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Don’t think pay will be something that increases specifically black employee retention but it should help retention across the board. In terms of black employee retention in a start up firm, that is all about direct connection. Do they feel fulfilled, growing, challenged, compensated fairly, and connected with the broader group. Also are you keeping a eye on people and their blind spots by judging or critiquing black employees more harshly. As well, help teach them how to be black and like what they like while still being able to maintain professionalism. I love hip hop music and my clients will know that if they ask. But I also have to show them that my work stands on its own and so my interest don’t impact my abilities where they aligned with those interest or not
Give everyone a 10-20% pay bump. Pronto. Stat.
Offer more incentives for juniors...increase staff pay and reduce staff hour requirements.
Try to invest more in recruitment so I could recruit more from a broader range of universities.
Offer better benefits such as 401K and extend subsidized family health insurance. Paid maternity/paternity leave.