What is employee growth?
Employee growth is how an employee seeks additional training to improve their current skills, acquire new ones, and grow their expertise. This is often done with the assistance and encouragement of the employee’s current employer.
Sometimes also pointed to as professional development, the overall goal of employee growth is to continue learning that nurtures experts across all businesses to help employees advance on their career paths.
Why is employee growth important?
Your Company must offer employee growth across all departments. After all, an investment in employee development is an investment in your company’s future. Without a plan in place, chances are good, and your organization will be left in the dust.
Not only can this program be worked into your recruitment marketing tactics, but it’s also a great way to show your team just how invested you are in them. You should always be aware of How to Offer What Employees Want.
The talent aspect is changing.
Technology isn’t the only thing that impacts the workforce. So does the demographic change in who your team members are. Millennials already make up the largest segment of the United States workforce, and by 2030 that number will be at 75%.
The millennial peers have already shown their preference for more resilient career options, and they aren’t carrying any punches when it comes to their individual development either. The Bureau of Labor reports that older employees are more inclined to stay in a position longer than their younger equivalents.
So what does that add up to? Younger employees are largely dominating the talent market with no signs of slowing down. These employees are more likely than their older analogues to leave a company that doesn’t invest in their professional development.
That means your outdated human resources practices and a refusal to invest in employee development could not only be throwing away your current talent but also could be scaring away new talent.
Gives career growth opportunities
When employee growth is done the right way, it can create career development possibilities for everyone within your business.
When you take the time to grow your employees and invest in developing their skills, you’ll be rewarded with greater performance as they strive to reach their career goals. This makes it possible for your company to stay competitive within its niche as you outperform the competition.
Assists in unexpected situations
How often do strategies change at your company? Chances are, it’s pretty regular.
Changes can bring dares for the workforce, but when they’re handled the first time perfectly, they can open up unexpected possibilities. As your team reveals new skills, you could be surprised about who raises their hand or volunteers a new idea or strategy to solve challenges that could have unless thrown your company for a loop.
Attract new hires
As you develop a recruitment process, one way to assure you entice top talent to apply for jobs at your organization is to showcase how you make employee growth a priority. Experienced HR specialists know that it’s not enough to advertise an open role; it’s equally essential to draw top talent and attract the best to apply.
When you want only the best and most glorious to join your team, show them the culture-based throughout learning new skills and developing employees that your company has built.
Promotes employee loyalty
Employee development programs can do wonders in boosting employee retention and loyalty. Retaining top talent can be a huge challenge for businesses across all domains. When a well-rounded growth plan is in place, this becomes less of a burden.
A loyal employee is less prone to quitting, so employee retention is such an important factor as you create a development plan. When your employees know that your organization is willing to provide top-notch training and development, it makes them feel important, boosting their loyalty.
Promotes cross-departmental collaboration
No matter how big or small your organization is, it can be effortless to get members from different teams to cooperate and discuss the topics at hand. To encourage cross-departmental collaboration and establishing a bond, consider an employee advancement program.
“When members from various teams and departments sign up to learn about new and exciting topics, they’ll come together to bounce ideas off one another, share their thoughts and expertise, and get to know one another in new ways.”
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