Why retaining and rewarding staff should be top of your to-do list

Once we realised this, growth became more natural. We knew what we were looking for and trusted our new management team to seek out, take on, and retain stakeholder team members.

I realised what an opportunity we had at this crucial stage of the companys development, and one that all entrepreneurs have with their own businesses shaping how we operate in the future with a team that truly wants to be and feels part of its future.

A book Id really recommend to find out more about this style of doing business is Chuck Blakemans Why employees are ALWAYS a bad idea

Blakeman talks about the participation age and the importance of having stakeholders rather than employees. This means having people that want to work and have purpose and meaning in what they are doing (stakeholders), as opposed to people who simply just want a job (employees).  

Selecting staff who wanted to be stakeholders has definitely improved our retention. We look for people who are naturally smart and motivated. 

Ownership, we feel, is such a powerful motivator. Our team want ownership and responsibility, which lets hands-on and involved leaders like myself trust them and let go.

Neither Marc nor myself feel like weve lost any control by doing this. With the help of our management team, we know the business is in the hands of people who identify problems, solve them, and crucially, report back. Everybody owns the problems, which means if they make a mistake, or think they can do it better, they fight like hell to sort it out.

Our team stay with us and succeed with us because when they start here, we ask them why Why do you want to work here   What do you believe as an individual What do you want to achieve

My hope is people will enjoy working here and stay with Block long term, but for those who dont, we can be happy that we have developed them during that time.

How retention allowed us to focus on reward

I dont believe that people stay with their employers for money. Obviously, salary levels are important, particularly in the technology industry, and I think we are competitive. But we think that reward is different from remuneration.

Our team have personal development plans, another tactic we introduced when the business got its management team. 

But were also introducing career development plans a totally separate but interlinked set of goals, based around what our stakeholders want to achieve as part of the business. Achieving these goals and being rewarded for them is as important, if not more, to the team.

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