Career growth and development is considered one of the top priorities for modern employees and is a key factor in their levels of job satisfaction.
However, both small and large enterprises still struggle to determine career paths for employees that will keep them happy, engaged and fulfilled. The incentive of progression is a challenging concept to balance, but when implemented effectively, it can ensure that you retain your best workers, help them grow and develop and bring in new talent.
How to discuss career development
Creating clear and coherent career development plans is beneficial for both employers and employees, but where do you begin? Start by talking face-to-face with your employees to discuss development plans and career aspirations and how they see their future unfolding in their current role. Also, ask them to come prepared so that they can outline their desired growth goals for one year, three years and five years. You should then consider how your business can support them to achieve these goals and provide opportunities for growth. Make sure to fill out forms with the details so that you have documented development plans for every employee before submitting them to Human Resources for review.
Employee training and development
Employee training is vital for retention and motivation and is often cited as an influential factor for new employees when choosing a job. Training can be broadly designated into two different categories: internal and external. The former can include mentoring, where an experienced employee can impart skills and wisdom to others in order to expand employee development, or in-house training resources, which range from brief sessions with a consultant who is well versed in your culture and objectives to providing information and classes via webinars or an intranet. External training is the best outlet for employees who want to learn new skills, as they will be able to complete high-quality accredited training courses at popular institutions such as The Knowledge Academy.
Pay incentives
Performance-based incentive pay is a common strategy used by employers to motivate their staff. These usually come in two forms: organisation-wide bonuses such as those related to profits and personal bonuses based on individual performance. A study by the Harvard Business Review found that performance-related schemes are much more beneficial in terms of improving job satisfaction, commitment and loyalty, as profit-related schemes lead to a general distrust of management. The report noted that higher levels of employee participation in performance schemes is best, so think about introducing them for a whole team while tailoring goals and objectives for each employee to improve job satisfaction.
How to develop employees if you can’t promote them
Promotions and financial bonuses are excellent motivators, but there will be times when these options simply aren’t feasible. Instead, you must focus on boosting morale and motivating team members to help them grow so that they still feel as though they are progressing. Lateral moves across a business can be refreshing and motivating for an employee. HubSpot CEO Brian Halligan says: “Every quarter, we measure how many employees got a new job within the company in the last quarter…if they’re not moving around enough, not learning enough, eventually we’re going to start losing some of these smart people.”
Mixing and matching job responsibilities within a department allows employees to learn new skills and can not only promote teamwork but also foster an environment where individuals train each other. This also feeds into job rotation programmes, where promising employees take up customised assignments for up to a year to get a better view of the entire business, allowing workers further down the chain to gain perspective and broaden their horizons ahead of a possible promotion in the future. Preparation is key here in order to maintain productivity across your enterprise.
Dual career ladders
The number of management and leadership positions is generally limited, but the horizontal career path aims to tap into the potential of talented employees by enabling upward mobility within an organisation. Dual career ladders are particularly effective in industries such as IT, science and engineering, where retaining top employees is critical, but there is no potential for all of these employees to move into supervisory roles. These programmes expand career opportunities and encourage employees to build their respective skill sets to enhance their value to the business. They are rewarded with higher rates of pay without being forced into management.
Culture change
You may be surprised to hear that company culture can also play a significant role in employee retention and an individual’s desire to stay and grow at an enterprise. While growth may not always be on the agenda, it is important to create a new culture where employees believe that they are valued. You could roll out several initiatives to show that yours is a modern, forward-thinking enterprise, including offering more flexible working hours, allowing employees to complete tasks remotely from home or setting aside an hour each week where a team can come together and have fun. Personal development is not extrinsically linked to work-based goals and objectives.
Employee progression is a win-win situation. It will ensure that your workers are happier and more fulfilled in their job roles while making your enterprise more agile and productive.