How to attract and retain the right people in the team
The strength of a team is one of the best indicators of a company’s future success. It’s not just exceptional skills that make a strong team, but also employee passion, culture fit, and diversity. It’s people who share a vision for growth and take ownership of their roles.
In this article, we’ll cover hiring strategies to build a successful team.
1. Choose Passion Over Skills
Employees with a spark for their jobs overcome challenges easily and find new creative ways to develop the company. That’s why the passion and enthusiasm of the team members are as valuable as their expertise and skills.
During the hiring process, focus on candidates who share your mission. Ask future employees what attracts them to your company and how they can contribute. Those who believe in your vision and strive to be a part of it bring a level of energy to the job that cannot be taught. These team members will remain resilient and committed through difficult times.
You may see how passion fuels work from our portfolio company Unfrozen, known for developing the next chapter of the iconic “Heroes of Might & Magic” series. The studio consists of dedicated fans of the franchise. Denis Fedorov, the company’s CEO, recently announced he had to ban project workers from working weekends and after-hours because they were unstoppable.
2. Prioritize Cultural Fit and Shared Mindset
Skills can be learned, but a strong cultural fit is what really matters for a happy and productive team. Involve employees in the hiring process to ensure new hires align with your company. Having a shared mindset, which includes similar values, shared vision, goals, and approach to work, is crucial for an effective team.
As investors in the gaming industry, we have built our investment team from people who share our love of gaming but also understand finance. The combination of skills and interest in gaming created a close-knit team. Every Monday we would discuss the games we played and share our emotions. This shared passion helped us to become one of the leading investors in the gaming industry worldwide.
3. Build a Superheroes Team
Think of your team as a “Superheroes League,” where each member brings a special ability. The diversity sparks creativity and helps to invent new approaches to problem-solving.
Companies with higher levels of ethnic diversity and female representation are 39% more likely to be financially successful than their less diverse counterparts, says McKinsey & Company’s report.
To build a diverse team, look beyond the usual places for talent. Seek out people with different backgrounds and experiences. Make sure everyone feels welcome during the hiring process, regardless of their background or way of thinking.
4. Invest in Employees’ Growth
One of the most valuable investments a company founder can make is employees’ learning and development.
The 67% of candidates looking for a new job want a company that helps them develop their skills, states a PwC survey.
To attract and retain top talent, encourage participation in workshops and conferences, offer new challenges within the company, and introduce mentoring programs where skilled team members can guide and support their colleagues.
Regular, constructive and honest feedback helps employees feel a part of the company, learn from their mistakes, and stay motivated.
Prioritize learning&development and feedback, and you’ll create a supportive environment for growth.
5. Encourage Accountability and Decision-Making
The employees are more motivated and productive when they feel invested in the company’s success.
Delegation is a great way to build this culture. Give your employees responsibilities and let them make decisions.
Valve, a gaming company, is a case of accountability and decision-making implemented at all levels. They have a flat structure where everyone has a say. Employees are responsible for their work and make decisions without constant approval from senior management.
Employee stock ownership plan (ESOP) also illustrates how to raise employees’ morale and contribution. It’s a company-wide savings plan where employees can become co-owners of a business. It is often used by business owners who want to sell their stock and gradually retire. ESOP provides a smooth transition of ownership without disrupting the company’s operations. With this approach, team members invest in the success of the company both financially and emotionally.
About the Author
Roman Gurskiy is the Managing Director at GEM Capital, with over 10 years of experience in investments and finance. He specializes in identifying and driving growth within the games, VR/AR, streaming, and emerging entertainment industries.
