02 Jan Career Development Opportunities: A Must For Company Success
Career development is one of the great benefits that attract outstanding employees to join your company. Yet, the absence of career development opportunities can be a deal breaker that negatively impacts company success and growth. It causes high personnel rotation rates and thus high company cost.
Nowadays it’s not enough to offer employees comfortable work facilities and good salary. The opportunity to upgrade knowledge and skills, professional growth and career development are hot rated criteria for great people to get on board with your organization.
The Cost Of Personnel Rotation
Often the lack of career development opportunities leads to losing the best employees to your competitors. Personnel rotation has a negative impact on company growth and revenue. First of all, bringing in the new top talent costs money. You need to pay for the work of HR headhunter. Then, usually a company invests 2-6 months of time into on-boarding and training the new team member for the position. Finally, there is always a certain amount of risk whether the new employee fits the existing team. Thus much time and money is involved into acquiring top talent.
Conclusion: it’s better to retain your current loyal employees and give them the opportunity to grow!
How To Retain Top Talent
To retain top talent and enjoy sustainable company growth, I strongly recommend your taking care of employee Career Development. This includes regular career counseling sessions, professional training and career ladder opportunities. Your company success depends a lot on wise Career Development policy.
If you have Career Management Department in the company, I strongly advise your sending every single employee to regular counseling hours at least once a month. You don’t have to wait till your best employee leaves the company. Instead, by mapping out career development opportunities and tracking the progress every month, you can upgrade your top talent, increase employee engagement and boost company revenue.
In case you don’t have Career Development experts in your company, it’s worthwhile hiring an external expert or company who will take care of these tasks. You don’t need to have a huge HR and training department as a medium-sized business. There are plenty of training providers for any kind of skills your employees will need and desire for professional growth.
Career development opportunities are crucial for your company success
Sending your top talent to professional training, be it “hard skills” or “soft skills”, will pay off in multiple ways. First of all, your employee will feel that the company is taking care of her by investing into her growth. This will increase employee engagement. Second, top talent will give back by bringing in great results when implementing the cutting edge knowledge acquired at the training. This will lead to improved processes and higher company revenue.
For example, by upgrading personal productivity of your employees you will automatically upgrade your company productivity. They will be fulfilling work tasks faster and more effectively. In addition, you will prevent cases of overwhelm and burnout by teaching them specific productivity strategies. Thus your employees will feel balanced in life and motivated to achieve more at work.
To summarize, Career Development is one of the biggest prerequisites for your company success and employee happiness.