Editor’s Note: We’ve commissioned artist Doug Shaw to explore the 16 Key Factors measured when it comes to compatibility between a candidate and employer and will be posting them along with his inspiration in this series.
While already sitting in a leadership position, it can be a challenge to understand what the employees under you may be looking for as far as advancement is concerned. But, it’s important to remember that you were once in their shoes, working your way through what may have seemed like an endless evolution of positions and titles.
Looking back on such experiences should bring forth a few memories. Was the line of promotion a hassle? Did you have to wait years, or were you given the opportunity to grow and showcase your developing talents? Now, think of these questions as related to your own company. How might an employee answer these questions?
This brings us to our next topic of discussion – promotion. In all honesty, how realistic is it for an employee to advance within the company? If you feel your system contains those countless evolutions stated earlier, or if you simply don’t know, here’s why you should. And, why making the idea of promotion, and growth opportunities in general, a possibility for everyone is so important.
Tweet This: Here’s why promotions are so important to share with your employees…
At the heart of the situation, there’s one thing we can all agree on – baby boomers are heading out and Millennials are flooding in. Without a realistic line of promotion and growth, you aren’t going to be able to attract them. Why? Hint: they aren’t influenced by things like a bigger paycheck.
“You know, my main reaction to this money thing is that it’s humorous, all the attention to it, because it’s hardly the most insightful or valuable thing that’s happened to me.” – Steve Jobs
A Deloitte’s survey found 75% of Millennials believed that their organizations could do more to develop future leaders. Meaning, they want the opportunities out there, and they want growth possibilities.
More than that, promotion and growth help with present employees as well. It aids in the development and engagement of employees. Which, in turn, helps the company as a whole and has the ability to increase profits by 22%.
This also has an impact on retention. SHRM found that 29% of workers cited lack of career advancement when asked to rank the most important factor that would influence them to change employers.
Types of Growth to Offer (according to Forbes.com)
- Financial Growth
- Career Growth
- Professional Growth
- Personal Growth
Providing these opportunities is simple, and helps with so many aspects. Again, put yourself in the employee’s shoes, think about what the process looks like from the outside, and consider what changes (whether big, or small) can be made to make opportunities more accessible and realistic to the common worker.
Even if a promotion is not on the immediate horizon, employees at all levels need to be able to see a path. Don’t do this and risk losing your most ambitious workers.
Learn more about the key factors of compatibility between employers and candidates by signing up with Elevated Careers today!