Did you know that most employees believed that they have no right conditions to justify the importance of career development in their current workplace? Based on the 2023 Workplace Learning Report, only 26% of employees agree that they are challenged to learn a new skill by their organization.
Allowing and investing in career growth for your employees is as important as growing your business and company. Let’s take a look at 6 reasons why career growth can benefit both groups enormously.
What Is Career Growth?
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Career growth involves the various stages an individual goes through as they work towards fulfilling their professional aspirations. These stages can range from minor ones, such as becoming proficient in a fresh skill to more significant milestones like obtaining an advanced degree.
Nevertheless, every one of these stages plays a role in enhancing overall capabilities and advancing the individual’s career journey.
The Importance Of Career Growth For A Company
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According to Workplace Intelligence, 89% of employees have increased in motivation to improve their skills. They hold on to ambitions and hope to advance their career, leading to higher pay, better work-life balance, and a sense of purpose.
It is essential for employers to take this motivation into a serious matter. As the employees grow, the business will grow too. Let’s take a look at these 6 reasons why career growth is important for your company.
1. Attract Job Seekers
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As we progress as the country, many more talents are coming out, most job seekers are in search of career advancement opportunities. When job seekers look for a place to work, they are also looking for a place to develop more skills.
Hence, offering the importance of career development opportunities and space in your company can help attract fellow potential talents.
2. Reduce The Cost Of Talent Acquisition
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For your own company’s benefits, upskilling your current employees can cause lesser than hiring a new one. Investing in your own team and allowing them to reskills is typically lower at cost. They can also be onboard faster and stay longer with the new set of skills that they learn.
3. Reduce & Close Skill Gaps
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Skills gaps refer to the difference between the skills needed by the company and the skills that an employee has. By putting your employees in a skill development program, not only are you helping them with their career growth, you are also closing the skill gaps in your company.
4. Increase Employee Engagement
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Enhancing employees’ expertise and knowledge through professional growth equips them with fresh skills. This leads to improved performance, elevated spirits, and the cultivation of a more immersive atmosphere. You will gain advantages from a proficient workforce and reduced turnover rates.
Did you know employees can also grow their careers by building their networks? Read how you can grow your circle with these networking skills.
5. Maintain More Long-Term Employees
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Most companies have been putting employee retention at the top of their mind. It has always been a crucial move to maintain a set of employees who will grow along the company. Hence, providing a skill development program as part internal mobility effort can help maintain more employees.
6. Improve Business Performance
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When your employees are aware of the opportunities for career growth, they will exhibit high motivation and productivity in their roles. This is attributed to the presence of a specific goal, such as a potential promotion, that they can strive for.
Consequently, you can anticipate improved business results for your company and heightened job satisfaction among your staff.
In essence, the message is evident: Allocating resources to foster the importance of career development of your employees is beneficial for both your team members and your business. Hence, it is a smart move for you to also start on the career growth of your employees for the betterment of your company.
