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20 Years Old And Leading A Team Of 25 ? Here's What You Should Do To Retain Your Team Utilizing only money as a motivating factor is one of the worst strategies for team retention

By Amit Punjabi

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We are living in a time where a lot of people are finding a way to not just having a start up but growing it to an organization with a strong team. However, while most start ups are finding ways of growing their teams they are not spending as much time as they must in building strategies to retain them. Bad or no team retention is one of the most important reasons why start ups fail after seeing few years of initial success.

Here are 5 things you and your start up must do to ensure great team retention

Inspire –

Apart from having meetings with the members of your team about sales, marketing and other strategies you also need to conduct meetings for your team for them to be inspired. Its important for you to call experts from your industry or may be your mentors to come and meet the members of your team at least once a month for them to be inspired to do more. Being inspired will make the members of your team more willing to work for your start up's growth.

Focus of team development rather than team building

I have come across several organizations who take their team away from the city during weekends and make them part of a team building program. Here is what you need to understand, the fact that you have a team to take out means that your team is already built. What you need is team development. You need to utilize your team outings to have your team mentored on developing better attitude and encourage innovation.

Provide opportunities as incentives

Utilizing only money as a motivating factor is one of the worst strategies for team retention because there will always be someone who can give them more money. People love opportunities. Opportunities to learn more, do more and grow more. Sending members of your team for an important conference where they can meet experts and learn more is a brilliant incentive. I have seen people who keep getting better salary offers but still choose to work for a company that pays them less because of the opportunities that the company continues to give them to travel, learn, meet people and lead..

Acknowledge effort –

One of the most important reasons why people would not want to continue working for you is if they feel their work adds no value. I have meet entrepreneurs who surely see value in team member's effort even if they have not seen results from it yet but they team members need to know them same. You don't need to lie but genuinely make your team aware of what their efforts mean to the company. The members of your team will be able to generate value from their efforts only if they are sure of their efforts having ay value.

Plan for their growth

No individual would like to do the same thing they have been doing for 3-4 years. They would at least require some of what they do to change or evolve. The members of your team will not want to continue working for you if you only plan for the company's growth without planning their growth. You will need to start planning on how to make sure the member's of your team are growing not just in position but in skills, attitude and effectiveness for their retention in your company.

Having your team work with you is not as effective as them grow with you.

Amit Punjabi

Business Coach & Founder, Sankalp Academy

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