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