101: Fostering career development opportunities
Investing in career advancement opportunities is a powerful strategy that drives business success and boosts employee satisfaction. By prioritizing professional growth, businesses create a culture of learning that benefits everyone. Employees gain new skills and a sense of purpose, while companies enjoy improved productivity and retention. In a competitive job market, offering clear pathways for advancement is essential to keeping top talent engaged and on your team.
Encourage employee talents. Being a strong leader means recognizing the strengths of your team members and encouraging their growth. Oftentimes, employees are dissuaded from applying for internal roles because they lack confidence or do not think they have the necessary skills. “67% of the individual contributors surveyed said they want to advance their career, but 49% said a lack of good career advice has hurt their job trajectory. Too often, executives ask employees to chart their own paths under the guise of empowerment, leaving them aimless,” Kara Baskin writes in an article for MIT Sloan School of Management.
Formalize training and development. Mentoring programs, job shadowing, and earn-as-you-learn incentives are ways managers can assist employees in acquiring the skills, education, and experience they need to progress in their careers. Mentoring is a particularly cost-effective way for senior employees to share their business acumen with newer hires. “It is important to show your workers they have both company and manager support in their desire to grow professionally,” staffing agency Robert Half advises in a blog on its website.
Develop a sense of purpose. Teams thrive when employees are motivated and have a clear path to success. Employees who feel burned out at dead-end jobs are more likely to leave, causing retention issues. As a result, providing employees with actionable steps to career advancement creates motivation and leads to better productivity. Happier employees create happier workplaces. “A survey by Better Buys showed that professional development can increase retention by up to 34%,” Ginni Saraswati cites in her article for Forbes.
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