Right Now, Your Key People Are Fielding Multiple Job Offers

What Can You Do?

New PropTech companies are popping up almost daily. So, there’s more and more competition for the best people. As such, other companies are looking to poach your key people.

Replacing your team can cost more than double their salary. And, training new people can be time-consuming. And, in today’s hypercompetitive PropTech market, speed is critical to become the dominant solution in your vertical.

You’ve spent a lot of your valuable time finding and hiring the best team.

Then, you invest even more time training them.

But after this initial effort, you don’t invest as heavily in your team.

Eventually, your key people get other offers. And, accept them.

So, you’re back to square one, having to invest time (and money) in a new team member.

You can’t stop your key people from getting job offers. But, you can provide incentive for them to stay with you.

Since having the right team is key to your success, you need to retain your top people. To be prepared for the future and to be able to manage rapid growth, you need to invest in your team.

How can you retain your top people?

By investing in them. This not only helps you retain top talent. It also makes your people more effective at their jobs, prepares them to quickly assume new roles as your company grows, and makes it easier to attract new talent. Before discussing how you should invest in your team, let’s take a look at the benefits you get from this investment.

Increased Job Performance

51% of employees aren’t engaged in their job. This means they neither like nor dislike their job. And, they have little stake in their job or the future of the company. If you don’t invest in your employees, you could have low employee engagement.

While having engaged employees may not seem important, it can increase your chances of business success by up to 4 times. And, having engaged employees leads to a 20%increase in sales and a 21%increase in profitability.

One of the best ways to increase employee engagement (and reap the benefits of it) is by investing in your team. When you give your team what they need to succeed, they can be more productive, inspired, and valuable to your company.

Prepared for New Roles

As your company grows, you’ll need people to fill new positions and leadership roles. If you don’t invest in your team, you’ll have to look outside your company to fill these roles. This can be expensive, time-consuming, and frustrating.

However, if you invest in your team, you’ll have a pipeline of people ready for a new role. These team members know your company inside and out. And, have a passion for what you’re doing. With the right development, your current employees will be able to quickly and seamlessly transition into new positions to help your company grow.

Attract New Talent

While you can prepare your current team to take on new roles, you’ll need new talent at some point.

The quality of your team can be the difference between success and failure. And, if you don’t invest in your people, it will be hard to attract top talent. The best people want a work culture that encourages them to grow and has opportunities to advance.

Investing in your employees is not only an employee benefit. It also creates a great work culture that improves your reputation. If your company has a reputation as a great place to work, you’ll attract (and retain) top talent.

How Can I Invest in My Team?

Investing in your team sounds great. But, how do you best do it?

One effective way to invest in your team that few people think of is executive coaching. Executive coaching can help your team address common issues like overwhelm/time management, communicating simply and powerfully, changing or developing new behaviors, fostering team collaboration and resolving conflicts, succeeding in a new role, developing leadership presence, influencing others and more.

With executive coaching, your key people can better perform in their current job. And, grow their skills to succeed in a new position with your company. Plus, investing in executive coaching for your team can help them feel like you care about them – improving retention.

Wrapping It Up

Investing in executive coaching is one of the best ways to retain your team and improve their performance. For PropTech-specific executive coaching, PropTech Coaching Solutions is the way to go. Learn more about how PropTech Coaching Solutions can help you invest in and retain your top people today.