Want to retain top talent? Give them more ownership
I t seems that the main challenge for many business leaders in today’s hyper-competitive global market is the ability to attract and retain talent.
High employee turnover costs business owners a lot in both time and productivity so initiatives to reduce this is paramount.
One way that business owners are having to adapt to retain top talent is by giving the option to climb the career ladder. According to Forbes, this is especially true for your millennial employees. If you don’t have an open rung on the ladder, you can expect to lose younger talent within 36 months.
It seems that the biggest threat to talent retention today Is the ever-increasing gig economy- and not other competing employers. In fact, a 2015 McKinsey study found that 20 to 30 percent of labor force in the US and the EU is made up of independent workers who are self-employed or do temporary work.
More and more employees are showing their entrepreneurial spirits- but this does not mean to say that they must quit their job and leave your business in order to fulfill it.
Instead, smart businesses are thinking of ways to increase employee engagement by creating new career paths and opportunities for their workers.
Implement a tiered earning system
An attractive aspect of the gig economy is the potential for higher earnings by being able to set their own prices. So why not give them this opportunity within your own business?
The implementation of a tiered earning system will give your entrepreneurial employees the chance to gain additional compensation for their hard work and passion.
Furthermore, your business should consider creating a bulletin to publicly commend your top performing employees with the offer of additional rewards. This will push them and keep them further engaged.
Present employees with options
Entrepreneurial employees are eager to learn new things and branch out in multiple areas. To retain these employees, the best thing to do is to ensure you are providing ways in which to fulfill these desires for advancement.
For instance, Ajay Yadav, CEO of Roomi, a New York City-based mobile platform which connects renters, gives his employees a lot of flexibility in their roles.
“I don’t believe in putting someone in a box,” he said. “Our employees are allowed to work on multiple projects and explore interests outside of their job description.”
Yadav encourages his employees to partake in any meeting they show interest in and offers them the chance to attend classes in subject areas they wish to develop.
Stifling your employee’s eagerness to learn and evolve will only lead them to want to leave.
Foster their intrapreneurial spirits
Those employees who may show an interest in the attractiveness of the gig economy like to take the reigns on their own personal projects. Your traditional management style may be pushing them away.
Giving these employees individual projects to work on will allow them to develop in their own way, while also adding value to your businesses bottom line.
Project-based work gives your employees the chance to be something like their own entrepreneur, just within your organization.
Encourage company culture
The ability to have flexibility is an important option for your employees with an entrepreneurial spirit. But how can you offer this while maintaining your company culture and not disrupting routine?
One way to approach this is by offering incentives to those employees who come into the office – for instance, free lunch – while also encouraging flexible hours and options to work remotely.
By offering this, you will create a positive culture where there is mutual respect and an understanding of the rules. As long as deadlines are being met, what’s the harm in offering a little flexibility to those with an entrepreneurial spirit?
Yet, in order to ensure your company still has a strong and connected community, you should host events such as team outings and game nights.