Every entrepreneur would agree that it is impossible to scale-up their business without the support of an efficient team. Never in history has a one-man-army won a battle. Scalability is possible only when you have people in your team who are as efficient as you or in some cases even better than you. While we do put in a lot of effort into hiring people with the right skills and attitude, retaining them becomes another issue altogether. But, if you win this battle, your path ahead is clear. It’s like building a family that will stand by you no matter what. So how do you retain your top talent? Here are five easy and effective ways to do it.
- Ensure that the Top Talent Knows about the Direction of the Company
Give the top talent a direction in which they can walk. In other words, they need to know about the company’s goal and vision. However, in order to do this, as an entrepreneur, you need to first set the direction and pace in which you’d like them to travel. Top talent is hungry, they need goals and targets to love up to. They are achievers and will become restless if you don’t give them something to focus on.
- Giving Flexibility to the Top Talent
While a structure is important, so is flexibility. Be rigid when it comes to your goals and vision but flexible with execution. Communicate certain boundaries and then allow the flexibility to choose their own approach to deal with their responsibilities. This empowers them to take new initiatives and think outside the box. Let them know that they have your undying support. This knowledge will boost their confidence levels and they will start to believe that the task assigned to them is their personal responsibility and not an organizational objective. Therefore, by giving them authority and flexibility, you will give them a deeper sense of belonging and connect with the organization.
- Open and Honest Communication
While it is obvious that information required for an employee to do their job effectively should be provided to them, it is also important for other information such as the company’s financial health, small victories, new strategies (which may not be applicable to their work) is communicated to them. Open and honest conversations lead to trust and when information that is not pertaining to their work is provided to them, employees start feeling a sense of belonging. They feel included and important.
- The Top Talent Must Be Rewarded and Recognized on a Regular Basis
Once the top talent starts performing and doing better, recognize these efforts no matter how small they are. Create a reward mechanism for this purpose. Rewards need not have to be big for them to serve their purpose. By using the reward and recognition methodology, you are communicating a level of concern for your employees and making them feel looked after. By recognizing their efforts and rewarding whenever need be you are creating a conducive environment which people enjoy working in.
- Give Them a Career Path
Achievers will only stick around with you if they feel a sense of fulfillment and see that they are growing. This is the basic need of all human beings. Therefore, it is important for you as an entrepreneur to give them a career path that is both challenging and rewarding. Show them a picture that not only involves your organizational goal but also their personal growth. You can only retain top talent when you make them believe that they will grow by staying with you.
Organizations whether small or big are like a family. And families stand by each other through thick and thin. Most of us feel powerful at our house, don’t we? That’s because we feel a sense of belonging there. That’s what you need to do for your top talent, give them a sense of belonging and trust me, they’ll reciprocate it.