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Research continues to show that investing in the growth of their workers significantly benefits organizations. Professional development helps businesses retain employees, stand out from competitors, and increase profits.
- Employees want to level up. In fact, 74% of them are willing to do so to remain employable, according to the Lorman blog.
- For those encouraging internal mobility in their companies, employees are likely to stay for an average of 5.4 years, according to LinkedIn, as opposed to 2.9 years for those who don’t.
- And when people work at companies with positive learning cultures? Degreed reports that they’re 166% more likely to point to revenue growth as a result.
People take pride in their skills. And when companies invest in the continued learning and development of their employees, it can lead to more enthusiasm and engagement across the board. Not only that, when business owners demonstrate they sincerely care about their employees’ long-term success, it builds loyalty. This encourages a shared responsibility to improve your operation by becoming trusted advocates.
By the way, if trust building sounds familiar, it’s because it happens to fall right in step with BBB’s Accreditation Standards. The trust you cultivate with your employees is the same trust you extend to your customers and your community. When you place your trust in your employees, you’re signaling that you believe in them; that you want to encourage their growth. Visit BBB's Trust Hub for more information.
And one of the big payoffs to caring about your employees’ goals and aspirations? Their professional development can significantly decrease your turnover rate. That means less money and time spent hiring and training new people. Furthermore, a stable team keeps critical initiatives on track. Employees who have stayed loyal to a company and excelled to the management level are more likely to fully embrace your company’s mission than hiring managers outside of the organization.
Here are some valuable and affordable options you can implement for your team today:
1. Set up a growth plan for each employee
Every staff member should have a clear idea of their professional trajectory. This is a process you should develop alongside the employee. Take the time to schedule one-on-one meetings devoted to career goals and aspirations. Ask what is going well in their roles, and how they’d like to see things evolve in the immediate future as well as in the months or years to come.
Once you identify goals and timelines, determine what skills your employee may need to develop. By doing so, both of you are on the same page, and expectations are clear. You’ll also help motivate and keep them longer if there’s a set plan they can follow.
2. Mentorship programs
Create a mentorship program employees can opt into. There are multiple benefits when a mentor takes a mentee under their wing. It builds deeper connections amongst colleagues, helps individuals feel empowered, boosts their confidence, and strengthens their leadership skills. Seasoned employees can leverage their experience to help guide young professionals when they need it most. It just takes one conversation to make an impact.
3. Set funds aside for yearly courses/certifications
Courses and certifications are a clear benchmark to implement into an employee’s growth plan. This could be anything from a certification class for a technical skill in a trade industry to a course to develop in-demand soft skills.
Challenge yourself to provide options that allow employees to explore their interests, and ask them to submit their own requests, too. If you have the flexibility to honor these requests – even when they may not be exclusive to their role – it can significantly help their personal development.
4. Personal growth assessments
This shouldn’t be a performance review, but rather, a chance to dial things up a notch to get to the heart of what the employee needs as far as growth. Successful employees know their strengths and weaknesses. You have an opportunity to promote a positive work environment by letting them evaluate their skills, personality traits, and communication styles.
Keep in mind: This shouldn’t feel like a formal request. Keep it casual as you ask your employees to identify areas for improvement. After all, they understand themselves. For your part, come to the table with an open mind to learn from your employee’s insights. This kind of transparency could significantly improve productivity and job satisfaction.
5. Guest speakers
An outside perspective could be just the thing to ignite new interests and enthusiasm for your team. Invite industry leaders and/or dynamic presenters who can provide unique insights to your company. These opportunities can inspire, build business partnerships, and promote the value of networking to your employees.
There are designated agencies that can provide recommendations on how to improve employees’ professional development. Before hiring an organization, be sure to ask for testimonials and look them up on trusted websites, including BBB.org.
6. Attend virtual events
Attending webinars and virtual presentations are probably one of the easiest (and most affordable) options available. Many are offered online all the time through application subscriptions, networks, social media groups, and other outlets. These usually only require a simple email reservation to register and can be a great way to level up on the current innovations and insights for your industry. Share your enthusiasm for attending these events with your employees by inviting them to share any upcoming events they’re interested in.
Also: Many BBB regions offer their own webinars as well, so reach out to your local Better Business Bureau to see what seasonal learning opportunities are available.
Check out the BBB business news feed and the BizHQ for more great tips!
BBB serving Great West + Pacific contributed this article.