How To Retain Talent That Drives Growth?
It is important to empower your employees to create win-win situations for them and the company
One thing your entrepreneurial journey teaches you is that talented team members are important to have, tough to find and difficult to retain. It is your team that makes or breaks your ability to succeed, which is why it’s imperative that we spend a fair amount of our time finding the right people.
Once you’ve hired the right talent, the herculean task of retaining them awaits you. The process involves a lot more than building synergies between their aspirations and the organisation’s goals.
So, how exactly does one go about building a great team of passionate people and ensuring they stay on for the long-haul? After interviewing over 1000 candidates, these lessons can help you keep your team excited, motivated, happy and passionate about work.
Set Clear Milestones
Every employee wants to know how they are a part of something greater. This is why you must communicate the goals and vision of the company to your team effectively. Employees must know who they are and what their contributions are to the company.
We must allow them to set organizational goals while leaving enough room for personal growth. If people are closer to us, they understand our vision better and feel they are part of the core team. This encourages them to take increased ownership and perform exceptionally well.
Provide your team with space and opportunities to think independently and make decisions. In many ways, you’re building an army of mini-entrepreneurs who share the same vision and are willing to work towards accomplishing it.
Create An Honest Work Environment
The environment in which we work greatly affects positivity within the firm. The workplace must be a source of great energy for employees. So, it becomes essential to give feedback on work performed and be willing to listen to concerns. Flat hierarchy plays a key role in creating an honest work environment and everyone from the founders to the interns should sit together, eat together and work together. This might not be possible in all organisations but, being approachable in some form or the other is crucial. Welcome suggestions from employees and listen to new ideas that they may have. It’s all a part of growing together.
Provide Opportunities To Grow
Job satisfaction is the most important element for increasing talent retention rate. I’ve learnt that tapping into the passion of our employees is essential to sustain their interest at work. Encourage your teams to take up challenging tasks that question their abilities and allow them to grow professionally as well as personally. Involve people in the decision-making process and encourage them to be a better version of themselves each day. Offering ESOPs and high-performance bonuses that enhance a sense of ownership are also great measures. At the end of the day, we all yearn for a sense of belongingness and togetherness.
Recognize Their Achievements
Along with growth opportunities, it is also important to reward high-performing employees for their achievements. We must not undermine their contributions. Appreciate them, respect them and thank them for all they do to bring results for your business. When they see that their contributions to the business are important, they attain a sense of belongingness.
And the last one, help your employees feel at home. Try to provide flexibility to your employees and give them a chance to strike the right balance between work and personal life, especially during times of personal crisis. This will enable them to be more creative and innovative at work and deliver their best. Celebrating festivals together, partying, playing sports together- all these activities bring people closer to each other and drive a sense of camaraderie.
It is important to empower your employees to create win-win situations for them and the company. These are small fixes that can help you retain talent and help great talent deliver their best. Give your employees a chance to grow, offer new opportunities and flexibility, and you will never have to worry about losing a great asset to a poaching recruiter.
Rohan Bhargava is Co-founder, CashKaro.com, India’s largest cashback and coupons site. He heads the strategic product development and innovation and digital marketing at CashKaro. Bhargava is an alumnus of the London School of Economics and is also a qualified CFA. His first entrepreneurial venture is Pouringpounds.com, a UK-based cashback and voucher website that he started with his wife Swati in July 2011.