Work Wonders
Back in late 2021, we decided that instead of chatting to each other about the challenges and triumphs of people management in small businesses, we should invite you to join the conversation. And the Work Wonders podcast was born! Managing people is serious business. We bring you all the latest, practical advice without the pain. The podcast is brought to you by Aster HR https://www.asterhr.com.au/ and your hosts are Angela Gauci and Susan Rochester
Work Wonders
Career Growth - Investing in Employee Growth for Long-Term Retention
In this episode we explore the link between offering career growth and development opportunities to your employees and long-term retention.
Employees today expect more than just a paycheck—they’re looking for growth opportunities, new challenges, and the chance to advance in their careers. In fact, studies show that lack of career development is one of the top reasons people leave their jobs.
So we will equip you with the tools to create these opportunities, even if you are a small business or have limited resources.
You can find the show notes for this episode here
Would you like to submit a question to the show? Let us know on our website or via LinkedIn.
Brought to you by Aster HR, the Work Wonders Podcast is hosted by Angela Gauci & Susan Rochester and is recorded at Launch Pad at Western Sydney University.
All information or advice included in this podcast is general, has been developed as a starting point for your business, and should be tailored to your specific requirements. It should not be considered legal advice. We have made every attempt to ensure the accuracy and currency of this information at the time of recording. However, references to things like employment laws are subject to change. For specific advice relating to your business, please get in touch with us.
Welcome to the Work Wonders podcast brought to you by Asta HR, where we simplify the human side of business.
Speaker 2:I'm Angela and I'm Susan, let's dive into today's episode and find out what you've been wondering about.
Speaker 1:In today's episode, we're going to continue the conversation around engagement and retention with the idea of keeping staff in your business long-term. Well, the next thing I want to talk about is career growth and development. We're going to explore why investing in employee growth is essential for that long-term retention, and how even small businesses or even not-for-profits can create opportunities for career advancement.
Speaker 2:That's right. Employees today expect more than just a paycheck. They're looking for growth opportunities and new challenges and a chance to advance in their careers. Lots of studies are showing that one of the reasons that people leave jobs or one of the top reasons they leave jobs is because they can't see any potential career development in the role. So in today's episode, we'll talk about why it's so important to invest and how even organisations with limited resources can make that happen.
Speaker 1:And, as we always do, we'll get practical and share some strategies with you, from internal mentorship programs to online learning platforms, and offer tips to you on how small teams can create big growth opportunities for your employees. So let's dive in. This is the Work Wonders podcast, hi, susan.
Speaker 2:Hi Angela.
Speaker 1:So we're going to talk about career development. Let's start with what is the link between career development and retention? In today's workforce, people like you said, I think, in the intro that people are looking for more than just job security or a good job to go to. They want to feel like they've got options and they're continuously learning and growing and they're looking to their employers for that. So when employees don't see those opportunities for career advancement or learning, they're probably going to feel stuck in their current role and looking for opportunities outside.
Speaker 2:Yeah, exactly so. Gallup has found that 87% of millennials and 69% of non-millennials rate professional or career growth and development opportunities as important factors in a job. Growth and development opportunities as important factors in a job. So if employees don't feel like the company's investing in them, obviously they're more likely to disengage and just move on.
Speaker 1:Yeah, find it elsewhere. So it's not just about keeping people around. Career development also boosts engagement and motivation. When employees see that their employer is committed to their growth, they're going to feel connected to the work that they're doing and, obviously, the overall purpose of the business.
Speaker 2:That's going to translate again for you into higher productivity, more innovation and look a strong work environment overall, yeah, so investing in internal talent and development can lead to promotions from within, so it's going to save you on recruitment costs and also maintains a culture of growth and progression within the organisation Once again, something that's going to help employees to stay loyal to your organisation.
Speaker 1:Yeah, well, that's what we're about, so that's why it's important.
Speaker 2:Yeah, that I can hear because I have such sensitive hearing. A lot of people listening to this saying, well, I've got a small business around.
Speaker 1:I'm not for profit.
Speaker 2:I can't offer the big career path that a bank can offer, for example, fair call. So what can they do?
Speaker 1:Well, it can be something that they would think and go. That's a big challenge. I don't know how to do that. I can't just offer them this. They might be thinking look, I don't have the time to mentor someone and invest in them, or I don't have any money to put them in sort of training, or you know, I just simply don't have the roles within the team here. We're only a small team. I can't move them around and they've probably seen that as a blockage to go. Well, I can't develop some sort of formal program because these things are in the way. How do I get around it?
Speaker 2:And small businesses often, as we know, run lean operations. Yeah, and in non-profits the focus is frequently on servicing the community rather than that internal growth.
Speaker 1:Yeah.
Speaker 2:So it's important to remember that career development doesn't need to be expensive or have to be time consuming to be effective.
Speaker 1:Absolutely Well. Look, a smaller business has some unique advantages, actually, when it comes to something like offering growth and career opportunities. Look, for example, employees in small teams often wear sort of many hats.
Speaker 1:As you said, they operate lean. Often they're doing lots of little different things and working collaboratively, so that means there's a natural sort of opportunity there for a broader sort of skill set. As you get to bigger businesses. Often roles will specialise in one area, even in our field, you know. Sometimes a HR team of a big organisation might be split up into different specialisations. So role rotation, where employees can try out those different responsibilities within a company, might be an option. It can be a really simple yet effective way to offer growth opportunities.
Speaker 2:Exactly, and mentorship's another great option. So you've got a small organisation. That usually means the leaders are more accessible and the employees can then benefit from having that contact and being closely mentored by someone within the organisation. You can have a formal program that might take a bit to set up, but they can also be informal. So that can be, you know, just that regular scheduled check-in, for example, with a mentor-mentee meeting that's focused on career goals and development.
Speaker 1:I should say so look, yeah, if you think about it that way, there's definitely some things that you might think, oh, I've got to be creative here, but there's ways around it. So if you don't have the role or the options inside your organisation, so a practical sort of solution might be sourcing something externally. Going external whether it's a secondment with another organisation or some volunteer work or being part of a leadership program or a mentorship program might be an option.
Speaker 2:So, also thinking about mentorship, don't always assume that it's the people who've been in the organisation the longest who should be the mentors. You may have within your team people who've been there for not so long but have fresher skills from a wider variety of organisations, or something like that to offer people who want to develop the skills that they've brought into the organisation. So this is closely related to what I was going to talk about next, which was role rotation and job shadowing, so giving employees a chance to step into new roles, even if it's temporarily. So acting up while someone's on lead, for example.
Speaker 1:Oh yeah.
Speaker 2:That really helps them build new skills and gives them a better understanding of the organisation across the board, because they're getting exposed to different areas, and it's also a great way to identify potential leaders.
Speaker 1:Yes.
Speaker 2:Yeah, so then you can invest in them in terms of future roles within the organisation.
Speaker 1:So job shadowing might be as simple as letting someone sit with you and learn about what you do as a leader or something like that. It doesn't have to be too fancy. Yeah, just giving them a taste of what that other role is about Even attending a meeting with you. Yeah, okay, so cross-training might be another strategy that could be used in a smaller Do I need? Special shoes for that. No, I'm not going to take you to the gym.
Speaker 2:Oh good.
Speaker 1:So employees can be trained in different areas of the business, similarly to you know, shadowing there, but if they're, you know, for example, taken to a different area, a different location or a different. You know whether it be a different product made or a different service offered or something like that, or maybe it's about different operational aspects of the business. But it's not only going to increase their skillset, but it's going to make your team more versatile as well. Which?
Speaker 2:is going to make the business more agile, right.
Speaker 1:Yeah, sounds good to me. So you've got employees who understand comprehensively what your business and the team are doing and you know if you've got someone that's going to go on leave or whatnot. You've got the potential there to really quickly put someone else in that spot or whatever might need to happen.
Speaker 2:And I think the understanding that that gives people of what happens in other parts of the business is going to create a stronger sense of collaboration and flexibility. Yeah, you're right. You know we often get approached by organisations who are struggling with teamwork. We're able to provide you with solutions that start with an analysis of the team, their skills, the perceptions of the actual working in the team it's based on the realities of your workplace and then we can provide you with solutions that will have an immediate and lasting impact. If better teamwork in your organisation could help you, schedule your free call today at astrohrcomau.
Speaker 2:Now let's get back to the episode. So there are other external resources that you can use in terms of developing your staff. We talked a bit about mentoring from other organisations, but there's a lot of courses that are available online at very low prices, and keep an eye out for local universities and community colleges or online platforms like LinkedIn Learning that offer low cost or even free training programs. I know our local community college has a whole lot of business courses that are free, so definitely worth checking out.
Speaker 1:Our local TAFE does the same at times.
Speaker 2:Yeah, so you don't need a massive training budget to give your employees a chance to learn and grow.
Speaker 1:Yeah, that's true, and you can keep an eye out with your industry bodies as well. They may offer free webinars or training or things that are relevant to your sector Exactly, specifically which may also be another thing.
Speaker 2:I'm thinking things like scholarships to go to conferences, for example.
Speaker 1:And in the not-for-profit Susan, there may actually be funding opportunities that are available to provide employees with professional development training.
Speaker 2:And let's not forget about just creating a culture of continuous learning. It doesn't need to be an expensive program. It's just about encouraging your team to grow and learn as part of their everyday work. You can schedule regular learning hours if you like, or create a knowledge-sharing platform like a wiki, where employees can exchange skills, share webinars or recommend podcasts and books they've found useful love it.
Speaker 1:I was just going to say podcasts are free, so you know.
Speaker 2:Yes, leaders could be listening to ours, for example.
Speaker 1:Yeah, building a culture of learning where growth is valued and encouraged can be as simple as making time for it and prioritising and getting feedback from your employees about what they're looking for. Employees should be made to feel like it's not their own responsibility to grow their career, but their employer should be involved in it. So be actively supportive of that. Start that conversation.
Speaker 2:I just realised that I've got a practical example of this. It's something that I did many years ago when I was working in a small department of a university. I think we probably had about 12 people working in the department and we organised a monthly lunch and learn. Oh yeah, and that was nice because it was a quite relaxed atmosphere. But each month there'd be a different work-related topic, but not, you know, highly technical topics, so something that applied to everyone, and the responsibility for, you know, coming up with the topics belonged to the group.
Speaker 2:So there was ownership there of you know, of what do we want to learn about, and then, depending on the skills in the group, one or other person would facilitate that topic for that month, so that costs very little. I think possibly lunch was supplied, but it would have just been sandwiches nothing fancy and it was just time out for people, but to learn something new. But it's also a great team building because you get to know what other people's interests and skills are.
Speaker 1:Yeah, and it kind of comes back to that culture piece, doesn't it, of having kind of an engaged team, so not just one person or individual people, but coming together with the same vision, the same drive towards the same purpose and uniting everybody that way.
Speaker 2:And sharing knowledge.
Speaker 1:Yeah, love it. So, look, I guess, in summary, what we're talking about here is investing in employees' growth as being key to having that long-term relationship and retention with your employee. As we said, it doesn't have to be a resource-heavy endeavour. So we talked about, you know, those ways that you could find something external or smaller options, or job share or job shadowing, thank you, and different things, finding partnerships or mentorships and that sort of thing, or just having that culture of continuous growth.
Speaker 2:Yeah. So I hope we've convinced you that, even if you have a small team or a tight budget, investing in your employees' career development will pay off in the long run through higher engagement, better retention and a more skilled workforce. So we'd encourage you to take a look at the strategies we discussed today and think about how you could start implementing in your organisation.
Speaker 1:Yeah, I'd encourage you to start the conversation. Sometimes that's valuable as well to people, just to feel like somebody cares about their career and what's happening for them. So thanks for joining us today with today's episode, we hope that you have found the content helpful as we can continue to discuss engagement and retention. Don't forget, as always, to subscribe if you haven't already, to catch each episode as it becomes live and leave us a review. Let us know what you're thinking about these episodes, and please remember to share the podcast with your colleagues or your network anybody that you think can get help from these topics as well.
Speaker 2:And be sure you join us next time as we continue our journey into employee retention and engagement by looking at the role of diversity, equity and inclusion. In the meantime, remember that investing in your team's growth is one of the best ways to ensure a bright future for your organisation.
Speaker 1:See you next time. Thanks for listening to the Work Wonders podcast brought to you by Asta HR. Hit the subscribe button now to never miss an episode, and if you'd like to continue the conversation with us, you can find us over at astorhrcomau. See you in the next episode.
