Last week, BetaKit teamed up with IPFS to address the burning question that every startup eventually has to face: how can we keep our best and brightest talent as we scale and grow?
Joined by Chris Gory, founder at Insurance Portfolio Financial Services, Liam Saunders, VP of Finance at Turnstyle Solutions, Kenny Goldman, Sales Operations Manager at Hired, and Jennifer Moss, co-founder at Plasticity Labs, #BKChats provides tips for startups to prepare for the coming hiring crunch in Canada.
Here’s the best of what they had to say.
Is compensation the biggest factor in retaining employees?
@BetaKit A2: False! 70% of our users don’t take the highest offer they receive through Hired. And that involves thousands… #BKchats
— Kenny Goldman (@KG7ftw) April 21, 2016
Q2 A1 False! Our research states "authenticity" is key the driver, backing up @Google data #psychsafety #bkchats https://t.co/AKTPRvhxeF
— Jennifer Moss (@JenLeighMoss) April 21, 2016
Q2/2 Also, there is a happiness set point that we all reach in our pay = 7OK #BKchats @WSJ https://t.co/J1o3TJqXV3 https://t.co/AKTPRvhxeF
— Jennifer Moss (@JenLeighMoss) April 21, 2016
@BetaKit A2: Somewhat. Saw a survey that said 3 out of 5 emp. say comp. is a factor in taking new job or staying at current one. #BKChats
— Chris Gory (@IPFS_Chris) April 21, 2016
The most important factors in employee retention
A3: Leadership/support, hours/burnout, co-workers/culture, doing something meaningful? Also, free booze #BKchats https://t.co/hxeCM0DgNU
— Douglas Tr0n Soltys (@tron) April 21, 2016
@BetaKit A3 – culture, employee benefits. Glassdoor survey found 79% of employees prefer additional benefits to a pay increase. #BKChats
— Chris Gory (@IPFS_Chris) April 21, 2016
@BetaKit A3 Also, being able to communicate the long-term vision & end goal, having your team buy into that is crucial. #BKChats
— Turnstyle (@getTurnstyle) April 21, 2016
Listening is key. We'll talk more about this in a bit. #BKchats https://t.co/sfACalXuM7
— BetaKit (@BetaKit) April 21, 2016
@BetaKit A3 Again, #culture is huge. People have to have a passion to come to work every day. They have to believe in your product. #BKChats
— Turnstyle (@getTurnstyle) April 21, 2016
@BetaKit Yes. Too many people have ideals about #startuplife and it's really, REALLY hard work. Requires hard talks during hiring. #BKChats
— Jennifer Moss (@JenLeighMoss) April 21, 2016
On preparing for the millennial workforce
@BetaKit A4: Absolutely. Millennials crave learning new things and doing good things, not just revenue. I would know, I am one! #BKchats
— Kenny Goldman (@KG7ftw) April 21, 2016
@BetaKit A4 – more concerned with wellness & mental health than any previous generation. Just look at Bell's Let's Talk campaign.#BKChats
— Chris Gory (@IPFS_Chris) April 21, 2016
Q4A1 Absolutely! Millennials are global, tech savvy, must be happy, are compassionate capitalists too. #BKChats https://t.co/RXJf4Wsrox
— Plasticity Labs (@plasticity) April 21, 2016
@BetaKit A4: Status quo has changed. Doesn’t mean they don’t want to work hard, they just expect the freedom to do it in a new way. #BKChats
— Turnstyle (@getTurnstyle) April 21, 2016
How morale can affect employee retention
@BetaKit A5 – poor morale can be cancerous. Take steps to correct it right away. Be transparent. Invest in your staff. #BKChats
— Chris Gory (@IPFS_Chris) April 21, 2016
@BetaKit Q5 -> A5: This is inevitable and the answer is simple (not easy), transparency. Too many times the truth is hidden. #BKchats
— Kenny Goldman (@KG7ftw) April 21, 2016
@BetaKit A5: Morale is everything. A start up goes through the highest highs and lowest lows on a daily basis. (1/2)
— Turnstyle (@getTurnstyle) April 21, 2016
@BetaKit A5: You have to be able to band together as a unit with belief in the long term vision to get through the tough times. #BKChats
— Turnstyle (@getTurnstyle) April 21, 2016
Q5A1 It can be tough…inspire your team to see the big goals so they don't get stuck in the inertia #BKChats https://t.co/fUXXsYr1dN
— Jennifer Moss (@JenLeighMoss) April 21, 2016
Should startups be worried about competitors poaching talent?
@BetaKit A8 – if you have a great culture/environment, somewhat. In last 3 years, have seen 1 employee work at 4 different clients. #BKChats
— Chris Gory (@IPFS_Chris) April 21, 2016
@BetaKit A8: Not worried at all. companies should focus on things in their control. Make your workplace as best as possible. #BKChats
— Kenny Goldman (@KG7ftw) April 21, 2016
Q8A1 We hire new grads so they do leave. But, startups are special and that can create a boomerang effect. #BKChats https://t.co/8CkBazyyTe
— Jennifer Moss (@JenLeighMoss) April 21, 2016
@BetaKit A8: Don't just focus on making your place "good", focus on making it the best. Otherwise, you get complacent employees. #BKChats
— Kenny Goldman (@KG7ftw) April 21, 2016
@BetaKit A8 You should be worried about creating a world class product and culture, that will always win out. #BKChats
— Turnstyle (@getTurnstyle) April 21, 2016
The one thing startups aren’t thinking about
@BetaKit A10: That's just it! They aren't thinking. Allocating an "education fund" and ordering lunch for folks is not sufficient #BKChats
— Kenny Goldman (@KG7ftw) April 21, 2016
Q1OA1 1OO%, measuring and training emotional intelligence at the same rate of investment as we do skills! #BKChats https://t.co/OGdFeUP43R
— Jennifer Moss (@JenLeighMoss) April 21, 2016
@BetaKit A10 – mental health & wellness. 82% of Cdn. employees who struggle with mental health say it impacts their work. #BKChats
— Chris Gory (@IPFS_Chris) April 21, 2016
