Prepared for Sam Z. | Delivered August 11, 2019
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
. This goes beyond just having a positive culture and team bonding activities. Everyone should feel
valued and challenged
, communication lines should be
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 "
" 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
in your employees. This can range from
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
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
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.
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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