How would your employees rate your company’s opportunities for advancement? Would your top performers say that they have ample opportunity to grow and advance? If not, it’s time to take a second look at the growth opportunity strategy at your organization. Otherwise, you might start losing critical staff to your competitors, including those top performers that you can’t afford to lose.
Here are four reasons why offering career growth opportunities for your employees is so important:
1. It reduces turnover.
When employees feel they’re stuck in a dead-end job, they don’t have much reason to stick around. When they feel that they can grow their career by learning new skills and advancing in position, they have no reason to leave. You’ll find your turnover rate goes down dramatically when you have great career growth opportunities built into the fabric of your organization.
2. It promotes retention.
In addition to preventing employees from fleeing for greener pastures, having good growth opportunities in place keeps the employees you do have around, meaning you can nurture and grow those individuals into top performers. Your retention rate will rise while your turnover rate decreases—that’s a win-win. Retain top talent by nurturing their growth, and almost every area of your business will see a positive impact.
3. It attracts top talent.
Having growth opportunities in place is good for your existing staff, but it’s also good for prospective employees. When applicants and job seekers see your company as a place where they’ll have opportunities to grow, they’re much more engaged. You’ll soon start seeing top performers seeking you out, not the other way around—don’t underestimate the power of growth opportunities as an effective recruitment strategy.
4. It makes your company more profitable.
According to Forbes, companies that offer comprehensive training programs to develop their employees have a 24% higher profit margin. Additionally, those companies have a whopping 218% higher income per employee than a company without formal training programs. It’s easy to see that companies that focus on developing their employees by offering growth opportunities are more profitable and successful at the end of the day.
Hire The Very Best
Having difficulty attracting the talent you really want? A professional staffing firm can help. That’s where High Profile comes in. Contact one of our expert recruiters today.