5 Employee Retention Strategies Shark Tank Taught Us
Shark Tank is a popular television show that features aspiring entrepreneurs pitching their business ideas to a panel of high-profile investors, known as the “Sharks.” While the show is primarily known for its entertainment value, it also offers valuable insights into effective recruitment and retention strategies.
One of the key lessons that can be learned from Shark Tank is the importance of attracting and retaining high-performing personnel. The Sharks are successful entrepreneurs and investors who are always on the lookout for talented individuals to join their teams. Watching their interactions with the entrepreneurs can provide valuable insights into what it takes to recruit and retain top talent.
In this article, we will explore four real-world Shark Tank retention lessons that can be applied to any business. These lessons reveal some of the most effective employee retention strategies in the market, including how to create a positive company culture, provide meaningful feedback and recognition, offer opportunities for growth and development, and foster a sense of purpose and alignment with the company’s mission. By implementing these strategies, businesses can attract and retain the best talent and achieve long-term success.
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1. Offer Flexible Schedules and Remote Work Options
Many businesses are recognizing the benefits of offering flexible work schedules and remote work options to their employees. This strategy allows employees to better balance their work and personal lives, which can increase job satisfaction and decrease stress levels. Additionally, remote work can help employees save time and money on commuting, which can increase their overall job satisfaction.
ReThink, a software firm that allows its staff to work remotely is one Shark Tank company that has adopted this method. ReThink has been able to recruit and retain great talent regardless of its physical location by allowing workers to work from home or another place.
2. Invest in Employee Training and Development
Companies that invest in their employees’ training and development can increase their employees’ job satisfaction and engagement. By offering training and development opportunities, companies show their employees that they are valued and that their growth is a priority.
Groovebook is one Shark Tank startup that has engaged in staff training and development. The organization provides frequent training courses to its staff, including customer service training and sales training. This investment in employee development aided Groovebook in developing a strong, loyal team dedicated to the company’s success.
3. Create a Positive Workplace Culture
A positive workplace culture can go a long way toward retaining employees. Companies that prioritize employee happiness, engagement, and well-being often have higher retention rates than those that don’t. One Shark Tank company focused on creating a positive workplace culture is Honeyfund, a honeymoon registry service.
Honeyfund has created a workplace culture that emphasizes collaboration, creativity, and fun. The company regularly hosts team-building events, such as happy hours, game nights, and community service activities. This focus on creating a positive workplace culture has helped Honeyfund attract and retain employees who are passionate about their work and committed to the company’s mission.
4. Offer Competitive Compensation and Benefits Packages
Competitive compensation and benefits packages are critical to attracting and retaining top talent. Employees want to feel like they are being fairly compensated for their work, and they expect to receive benefits that support their health, well-being, and financial stability.
One Shark Tank company that has excelled in this area is Zipz Wine, a company that produces wine that is sold in single-serve glasses. Zipz Wine offers its employees a comprehensive benefits package that includes health insurance, retirement savings plans, and a generous vacation policy. By offering competitive compensation and benefits, Zipz Wine has been able to attract and retain talented employees who are committed to the company’s success.
6. Offer Equity to Key Employees
Offering equity to key employees can be a great way to incentivize them to stay with the company for the long term. It’s also an effective way to align the interests of the company with those of the employees. In return for their commitment to the company, employees are rewarded with a stake in its success.
Breathometer is one example of a Shark Tank business that provided shares to key personnel. One of Breathometer’s main workers, who were essential to the business’s development, was given shares in the company in 2013. Both the worker and the business benefited financially when it was bought out by a bigger corporation.
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Employee Retention Software, Applications, and Tools
Bonusly is a comprehensive employee recognition, survey, and incentive system that assists businesses in building more engaged, productive, and results-oriented teams that connect with the corporate values and appreciation culture.
With features like recognition and awards, feedback, and goal setting, WorkTango’s employee experience platform helps employers build a sustainable cultural shift across teams, boost engagement, grow retention, and offer a fantastic employee experience.
Motivosity is a one-of-a-kind employee engagement and recognition program that recognizes and rewards your team for their efforts and achievements. Motivosity’s team of professionals creates a recognition program tailored to your company’s needs, making it simple for managers to establish targets and congratulate their workers in an appropriate manner.
Awardco is a leading recognition and rewards solution that makes it simple to recognize outstanding performance. Employers can quickly set up and manage recognition using the Awardco platform, which is great for both managers and workers.
You can read about more such tools and software in our HR Tech RADAR 2023 article.
Closing Thought
In conclusion, employee retention is a critical aspect of any successful business, and the strategies employed by Shark Tank entrepreneurs can serve as valuable lessons for companies looking to improve their retention rates. From fostering a positive company culture to providing professional development opportunities and offering fair compensation packages, these entrepreneurs demonstrate that investing in your employees is a smart investment for the future of your business. By taking a cue from these successful entrepreneurs, companies can create a supportive work environment that attracts and retains top talent, leading to increased productivity, improved employee morale, and ultimately, a more successful business.
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