Retaining Top Talent in a Startup
One of the biggest challenges a startup business will face is finding, hiring and retaining top talent in their field. Without big profits and a hearty sum of capital, rarely can a startup pay top dollar to acquire top talent.
Last year, I wrote this piece for Entrepreneur about how stock options and culture are a critical piece of a young company’s ability to retain their best employees. As we get further along into 2017 and companies are planning their growth metrics for this year and beyond, it seemed an appropriate time to revisit the topic.
In the infographic on the left, I break down the steps for how to appropriately reward your employees with stock options. Providing a fair evaluation of your company and subsequently rewarding performance become key steps in the process, so an employee will realize your commitment and investment in them.
Remember what I wrote back in January of last year, “Empowering your employees with a sense of ownership provides a great incentive to go the extra mile. Partial owners of a company have a vested interest not only in their own performance, but in the long-term success of the whole company.”
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