI)
EMI give employees the ability to invest in shares in their company. This option is a simple way to have employees buy-in to the operation and performance of your company. If they will benefit through share appreciation, there is an external reason for the employees to produce and engage in more managerial roles. They want to have a direct effect on their own company's performance.
Contact us and visit the Accountancy Cloud website for more information about our EMI advisory services, as well as any of your start-up needs.