Many of us come into the professional world with rough ideas of what we want to do in life–or rather, what we want our career path to be. Some of us take small steps to get there. Others take giant leaps to achieve their goals.
But no matter how big the steps we take are, one thing is crucial: you can’t move up in your career if you don’t invest in your learning and development.
According to Forbes, employees today know that the learning curve is the new earning curve. This means that the more you learn particular skills, practices, and even theories regarding your field, that you can apply to improve your work efficiency the more valuable you are to your current company and to would-be employers as well. As the knowledge grows, the employee goes one step further in their journey towards career progression.
Professionals have different ways of making sure their knowledge in their field expands. One way is by attending seminars held by industry experts. Another is by attending talks which companies give monthly. Another is by seeking out mentorship or engaging in peer learning within the company.
However, some employees have voiced out their concern that despite the clear benefits of investing in employee learning and development, some companies still refuse to allocate resources to training.
So to all the employers reading this, here’s a list of reasons why career development is important:
Why Career Development Is Important For Your Company
1. Prominent Factor for Choosing A Company
Professionals rank career development as one of their deciding factors in choosing a company. If currently employed, professionals use this as a determining factor whether they should stay longer in the company or not. They consider how this particular organization can help them advance in their career or if joining or staying on actually threatens stagnation.
Without clear career advancement opportunities in the workplace, your company could run the risk of losing your best employees.
With clear career development opportunities, on the other hand, companies have a stronger chance of not only acquiring the best talent but also retaining their best employees.
2. Stronger Employee Commitment
When employees know that their company is committed to their growth, they’ll be more committed to helping the company grow as well. With stronger employee commitment or employee engagement comes better productivity. Better productivity means better results.
When employees feel valued, they also tend to stay longer in the company, which means higher employee retention rates.
3. Enables Personal Development
Aiding them towards their path of career progression cultivates your organization’s talent–not just in the professional aspect, but in the personal one as well. They’ll be more proficient in their technical skills and their soft skills. If they’re managers, they’ll be more equipped in leading their team by communicating with them proficiently and coming up with better solutions for problems too.
Their newly acquired soft and technical skills could be applied at home and in other social settings too, which could lessen family or social problems–therefore decreasing the chances of distracting your employees at work.
4. Ensures Company Growth
Having stronger employee commitment and better talent is a delicious recipe for company growth. However, without these two, your company may see itself going bankrupt in the next few years.
Businesses with low employee retention rates have slower company growth and even experience stagnation in their business. Low employee retention rates are attributed to the organization’s lack of engagement and investment in its own human capital among other factors.
Likewise, talents who are not continuously learning to keep up with industry demands are going to be left behind. Companies must see the importance of learning how to learn.
But if businesses are driven to have stronger employee commitment and create better talent, they may see bigger leaps in growth in the years to come.
Given those two factors, they can drive better results and help hit your organization’s milestones faster.
How Employers Can Help Employees With Career Advancement
1. Be Proactive With Your Employee’s Career Framework
First and foremost, employers must identify what is their employees’ ideal career paths. They could determine this during the hiring interview or during a performance assessment.
For interviews, here are some questions employers can keep in mind:
- Why do you want to join this company?
- What do you see yourself doing in the next 5 years?
- How can this company help you get where you want to be?
For performance assessments, employers could take a look at what the employee’s strengths and weaknesses are and determine where the skills gaps lie and what they could do to bridge them.
It would also be helpful if current employers, HR managers, or the managers themselves had occasional sit-down talks to discuss the employee’s performance, what they could do to improve, and how it could help them in the long run.
It is imperative for companies to be proactive in finding their business’ place in their employee’s career framework. According to LinkedIn’s 2018 Workplace Learning Report, 94% of employees would stay in a company longer if it invested in their career development.
If not, they may see their best talent moving on before the year ends.
2. Keep Up The Effort To Engage Managers
Out of everyone in an organization, managers must push for their employee’s career development the most because manager involvement can help drive employees towards the right direction. Talent developers, HR Managers, and higher executives should inform managers of how important career development, how it is connected with employee learning, and what the company can stand to lose if the organization fails to properly aid the employees in their career advancement.
Managers must also see their employee’s career progression not as a threat to their own position, but as added proof of their value to the company. If they can help their employees grow, they’re also helping the company grow.
3. Aligning Company Goals with Personal Goals
After determining your employee’s career path, it is important to align what they want to achieve with company goals. How does their career development help in making the company grow?
The alignment could be done in helping bridge skills gaps or creating long term plans with milestones which employees must hit by a certain time. This would help in marrying the path where your employee wants to go and where your company wants to go.
4. Creating L&D Opportunities Can Increase Employee Interests and Retention
Of course, after assessing your employee’s career path and aligning them with your company goals, you should invest in creating learning and development (L&D) opportunities that work for them. Employer L&D efforts could come in the form of formal training such as seminars and talks or something more bite-sized such as taking online courses and mobile learning.
If you’re looking for a place to source training, SkillBean might be the right place for you.
SkillBean provides a free workplace training platform in the Philippines where companies can request a variety of skills training such as communication skills and leadership skills.
If you’re ready to better respond to your employee’s L&D needs, book a meeting with us by sending an e-mail to [email protected] and know how you can empower your workforce by personalizing learning through technology.