How to Grow Your Startup Without Losing Your Best Employees

by Josh Biggs in Startup on 14th July 2020

If you’re an entrepreneur who has launched a startup, it’s only natural that your blood, sweat, and tears have gone into your operation to make it a success. Once you’ve established a presence in your industry, it may be time to elevate your business to the next level.

Your employees are the backbone of your company, so if you’re looking at ways to grow your startup, here is how to do it without losing valuable members of the team.

Involve Your Employees

When running a startup, involving your team in any decisions can be a great way to keep them on board and feel respected and valued. While this doesn’t mean you have to run by every decision with employees, it will show that you listen to their thoughts and opinions and value their input, especially when it comes to improving your business. If your team has been with you from the very beginning, they’re likely to know just as much about the field (if not more!), so their opinion does matter going forward.

Invest in Team Building

Growing your startup may mean that it’s time to employ others in your business. If you’re ready to start the recruitment process, it’s vital that new and existing employees gel with one another. When working on projects and tasks, your team will need to come together to get the job done, so knowing how to communicate effectively can be achieved by team building activities. There are lots of exercises and training schemes that you can implement, which will help your team feel more satisfied and content with each other.

Manage Change

It’s important that you understand the change management process. You risk losing valuable team members if you don’t address their concerns as the startup grows. Conduct regular surveys to ensure everyone is happy with the way the business is evolving.

Provide a Work-Life Balance

For your existing employees to feel confident and satisfied in their role, make sure that you strike the perfect balance between work and home life. When launching a startup, it’s likely that you and your team will work beyond your set hours to ensure your business gets off to a good start. With so much hard work and commitment put into your brand, your employees may benefit from some time off work. While your team is entitled to a certain number of days leave per year, going the extra mile and giving your team additional days off will make them feel more valued and appreciated.

Offer Growth Opportunities

To retain your best employees, it’s likely that they will want to climb the career ladder and obtain higher positions in your startup. There is always something new to learn in the business world, so regardless of what industry your startup specialises in, make sure that you provide learning and growth opportunities.

Conduct Exit Interviews

In some instances, a member of your team may, unfortunately, leave your startup. Should this happen, it’s important that you hold an exit interview so you can find out the reasons behind their departure. Frequent employee turnover can have a harmful effect on your startup, so asking for advice and tips on what you could do better as a business will help reduce the risk of further employees handing in their notice.

When growing your startup, it’s important that you invest in your team and not leave anyone behind. As you start to see results, the last thing you want is for employees to feel undervalued and seek alternate employment, so using all the tips listed above can help you keep hold of your best team members.

Categories: Startup