From perks to personal development: The benefits of investing in your employees' career growth
It is becoming increasingly evident to employers that employees no longer value office perks like ping-pong tables and free lunches.
As “The Great Reshuffling” rips through industries, many HR professionals are more determined than ever to grow their employee satisfaction rates and reduce the costs of replacing their top performers.
The resignation numbers began to tick up around August 2020, a result of massive, pandemic-related shifts. As much of the global workforce transitioned from the office to their homes during the spring of 2020, employees reflected on both their personal and professional lives. When asked which benefits appealed most to them going forward, more than half listed professional development and coaching within their top three priorities – a drastic change from the previously fun sought-after perks.
Related: 4 ways companies can drive employee learning & development
It is becoming increasingly evident to employers that employees no longer value office perks like ping-pong tables and free lunches. This is not only because remote work has made them obsolete, but also as a result of employees wanting more control over their careers.
According to LinkedIn, the new world of work is “all about rapid skill building at scale.” Office games don’t generate these results, but the right learning and development programs do. A more meaningful investment in the careers of your people, like coaching or mentorship, not only helps the employee but will also push the success of the organization at large and, as a result, can be of significant advantage to the employer as well. What kinds of benefits can employers expect to see?
Stronger relationships
When the world went remote last March, employers debated the concept of tracking tools to monitor employee productivity. Employees quickly pushed back. They wanted to feel that their employers had confidence in them and would support them through uncertain times. Instead, it felt like they had someone suspiciously looking over their shoulders. For workers to perform at their best, organizations must promote autonomy and strong relationships amongst workers and leaders.
Strong relationships come from investing in leadership development, not surveillance. The right leadership development programs build better leaders and employees that organizations can trust. For instance, coaches and mentors can work one-on-one with employees to hone their specific skills, identify growth areas and encourage improvement. These investments empower employees with the tools they need to grow – inside and outside of work. And they benefit employers, who will see engagement rates and productivity levels rise, as employees feel more supported, trusted and inspired.
Increased retention and promotion rates
As the pandemic evolved over the last 18 months, many workers reported feeling stuck in their jobs and limited in their upward mobility. As a result, recent job report trends show employees are ready to jump ship: 95% of workers in a June survey said they were considering leaving their jobs. The second-highest rated reason for wanting to quit was lack of career growth opportunities. The gender and racial disparities are even more striking. For every 100 men promoted to manager, researchers found that only 85 women were promoted. Of this full sample size, just 71 Hispanic and 60 Black women were promoted at the same rate.
Additionally, Black workers are more likely to be overrepresented in low-wage entry-level jobs and underrepresented in senior leader and executive roles, making them strong candidates for mentorship programs that are often unavailable to them. Implementing mentorship and coaching programs can boost retention and promotion rates among employees regardless of their background, but can have an especially powerful impact on employees from underrepresented backgrounds who face additional leadership barriers.
Optimized productivity
Career development benefits, such as mentorship and coaching, help level the playing field for both remote and in-office employees. Microsoft, Apple and Google are among the larger organizations who have committed to a hybrid return to work model. While workers may be rejoicing over this new flexibility, some fear they’ll be treated as second-class citizens if they stay at home. The right training and development programs can help organizations to grow their employees, across all levels, at scale, whether they’re in the office or not. Employees can feel supported regardless of their location when they are given one-on-one career mentorship. In contrast, an asynchronous digital-only learning tool, which can’t address individualized, real-time situations, may not be as impactful in fostering their career growth.
For leaders who want to keep their current employees and attract the best talent, it’s time to stow away the ping pong tables and office-agnostic, but less personalized, benefits, such as digital-only learning tools. Workers want to grow in an organization that values them enough to invest in their leadership development with personal mentors and career coaches. And with the right tools, it is possible for organizations to make sure they are reaping the benefits of those investments, by building and retaining conscious and effective leaders.
Cameron Yarbrough is the co-founder and CEO of Torch Leadership Labs. In this capacity, Cameron heads up business development, sales, and marketing, and defines Torch’s strategic vision. He brings 15 years of entrepreneurial experience to his role as CEO, along with a deep background in mindfulness and psychotherapy.
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