How can you keep top startup talent?

Meaningful work is generated in that space where a person's values, aspirations, style and needs are consonant with the activities in which they engage. This requires discovery of those unique "sweet spots" that generate passion within an individual. The process of self-discovery is work that individuals must do and that an organisation can seek to understand about its people - and offer work experiences that "fit". At any life stage that alignment can be optimal for a "meaningful work" experience. Over time people grow and the world of work changes. The work that was meaningful and fulfilling for me in my twenties may not be as meaningful in my late thirties. The search for meaning and "fit" must be revisited as the years go by.

Simple, pay them. The more invested in the success of the company they are the longer they stay and better they perform. Ownership.

In my experience, to keep top startup talent, you need to hire people who have a strong personal motivation for being part of your company. If the startup role satisfies their personal needs, whether they be equity/desiring an exit, getting to a certain higher-level role, building the product, etc, each person must see the startup as a vehicle to get what they want. Otherwise, they can easily be hired away for minor reasons.

One thing that I've found helpful is to be sure that you know how individual members of your team view rewards. Money is not the right reward for everyone and that is a gift to founders! Consider that some team players, want to be recognized out loud, by a leader, and with other teammates present to witness this recognition. Others shun the thought of it! While external reward is not the best and only type of reward, founders who know who likes this can benefit. By contrast, some workers simply appreciate an email that identifies the worthy behavior, when it happened, and WHY it matters. If you prefer quiet recognition, being praised in front of a group is counter-productive. The short answer is to survey employee preferences.

Of all the things you have mentioned Trust is most important, as Trust lays the foundation for transparent and open culture. The more we trust our people the more they will work with the startup as a family member and not as team member, when that happens Colloboration, communication and feedback takes place in the right spirit and right frame of mind

One thing that I have found useful is to have employee buy-in on almost everything. By laying out a plan of action and asking employees for their thoughts and feedback, you essentially allow the employees to "buy-in" to the plan, effectively making it their own. The benefits to employee buy-in is felt in multiple ways. The employee feels good about their input and the outcome of the plan. They take pride in the fact that they were an integral part of the process that was created and will work hard to maintain the process and drive the results. This will continue to develop employees that want to see the company thrive, because they have a vested interest in it's success, since they were a key piece to developing the programs.

I agree with the person that stated meaning in the workplace will gain loyalty. Beyond a commitment and passion for the mission, growth in the company is how you keep the startup team member on board. Unless they have migrated to the top levels of leadership and are steering their part of the ship, most people driven to work at startups are hungry for challenges, change, advancement and opportunity. They want to keep growing.

Invest in Equity-Based Incentives Beyond fair compensation, consider a strategic investment in equity-based incentives. Equity not only aligns your team's interests with the long-term success of the startup but also serves as a powerful motivator. Employees become not just contributors but also stakeholders, with a vested interest in the company's growth. Equity grants can be structured in various ways, such as stock options or equity ownership, creating a sense of ownership and commitment that extends beyond salary considerations.

To retain top startup talent, it's crucial to recognize that they seek more than just a positive and diverse culture. Beyond inclusivity, they crave a sense of ownership. Give them opportunities to make a real impact, involve them in decision-making, and let them own their projects. Encourage innovation, listen to their ideas, and provide the autonomy to execute them. When employees feel like true stakeholders, they're more likely to stay and contribute passionately, knowing their unique perspectives are shaping the company's future.

To retain and atract top talent it is crucial that business models start to change into the human centric approach. In this model, people are one of the pilars and inside a company's culture you need to know and develop not just tech skills but also human skills. Human skills like collaboration, creativity, comunication, empathy and critical thinking are something neglected or considered "soft" but in fact they are crucial as they have been presented by the world economic forum and many other international publications. Human skills are of big part of the equation that can help corporations meet sustainability. This is also true for start-ups as founders need to have these skills in order to endur growth and being considered by investors.

Meaningful work is that which gives you ongoing energy, provides fulfillment & joy, and comes naturally to you. If you can combine these attributes in varying degrees you have discovered meaningful work.

Promote a Feedback-Driven Culture In cultivating a conducive environment for top talent, championing a feedback-driven culture is paramount. Beyond mere listening, actively encourage and act upon feedback. Establish regular feedback loops, anonymous if necessary, to ensure open dialogue. Constructive feedback sessions should be a two-way street, where employees' insights are valued and their concerns addressed promptly. By fostering a culture that values transparency and personal growth through feedback, you create a workplace where top talent not only feels heard but also thrives in their pursuit of excellence.

Connect on a personal level and listen to what your team members dreams/goals are. Align their dreams with the values of the company/venture. Once a person knows they can achieve their dreams by contributing to the venture, they commit, and stay.

The focus is often on attracting top talent, but overlooking younger, less experienced professionals is a missed opportunity. While budget constraints may initially lead startups to this group, the benefits extend beyond cost-saving. These early joiners bring fresh perspectives, high motivation, and a willingness to grow. Their intimate knowledge of the company's domain is invaluable as the business scales. Investing in their professional development, possibly guided by senior hires down the line, can lead to a loyal and competent workforce. As the company progresses, it's crucial to adjust their compensation to reflect their increased skill set and contributions.