It’s natural to want to grow as a person, so it’s only natural for your employees to want to grow as professionals.
By providing employees with career growth opportunities, a company is giving them a chance to grow and satisfy this natural inclination. In turn, employees are more likely to stay with a company that can meet this need.
Improving engagement and retention
According to numerous studies, an overwhelming majority of Americans are not engaged at work. Research has also shown that growth opportunities, such as those provided by job experimentation, are a major factor in deciding to stick with an employer, rather than look for a new job.
Opportunities for growth aren’t just the responsibility of management. Employees must also respond to job experimentation opportunities and provide input on the kinds of opportunities they are seeking. When management and employees are working together to create growth opportunities, both sides stand to reap the benefits.
Growth opportunities to boost retention
When people talk about other jobs within the same company, they often mean opportunities for promotion. However, there are several different kinds of growth opportunities for employees, in addition to promotions. The following growth opportunities are very effective at increasing employee retention:
Wage growth – Let’s start with the most obvious. People expect to get raises as they stick with an employer and do a good job. At a minimum, employees should be getting raises that at least keep up with the rate of inflation, so they aren’t essentially getting a pay cut as prices go up over the years.
While pay increases have often been tied to annual performance reviews, companies are now moving away from annual reviews in favor of more regular feedback, which tends to be preferred by millennials. If your company is moving to a regular-feedback model, it can still hold annual employee meetings that discuss compensation.
Also, many companies have success with bonuses or pay increases that are directly tied to performance.
Professional growth – Employees understand the more skill and experience they have, the more control they have over their careers. Therefore, people realize that a chance to gain new skills and experience is key to growing their career options.
Cross-training and job experimentation within a company are massive opportunities for employees to grow their skill sets and gain a broader range of experience. While these opportunities benefit employees, they also benefit the employer, which gains a more informed and more knowledgeable workforce.
Personal growth – Because it largely happens outside the workplace, most employers don’t consider personal growth when it comes to employee retention. There are a number of ways employers can foster the personal growth of their employees.
For instance, a flexible work arrangement might make it possible for some employees to start a family. Or, networking events might help employees come out of their shells and bond with other professionals.
Work with a leading supply chain recruiting agency
At ZDA, we support all the employee engagement endeavors of our clients. If your organization is currently looking for a supportive staffing partner, please contact our top supply chain recruiters today.