To foster growth and retain the best talent, mid-market CEOs must first chart out clear career paths for their employees.
Attracting and keeping excellent people is critical for mid-market company success. By providing opportunities for professional development, you equip your workers with the skills they need to flourish in their professions and establish a clear route to success within your business. This creates a more robust and resilient workforce capable of dealing with problems in today’s business setting, resulting in greater results for your company. Don’t overlook the advantages of providing professional development opportunities for your company.
Benefits of offering professional development opportunities to employees
- Attracting top talent: Prospective employees frequently seek out businesses that provide prospects for growth and development, and mid-market companies that invest in their staff’s professional development are more likely to stand out from their rivals. According to the 2022 LinkedIn Global Talent Trends Report, workers feel that professional development is the most effective strategy for building a business culture. And the consequences of ignoring development could be severe. According to a study by The Execu|Search Group, 86% of professionals claimed they would shift professions if a new firm provided them with greater prospects for professional advancement.
- Retaining top talent: Employees who feel they have a clear path for growth and development within the company are likelier to stay longer. This reduces turnover rates and the associated costs of recruiting and training new employees. According to a recent Better Buys poll, workers with access to professional development opportunities are 15% more engaged and have 34% greater retention than those without.
- Increasing employee engagement: Employees who feel like they are growing within the company are more engaged in their work. This increases productivity, better job performance, and improved business outcomes.
- Building a more robust talent pipeline: By investing in career advancement, mid-market companies develop a robust talent pipeline, with employees prepared to take on leadership roles and contribute to the company’s long-term success.
And according to a recent Harvard Business Review article, which shows the following stats from Deloitte: Organizations with a strong learning culture are 92% more likely to develop novel products and processes, 52% more productive, 56% more likely to be the first to market with their products and services, and 17% more profitable than their peers. Their engagement and retention rates are also 30–50% higher.
The previously cited HBR article offers three approaches to prioritizing professional development in your organization.
- Offer development opportunities to all employees, regardless of tenure in their role. Too many companies wait too long before giving employees are given access to professional development opportunities. As a result, it is much harder to change behavior and minimizes the impact.
- Make learning and development opportunities a priority within your company. There will be greater adoption and engagement if learning is supported and modeled from the top.
- Democratize the coaching process by supporting leaders at all levels, not just the C-suite. Digital coaching platforms make this an affordable and effective option for many smaller to mid-size companies. Companies in this space include Coachhub, BetterUp, and Torch.
Companies are increasingly competing to maintain their workers, which means they must find a method to give unique growth opportunities that employees will not be able to find elsewhere. With so much competition, businesses must concentrate on what counts – professional development programs for their employees – if they want to stay competitive.