Identify strategies and tactics that a venture-backed technology startup can use to retain top and mid-level talent. Provide a list of resources (vendors/apps/tools/consultants) that can be leveraged to provide employee retention services.
Strategies and Tactics
- One employee retention strategy discussed by multiple experts is having an office environment that feels like a community. This goes beyond just having a positive culture and team bonding activities. Everyone should feel valued and challenged, communication lines should be open on all levels of management, and teams should feel united around their work. In one case study from tech startup Location Labs, which has a 95% retention rate, the company organizes teams around "missions" rather than technologies or traditional departments. Team leaders pitched the mission of their team and employees could choose which mission they wanted to be part of.
- Another strategy is to invest in your employees. This can range from financial investment in training and development opportunities to investing in employee happiness by allowing for work-life balance. Some larger companies even have a "Director of Happiness" or similar role to just focus on team morale. Another way to invest is to provide clear growth trajectories or career pathways to employees as much as possible within the limits of the organization.
- Third, it can be helpful to offer autonomy for employees. Many professionals choose to join a startup because they want to be part of building something meaningful, so it's key that they feel ownership over their contributions. As much as possible, allow employees autonomy in their role, as well as the autonomy to explore other roles and opportunities within the organization.
Employee Retention Resources
- PeakOn is one example of a software solution that can help an organization tackle employee retention issues. The platform provides tools and insights to measure and improve employee happiness and engagement.
- Retensa is one example of a consulting firm that focuses on employee retention. Their services include diagnosing turnover, predicting turnover, and training organizations on employee retention to prevent turnover.
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As the initial research only touched on employee retention strategies, tactics and resources, we recommend additional research to go more in-depth on these two areas and to provide a thorough guide on each topic.