The startup world is fast paced and full of stress for many employees as well as managers. This can create bonds that last for years when combined to working at a corporate job where employees do not feel valued. Valuing the employee is important as startups can be full of employee turnover with people leaving for other startups or more established companies. Reducing this turnover is imperative as this can be immensely damaging to cash flow and impact running the business negatively.
1. Help them find a side gig Or give them contract work
2. Match 401K contributions
401K matching programs can be perfect for those that want to put away healthy amounts of money for retirement. This is a type of program that can help attract top talent from degree programs and around the country. Many employees are willing to take a smaller salary with a great 401K match or health insurance program. Take the time to look at other compensation programs as a startup to see which provide the stability the employees will appreciate.
3. Allow productive long-term employees to work remotely
Startups that have jobs that can be done anywhere with an internet connection should consider allowing certain employees to work from home or remotely. These productive employees are far more likely to stay at the job as working remotely is a dream for many professionals.
Employees can make early retirement a reality by moving somewhere with a lower cost of living without sacrificing
4. Perks can go a Long Way For Young Professions
Providing free lunch or gym memberships can allow for a quality of life that a debt-ridden recent graduate might not have been able to afford. Health insurance being affordable is another perk that a startup needs to provide when possible. Employees are more than just a paycheck or sale closed as every employee at a startup can make a positive or negative impact on the startup’s success overall.
Flexible hours can also be great for those that might have a long commute or have young children. Work from home days once a week when requested a week prior can be perfect for those that need to get things done but do not want to take off a day of work to do so.
Take care of employees as it will make a huge different in the attitude towards the company as well as morale in the office. The retention of top employees can allow a startup to grow at rates they could have never imagined!