Employee turnover can’t be completely eliminated. There will always be employees who want to leave your business, no matter what you do. However, if your startup experiences high employee turnover, it’s in your startup’s best interest to attempt to change that narrative.
Luckily, there are some free and inexpensive methods that might convince your employees to stick around for the long haul.
Hire the Right Hands
Nothing is entirely guaranteed but to have employees that would be around for a long time, you should insist on only hiring the right hands. This way, you are likely to hire employees who have strong skills and the right disposition to your business’ culture.
Offer Competitive Compensation
It’s no secret that employees want to be well-compensated, especially in basic areas like food, housing, and utilities. Of course, everyone needs enough money for extras as well. It has been proven over time that startups that do not pay their employees well experience high rates of employee turnover.
In determining the right compensation, it’s important to conduct market researches on wages and how well competitors pay their employees. For example, if you want to hire a Developer in Lagos, you should consider what other startups in Lagos pay their Developers.
3. Encourage your Employees
Everyone, including your employees, need recognition and encouragement. When an employee does well or completes a difficult project before the deadline, show some appreciation. They should believe that their hard work will be rewarded.
However, it is important not to feel pressured to praise the everyday small tasks your employees accomplish. You should recognize hard work only when it is duly deserved.
Show a Clear Career Path
When employees remain at a level for too long, they are more likely to look for other opportunities elsewhere with the promise of career growth. Therefore, when you show employees that they can have a sense of purpose and a clear career path at your startup, they are more likely to stay.
Allow Flexibility in Work Schedules
Unless it can’t be helped, allow flexible work hours for your employees and let them adjust their work time and location. Doing this will help can create a work-life balance for themselves.
Of course, flexibility in work schedules might not be possible for all businesses, especially budding startups. However, there still ways to go about this to offer some flexibility.
