5 ways to maximize the employee experience, while driving retention and revenue in your startup
As a Founder, we all know what it’s like to build a company with limited resources, including support. It’s tough. Imagine if you had access to everything you need to build a successful company. Access to networks, business development support and capital are essential to growing a business. The same can be said and or applied to growing your team. You want your team to start from a place of abundance and not “scarcity”. What does that mean? Talent is your best asset. You want to put your new hires in the best possible position to succeed. This will largely remain dependent upon your onboarding process. 69% of employees are more likely to stay with a company for three years if they experienced great onboarding
Onboarding new hires properly enables individuals to further develop their skill sets while transitioning into their roles seamlessly. Recruitment and training costs can be expensive, especially for startup companies. Founders must factor in costs such as advertising, interviewing, screening and hiring. Start implementing best practices early in the hiring process so that you can attract and retain great talent. Otherwise you will run the risk of burning through your cash much quicker than expected. The total costs associated with a turnover range from 90% to 200% of an employee’s annual salary.
My suggestion: Do the work now to set your organization up for success later. As time goes on the company can make iterations later but create the framework today. Here are 5 ways to maximize the employee experience, while driving retention and revenue:
Create an Onboarding Guide
The best way to ensure that employees are fully acclimated in their roles successfully is to document their responsibilities clearly outlining daily tasks and projects. Create an on-boarding process that is team specific. The process should include a standard guide complete with information to help new hires get off to a productive start. The guide should include the following information:
When employees have in depth knowledge of the company it helps them understand who they’re working for and why. Yes, candidates research companies prior to interviewing with them however, once you’re on the “inside” it’s a completely different experience. A cool yet fun way to introduce the company to new employees is with podcasts. With podcasts you can create 2 minute segments highlighting topics such as “Who we are”, “Our Mission” and “Meet the team” including the products the company specializes in. Podcasts can also be used to discuss upcoming changes within the organization and other important information.
Onboarding Task list
Most startups are fast-paced which means employees, including new hires are expected to move at a pace that’s conducive to being productive, while meeting and or exceeding expectations. But what exactly does that look like? Try to imagine what it feels like to be a new hire. What can the employee expect in the first week? What are the company’s expectations of the employee over the next 30 to 60 days, up to a year? Here's an example of an Onboarding task list:
Week 1: Welcome to the team introductions
Week 2: Product overviews
30 days: Sales and Software Training
60 days: Begin vendor approval process
90 days: Compliance audit preparation, vendor renewals and approvals
I get it! As a startup, time is very limited and it’s easy to get busy and distracted however, you have to find time to connect with your team. Staying connected to your team is critical for a few reasons; you want to ensure that your team, including new hires are working well together, more importantly if the new hire is the right fit for the company.
All training programs should be team specific to ensure a successful transition for new hires and employees. A successful onboarding process can only be accomplished if the employee is provided with the proper tools and training during the onboarding process and well after. Incorporate innovation into your training methods. Example: create mini “infomercials” for the sales team to learn about products and or services. One of the best ways for people to learn is through demonstrations and of course hands on experience. Infomercials are a form of advertisement aimed at educating customers about a product or service. As a new hire, this could help team members understand the products they’re selling while providing insight on how to sell the products.
Standard Operating Procedures
Create Standard Operating procedures for your business. Standard Operating procedures clearly outlines step-by-step processes that enables employees to complete tasks including access systems. These standalone documents should assist employees with not only completing tasks but used as training tools. The Standard Operating procedures should include access to systems, org charts, company directory, vendor lists, IT and trouble-shooting processes.
Does your company have the capacity to grow? That depends on how well you set your team up for success. Every organization should have an infrastructure in place that supports attracting and retaining employees. This includes having clear, very well documented onboarding processes and systems.