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The Ultimate Guide for Startups and SMBs to Retain Talents [2023]

Free The Freela — The platform for hiring top talents from Latin America that helps Startups & SMBs with retention by providing social benefits and dollar payments to talents.

If you're a start-up or SMB, you've certainly faced challenges to retain good talents.

Having to compete with big enterprises in a scenario of talent shortage is not an easy task, but it's definitely a challenge that every founder must be prepared to face.

Sure, hiring is hard... but keeping Talents and having a low turnover is even harder. Work relations are increasingly flexible and studies by the World Labor Organization indicate that this is a path of no return.

A flexible and more independent work model is the Future of Work, and to be able to retain Talents in this environment startups and SMBs have to adapt and find ways to be competitive.

Talents are now attentive if companies understand the value of their work and want to be in win-win relationships. That's the reason we create a list of ideas to help you achieve that and retain Talents:

  1. Understand the value: It's well known that "Good work ain't cheap, and cheap work ain't good". So to retain you must understand the value the Talent is adding to your business and reciprocate that with fair payment. 

PROS TIP: We know that's easier said than done, considering how payroll can affect a startup's growth and how hard it is to find great value for money when hiring talents. That's one of the main reasons why startups and SMBs resort to Free The Freela to find engineers, developers, marketers & designers in Latin America. That way they can pay above market ask, and still get great value for money for qualified talents in the same time zone.

2. Be sure to hire the talent you need, and not a title that you admire: One of founders' and startup leaders' common mistakes is to bring on "thinkers" that are used to leading exceptional teams when they need "doers" who are not afraid to get their hands dirty. That happens especially with first hires when companies think they need C Level professionals or high executives.

PRO TIP: Create a list of the tasks this professional will be executing in the first 3 months of work. Describe exactly what you expect the Talent to do, and see if you need a thinker or a doer. 

 3. Go the extra mile: Talents nowadays believe that no one has to choose between freedom and stability and that this is nothing more than fair. That's why startups and SMBs are now offering benefits to freelancers and collaborators. 

PRO TIP: With the transformations we are facing in the work environment, great solutions to provide collaborators with benefits have emerged. Free The Freela payroll, local compliance, and candidate benefits provide talents with paid vacation and parental leave, without generating extra costs for company hiring. That's a great way to retain and maintain your collaborators motivated. 

If there's one piece of advice that we would offer to start-up owners looking to maximize ROI on their hiring efforts, it would be this: without a doubt, your most valuable asset is your team. Hiring in Latin America allows you to get great value for money while promoting talents' financial growth; and solutions such as Free The Freela can help you not only get to those professionals but also keep them motivated and committed to your business, through benefits and dollar payments. In the end, that's how companies win big with remote workers—and we're pleased to say that this model is working for us!

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