For many business owners and managers, there may come a time in their career when they’re forced to consider making someone redundant. It’s never a decision to make lightly, however, in times of changing markets, some businesses may find themselves speeding through the redundancy process. This is usually because they want to turn their finances
At Tiger, one of our areas of specialism includes creative industry recruitment in London, with many businesses in this space falling into the start-up category. As a small business with a sometimes-limited budget for employee engagement and retention strategies, it’s important to do whatever you can to encourage staff retention. This has never been more important, as 84% of those working for SMEs don’t see themselves in their role in two years’ time. To help, we’ve collated four inexpensive ways to maintain and improve staff morale, productivity and engagement.
Build trust through open communication
As most start-ups initially employ a small team, it’s so important to maintain open and transparent communication across the business, from the top down. As an employer, this will include keeping all staff members in the loop regarding business performance, market updates and how their roles impact business success. This will instil confidence and trust among your employees, which are essential to their commitment to you in the long-term. In addition, facilitating regular 1:1 meetings between staff and their line managers will serve to give you constructive feedback about how the business is run; acting on it where applicable will assist with the development of a culture of open communication from the outset.
Training and development
Offering your employees training and developmental opportunities demonstrates your commitment to investing in your employees’ long-term goals. The best part? It doesn’t need to cost a thing. Mentoring programs, for example, provide a fantastic opportunity for senior members of staff to coach and encourage the career progression of younger members of staff. Conversely, reverse mentoring – where emerging tech-savvy employees coach senior staff members – can also provide a fantastic opportunity for both parties to learn and develop.
Alternative career progression
Career progression needn’t be limited to a traditional promotion ladder, especially if the start-up doesn’t subscribe to a hierarchical structure. Alternative types of development and progression are available – and a start-up office usually offers the perfect environment to do so. Lattice progression, for example, where an employee is promoted sideways or diagonally, offers employees new challenges and learning opportunities without necessarily increasing salary packages.
Let’s be honest, everyone wants their hard work to be acknowledged and appreciated! Fostering a supportive working environment within your workplace will encourage a positive working culture conducive to productivity and loyalty. While attractive workplace benefits have their place in larger companies with bigger budgets, in a small start-up celebrating small successes is incredibly important. This needn’t be a costly exercise: while some employers might recognise staff with quarterly ‘awards’, a simple email to the wider business will go a long way to publicly recognising their success and make your employee feel appreciated.
When it comes to media industry recruitment, Tiger matches fantastic support staff to companies around London and further abroad! Please get in touch today to find out how we can help you find your next great hire.