In a highly competitive job market, finding ways to gain and retain skilled employees is key. One of the best ways to increase employee retention is through career advancement/development and team building. High turnover can be incredibly costly for a business. According to Gallup, an employee leaving can cost one-half to two times their yearly salary.
However, investing in career development opportunities strengthens teams while keeping them engaged, both of which can help decrease turnover and increase retention. Today we’re going to take a close look at leveraging career advancement opportunities and team building to increase employee retention. We’ll cover:
- The importance of professional development.
- Using career advancement to build stronger teams.
- The role of AI in employee advancement.
- Strategies for implementing career development programs.
- How team building can support advancement and retention.
With the basics out of the way, let’s get started.
The Power of Professional Development and Growth
Professional development and growth are very powerful tools. They come with numerous benefits for both your employees and organization as a whole. It’s important not to overlook the impact they can have. As for employees, professional development helps them gain new skills. With increased expertise and problem-solving skills, they can complete tasks more efficiently and tackle new challenges.
When it comes to how to improve retention, professional development and career advancement opportunities can be a great option. When employees feel challenged, engaged, and have the opportunity to learn new skills, they will be less likely to leave. This can also create a more positive work environment, which can help your business in many ways. A healthy work culture drives collaboration, creativity, innovation, and more.
Employees want to be engaged, and upskilling helps them feel like they’re always working towards something new. People also like to feel cared about and valued, and investing in your employees through career development shows you value their skills.
Shifting towards the business’s perspective, there are many benefits as well. For example, companies that upskill employees to have diverse and advanced skill sets can increase innovation and adaptability. This can help an organization stay ahead of competition and adapt to a constantly changing marketplace. Professional development for employees can also help impact the business’s bottom line since skilled and engaged employees can more efficiently overcome challenges.
As the expression goes, a rising tide raises all ships. By helping your employees grow and expand their skills, you’re also helping the rest of the team and organization as a whole.
Building Stronger Teams Through Career Advancement
It’s hard to overstate the importance of teams and the impact they have on an organization. A strong, well-rounded team can help propel your business toward success, and career development for employees is one of the best ways to build stronger teams. Shared learning experiences are one common form of career development, and they can have a huge impact on a team. Bonding and developing relationships through learning experiences can foster collaboration and a sense of community within a team.
Having a strong sense of community and the ability to collaborate well is key in any team. A sense of community helps bring a team together, bolstering collaboration, creativity, efficiency, and more. It can also increase engagement and satisfaction, which can reduce turnover.
Cross-training and mentorship programs are another popular option for career advancement, and they help create a more well-rounded team with diverse skill sets. That brings with it a slew of benefits. Diverse teams can look at problems from various perspectives, utilize their varying skill sets, and overcome challenges more effectively. It also helps improve innovation since employees and teams can pool more knowledge and skills to create new and creative solutions.
This also helps with building an organizational culture of adaptability to continuous change. When employees and teams have diverse skill sets, they can more effectively deal with and accommodate change. And as adaptability increases, it can impact the culture as a whole.
To top it off, career development can also help identify and nurture leaders. Leaders are an essential part of any effective team, and identifying leaders can help you more effectively organize your teams. By finding and developing leaders, you can put your teams in a position to succeed. Those leaders can bring the best out of your employees and bring about better end results. Career development is a great resource that can be used to build stronger teams. However, it isn’t the only option available.
The AI Advantage: Supercharging Career Mobility
AI is still a developing technology, but it is already showing incredible potential when it comes to employee professional development and career mobility. Knowing the role of AI in the workplace can help you empower your employees and make more informed decisions.
There are many AI-powered career development tools available to businesses, and businesses should embrace the benefits they bring by utilizing them. For example, companies can use AI to analyze employee data and identify skill gaps. From there, it can also recommend personalized learning paths. By more accurately identifying areas in need of improvement, you can upskill your employees and strengthen teams more effectively.
This can also be used in conjunction with team building, using team building to improve upon the areas identified by AI. Facilitating cross-functional collaboration and team building can help your entire team grow and expand their skills while building valuable bonds.
Another example of AI-backed career advancement opportunities is AI programs that can help match employees with internal job opportunities that align with their skills and career aspirations. By getting the best employee for each position, you can increase the productivity and effectiveness of those employees. And by matching employees’ positions with their aspirations, you can increase their engagement and satisfaction, and reduce turnover.
Strategies for Implementing Career Development Programs
The benefits of career advancement for employees are clear, but implementing them is often a challenge. But with the right strategies, you can enhance your initiatives and have a bigger impact. One of the most important things to keep in mind is that career development opportunities need to align with organizational objectives, as well as employee career ambitions. When all of these things are aligned, the impact will be much greater.
For example, say you are currently trying to increase innovation across your organization. Choosing career development initiatives that prioritize creativity, collaboration, and problem-solving will have a bigger impact on your goal than initiatives that focus on other aspects.
Furthermore, choosing employees who want or need to increase their ability to innovate compounds those effects. Those employees will likely be more dedicated to development since it aligns with their personal aspirations and needs, resulting in a more impactful initiative.
Shifting towards more general strategies, here are a few basic guidelines for fostering an inclusive culture that provides equal growth opportunities for every employee:
- Inclusive leadership that values the diversity and contributions of all employees.
- Open and transparent communication across the organization, from leaders to team.
- Offer a wide variety of growth opportunities, ensuring there are options for everyone.
- Continuous assessment and evaluation to encourage constant improvement.
- Create a culture of respect where employees feel safe and valued.
- Utilize team building to encourage camaraderie and the value of collaboration.
This isn’t a conclusive list, but these are some of the key components of creating a growth-centric culture that is inclusive. By implementing these strategies, you can more effectively create a culture that values diversity and encourages growth—ultimately helping your bottom line.
How Team Building Can Support Career Development & Employee Retention
Lastly, let’s look at how businesses can use team building to support career development and employee retention. Team building is unique in that it can do multiple things at once. It can provide growth opportunities for employees and upskilling, create stronger bonds between team members, and increase employee retention at the same time.
There are synergies between team building and career advancement. Many of the things team building improves upon—such as teamwork, communication, and analytical skills—are also essential for personal growth. Here are a few great options for team building events that are perfect for career development and employee retention:
Leadership Stories
This program focuses on leadership, helping employees learn about their leadership style and develop better skills. It can also help identify leaders, allowing you to make more informed decisions about your teams.
Team and Leadership DNA
Another leadership-focused program, this one is based on extensive research and helps leaders learn more about their strengths and weaknesses—resulting in better leadership.
Discover Your Strengths
This is an insightful event that focuses on encouraging teams to discover their own strengths, allowing them to be more effective employees and leaders.
Online Professional Development Workshops
Virtual teams need professional development as well, and this program helps remote teams learn more about themselves and their teammates.
Speakers and Trainers Programs
For those in search of a more dynamic initiative, these programs utilize professional trainers and speakers to boost engagement, inspiration, and more. They can also be custom-tailored to your team or organization.
There are countless options when it comes to team building, but these are some great events to get you started. Just be sure that the events and programs you choose are aligned with your team, their goals, and your organization’s goals.
Provide Career Advancement Opportunities and Increase Employee Retention with TeamBonding
Employee development and retention may seem unrelated, but supporting employee development can lead to increased employee engagement, retention, and business success. One of the most effective ways to support career advancement is with team building, which can build employees’ skills, adaptability, and innovation—all while increasing engagement and retention.
At TeamBonding, we understand the importance of career development and the role that team building plays. With 20+ years of experience in corporate events and a wide range of events suited to any need, we have the knowledge and resources necessary to help teams grow and excel.
If you’re ready to support employee development and increase employee retention, get in touch with us today!
