Tech startups can grow fast—but can fall even faster. In 2019, tech industry layoffs grew by 351%, and the numbers for 2020 in light of the global pandemic are likely to go up exponentially.
If your company’s gaining some momentum and going on a hiring spree, your prospective recruits and new hires may be understandably cautious about the risks involved in joining a newer startup. So what can you do to alleviate their concerns?
Start with building trust in your organization with your current employees and create a space for open conversation.
Put all your cards on the table
When you hold all-hands meetings with your employees, walk through your business model with them and show them that your business has taken steps to address changing global dynamics, and how you plan to future-proof the company against future events. Don’t sugarcoat things: If your business has seen a downturn, employees will want to know. Talk to them about various scenarios for the future and what that will mean for hiring and staff retention, and be open to their questions. By making an effort to acknowledge potential difficulties, your staff will be reassured that you’re not withholding information from them and will be less likely to seek other employment.
Use a knowledge-sharing platform for ongoing discussion throughout the organization
While a monthly or quarterly all-hands meeting can help provide confidence, it’s important to take additional steps to foster a sense of trust throughout the organization. To do that, establish an open communication platform in which all employees are free to ask questions about the company and provide their own perspectives. By giving voice to employees from every department, your team members will be able to gain additional perspectives around company goals and milestones. Your executives can also share company forecasts and projects here and actively participate in ongoing Q&A sessions to provide updates and additional context.
By building an open and transparent culture that gives employees and prospective recruits a deep look into your company’s plans and goals, they’ll feel confident in their futures with your company and be motivated to do their best work.