When trying to attract and retain talent, one of the most important things you can do as a company is think about how your employees view their career. People continue leaving their jobs and careers and pursuing other paths. Company leaders need to understand that employees will go where they can grow.
One of World At Work’s pillars of total rewards is career development. Research shows that having a culture of learning and growth as well as offering career advancement training and opportunities helps attract and retain employees by:
- Increasing engagement and employee satisfaction
- Giving employees a sense of ownership in the company and their careers
- Helping them grow their career within your company
Career development can come in many forms. If you’re looking to provide your employees with a desirable work experience, consider some of these ideas:
Coaching and Mentoring
A coach, contrary to popular belief, does not provide answers to their client. It’s well known that individuals have the answers inside them. They may not be aware of them. A coach helps them to unleash their potential and grow. Not every manager comes immediately with the skillset to coach their team. Companies are recognising the importance of training and equipping their leadership team with the right tool kits to support their teams.
Mentoring is also a highly sought-after opportunity that was traditionally reserved for people at or approaching the C-Suite level. This has changed. Now that people at all levels are re-evaluating their lives and careers, offering mentoring from the bottom-up can be a great benefit to offer. You can also consider setting up informal mentoring relationships to help employees who are looking to acquire new skills and advance in their careers.
Continuous Education
Continuing education is essential to growing a career. Offering courses or course vouchers can encourage candidates to sign on with your company. They also make individuals more valuable to you. Educational opportunities can also encourage to change careers within your company. Beyond offering access to courses, you endeavour to create a culture of learning by rewarding efforts to grow and develop. Encourage leaders to offer a holistic approach of education, coaching and mentoring to their employees.
Advancement Opportunities
Invite your existing employees to apply for open positions within the company. Encouraging movement within the company can keep employees engaged and productive. A good example is the US company, Sam’s Club. It spent 2021 with all of its 600 locations fully staffed. At Sam’s Club, 75% of the managers started as hourly employees and grew into their positions through the company’s development program.
Provide project work and international assignments to employees looking to gain new skills and experience. As part of the new way of working, employees are taking up the opportunity to live in a different country. Link it to your succession plan and your company can expand its pool of possible successors.
Career development is an important element in any total rewards plan. In fact, has the power to drastically affect your ability to attract and retain talent. Offering coaching, education and advancement opportunities can set your company up for profitability through excellent retention in the long term.
Are you looking to revamp your total rewards offerings? Contact us and learn how you provide innovative and targeted benefits without breaking your budget.