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Retaining talent in the entrepreneurial age

Retaining talent has become a process of several steps

Millennials are the most ambitious and entrepreneurial-minded workforce out there, with digital media playing a huge role in this. People are connected on websites such as LinkedIn and it becomes easy to build a network of contacts through which to share a professional profile, including a portfolio of work.

Offer flexibility

Millennial employees, or people born between 1980-2000, want to know that there is room to grow in their role. Talented individuals are easier than ever to find, and it is arguably a hard task to keep them interested enough to invest their time in one role. They want to be able to make valuable contributions to a team and ultimately the organisation they work for.

Creating an open environment where employees can be a part of decision-making processes is vital in fostering a sense of loyalty. If a team member feels they are better suited elsewhere in the business, listen to their concerns and address them openly.

Always offer feedback

Social media has made it commonplace to both give and receive feedback, with this expectation extending into the workplace. Entrepreneurial employees want to know what they are doing right and where they can focus their attention on making improvements.

Even something as simple as thanking them for a job well done can go a long way. Often the key is in good communication that focuses on valuable and actionable feedback.

Create a team atmosphere

It is important for any employee to feel as though they are a valued member of a team – even more so with entrepreneurial individuals who possess the drive to seek out new roles if the one they are in does not suit them.

Offering coaching is a strong strategy for forming relationships with employees, enabling them to develop with mentors within the company. It is also important to ensure they have access to upper management or board members, as knowing they have access to senior decision makers will inspire them to share their often innovative and beneficial ideas.

If this does not work for you and an entrepreneurial employee decides to leave your company, take the opportunity to learn more about the reason behind their decision and use this as a baseline to move forward. Perhaps you could even rescue the situation by offering them the same role but with revised aspects according to their skills.

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