4 strategies for talent-retention at start-ups: Don't rely on "Gratitude"
Enthusiastic as start-ups may be but the rewards & benefits for employees are sometimes neglected and cause talents to leave after a short time of working. To enhance competitiveness against big businesses, start-ups need to:
- Provide employees with benefits equal to the development of the company, such as 'employee stock ownership plan' which allows employees to own the company's stocks; extra health insurance; gym classes; etc.
- Provide proper training for sustainable development: Create suitable training courses for each position, apply "scholarship" based on KPI to encourage learning, empower experienced employees to train new employees
- Provide a professional working environment: effective assessment tools paired with corresponding benefits, let employees' voices be heard, utilize proprietary business communication platforms.
- Keeping the fire for the team with frequent inspiring speeches about company's mission, vision or challenges, etc.