What we’ll be discussing here is how to employ a better Employee Retention Strategy and how SMEs and startups falter in attempting to match big company benefits. They do this in order to retain employees, which is a losing game. Instead, we suggest they concentrate on making offers that larger companies cannot make. An example of this is a company that we know of called Mindvalley and Vision who also happen to be mentors of ours. They offer an experience called ‘Learn Day.’
Learn day happens once a month. It is an event at which all of the employees get together, share their knowledge and bond. Work oriented people enjoy it. This is something that would never be offered at a large multinational. Mindvalley also allows speakers to come in and talk at the office and the employees interact with them. They have access to an unlimited supply of books on Kindle and Amazon itself. They also, have a large annual conference at which all the team members come together and plan the year ahead. Another advantage their employees have is chances of being promoted quickly because new divisions are built very often.
You may say “Well, that’s great. Mindvalley is Mindvalley. I’m not Mindvalley” at this point. The reality is, that if you think a little creatively, there is an opportunity for us to create solutions that large companies cannot compete with, as they, are rigid and we, are flexible. The key idea here is to play the game to your advantage and not follow the leader.