Internal Promotions Help Retain Top Talent
Did you know that 85% of the global workforce considers themselves to be on the job market? According to LinkedIn’s Talent Trends 2014 study, these candidates are either actively searching for or passively open to the prospect of leaving their current job in the dust. What does that mean for your team members today? Well, it looks like less than a quarter of them are actually content to stay with your company.
When it comes to retaining winning talent, it may seem like the odds are stacked against you. But, you want the continuity of keeping good team members who know your processes, clients and industry. It’s been proven that retaining talented team members saves you money.
One way to encourage loyalty among your employees is by developing opportunities and pathways that lead to promotions. If your workers see a future with you, they’re less likely to look for one elsewhere.
Educate For The Future
What’s at the foundation of preparing someone for promotion? Education. This may seem like a no-brainer, but if you’re only educating your team on their current positions or you’re not investing in management training at all, you’re falling short.
When seeking educational resources and professional development programs, it’s important to blend the training so that it includes support for employees’ current positions and instruction for the positions you hope they’ll hold in the future. If, for example, you identify an employee with the potential to move up from working as a customer service agent to managing your customer service department, you’d wisely prepare for the future by providing him or her with a leadership training program.
Invest in effective management training for employees you predict will rise to the top.
Communicate Plans And Goals
A great way to retain winning talent and keep your potential leaders motivated is by detailing a plan for their future with the company. Communicate that you recognize their capabilities and that you’re taking an interest in their professional development. Sit down with each employee and draft an upward mobility plan. Ask questions like:
- Where do you see yourself professionally in a year?
- What about five years?
- Are you happy with the work you’re doing now?
- Is there a specific management position that you’re interested in for the future?
- What leadership training programs do you think would be beneficial to your development?