Startups need individuals who can build novelty, value new learning opportunities and enjoy creating value
Attrition is nerve-wracking for any company. More so for a start-up. As entrepreneurs face the scourge of attrition, the need for employees invested in the core venture appears stronger than ever before.
Thiagarajan Rajagopalan, co-founder of Shorebird Technologies, which runs a travel ERP platform called Tripeur, says, "While losing an engineer is no big deal for a big IT firm, in a start-up having just four or five engineers the loss of one equals losing 20-25% of your strength. This has a huge impact on growth and a negative impact on morale of the team."
Hiring the right individual is where most start-ups fumble, feels John Kuruvilla, chief mentor, Brigade Real Estate Accelerator Programme (REAP). "They hire people by paying them huge amounts. The person comes and then leaves after a few months for a much higher pay. Start-ups need evangelists, 'employeepreneurs' and not mere employees."
'Employeepreneurs' are individuals who come in to build novelty, value new learning opportunities and enjoy creating value to the overall system. "They dream of building a company or a product of their own someday and thrive in a chaotic environment," says Rajagopalan.
According to Vivek Prabhakar, co-founder of Chumbak, working in a start-up involves a 'getting things done' mindset. "Employees can't be too process-oriented and need to be flexible towards ambiguity, as the business is in a constant state of change. Employeepreneur is one wearing many hats, is a problem-solver, an innovator and contributes towards defining the culture of the company."
Experts say hiring 'employeepreneurs' is challenging for start-ups as employees typically look for financial and career growth, a good working atmosphere, stability and being a part of creating something larger than themselves. "Start-ups always provide the last part, but could lose sight of the first three," says Rajagopalan.
So how can entrepreneurs curb their attrition, or rather transform 'employees' to 'employeepreneurs'? Though not always possible, start-ups can retain their talent by creating a fun working environment, providing sound career growth, reinforcing the fact that employees are creating something revolutionary and giving stock options, say experts.
Moreover, having frank and open discussions ensures employees remain satisfied with their work.
"A judicious mix of communicating and drilling down the larger picture, giving growth opportunities and a laser focus on results helps in curbing attrition," says Prabhakar.
...& ANALYSIS
- Hiring ‘employeepreneurs’ is challenging for start-ups as employees want financial and career growth, good atmosphere, stability
- Start-ups can retain talent by creating a fun working environment, providing sound career growth, among others
- Moreover, having frank and open discussions ensures employees remain satisfied with their work, experts are of the view
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