Having the right team is an important step toward making a startup successful. About 23 percent of startup founders who experience failure say that they simply did not have the right team. This makes it crucial for company leaders to invest time and money in workforce improvement. It could be the difference between another failed startup and a thriving company.
Consider how the following three approaches could improve your startup’s workforce.
Review Performance Throughout the Year
Most companies only review employee performance once a year. In fact, research shows that 19 percent of employers provide semiannual reviews and only two percent perform ongoing or quarterly reviews. The other 79 percent of employers either conduct annual reviews or do not use reviews at all.
Unfortunately, annual reviews do not provide adequate feedback for employee improvement. Without frequent reviews, workers simply do not know whether they are meeting goals. By meeting with individuals several times a year, it’s possible to communicate those goals and offer suggestions that can boost performance and efficiency. The more often you meet with employees, the easier it is to keep their actions in line with your expectations.
Annual reviews can also create a lot of anxiety that prevents employees from sharing their thoughts. It’s better to conduct several informal reviews throughout the year so employees feel comfortable enough to discuss ideas that will improve workplace culture.
Bring in the Pros
Image via Flickr by ICMA Photos
Startups are good at a lot of things, such as developing innovative technology and upgrading industry standards. The traits that make a startup successful, however, aren’t always conducive to helping employees improve their skills.
Instead of spending a lot of money hiring human resource professionals, it makes more sense for startups to use consulting agencies that can review workforce characteristics and offer suggestions for improvement. An agency like Ruota Consulting can even provide workforce development programs based on Six Sigma and Lean tools.
By hiring professional consultants, you save money and get a better return on your investment. When your employees get the training they need to grow their talents, your startup also reaps rewards.
Reward Employees for Exceeding Goals
Employees can start to lose motivation after several months of doing the same job. By keeping them motivated to exceed goals, you can improve your workforce and reduce your company’s turnover rate.
Rewarding employees is one of the best ways to keep them motivated. They can get paychecks from any employer. Getting something extra is what encourages them to stay focused.
There are several ways to reward employees. Some options include:
- Handing out medals, trophies, or certificates to top performers
- Linking job performance to pay and vacation time
- Promoting from within whenever possible
The specific way that you reward your employees will depend on your industry and workplace culture.
Do you worry about your workforce having the skills needed to keep up with your company’s evolving needs? Getting more involved in employee development could help them grow with your startup. It could help them fulfill their job duties and make your company more successful.