The startup world is fast paced and this can include a revolving door of employees being hired and accepting offers elsewhere. For some of these people this could be due to the stress that can be involved with working at a fledgling company. The corporate life has much more stability which can be appealing to those that might not like deadlines that could make or break the company. Startups can be full of younger staff so they might jump on an opportunity when offered. Reducing employee turnover can help maximize profitability on account of not having to constantly train new employees and it take weeks for them to become profitable. The following are tips to help reduce employee turnover at a startup.
Startups are not always going to have the luxury of throwing money at a staff member who is considering leaving. The lack of cash flow makes it tough to match certain offers someone on the staff might have received. Perks can be a great replacement for money as something like free lunches daily could set the company apart for some employees. The most coveted perk that most companies can offer is the ability to work from home a few days a week or permanently. This gives the employee an unmatched amount of freedom that could retain them for years to come.
The Interview Process Should Be Thorough
The interview process should take into account the amount of times an applicant has changed jobs over the last few years. One or two job changes are different than someone working 6 different jobs in 3 years. This will also allow the company to get a better understanding of who they are considering hiring. Asking about future goals with the company can be a great place to start when qualifying an applicant. Multistep interviews can also give the company the ability to see if the applicant would even be proficient at the role.
Build A Culture That Makes It Fun To Come To Work
Building the right company culture is going to take a proactive approach from management but it also takes hiring those that are good culture fits. Small things like creating team competitions between departments can foster communication as well as can help staff forget that they are working due to having fun. The culture starts at the top so management needs to stress how important the company culture is.
Create a Career Map For Staff
Startups can have unclear career trajectories as roles can change immensely. This can lead staff to start looking elsewhere for employment as they have no idea what their next step is career wise. Set up a career map and the possible promotions for employees at all levels and in all departments. This can also help clarify who reports to who as sometimes in startups this can become blurred due to processes not being nailed down.
Start reducing employee turnover by using some of the tips above. Management of startups will understand the benefits when quarterly profit reports are released!