The job market is tight, and the number of voluntary separations by employees is rising year over year. It’s an employees’ market, and it’s more important than ever to take care of your staff. What does this mean for your startup?
To be successful and retain the best employees, you want to put the professional development of your team at the forefront. The most talented workers want to enhance their skills.
This is good not only for your team but for your startup. Here’s how startups can offer career advancement opportunities to their employees.
Know Where You’re Going
Before you can create a plan for your employees, you want to have a solid idea of where your company is going. This will help you decide the path your employees can take towards advancement.
Set aside some time to create your short team goals, mid-way goals and long-term goals. Then, use this to create a pathway for your team members.
For example, as you expand and grow, you can hire more entry level employees and promote your current team.
Create the Plan
Now you’re ready to create your career advancement process complete with opportunities. There is no one-size-fits all process as each startup is unique, but there are some common things to put into your plan.
- Put your human resource (HR) team at the head of the plan. They can work with your managers to monitor each team member’s performance. This helps you decide on career advancement opportunities based on a standard schedule.
- Have an open door policy between your leaders and your employees. There should be written acknowledgement of your employees’ career goals. It pays to know where they want to go so you can hep them get there. Again, partner with HR on this.
- Offer training opportunities across the board. Set this plan in motion at the beginning of each year so each team member knows what is offered to them.
- Reward your team, and especially your top performers, with additional advancement prospects.
Provide Multiple Opportunities
Career advancement may not mean the same thing for all of your team members. For some, it may mean advancing to a managerial position. For others, it may mean moving to another area of your startup.
Some members of your team are cut out for leadership roles, while others are not. For example, you may have someone who is terrific at marketing, but they wouldn’t make a good leader. In this case, you might offer them more responsibility and additional pay.
Promote Your Plan
To attract new talent and retain your current team, your plan should be put in writing.
By giving your staff your plan to look over, they have something to work towards. Your most ambitious team members now have something to strive for as they can see their way to career advancement as well as any extra training you may provide.
When you’re interviewing people to work at your startup, show them your career advancement plan as well as it may help attract more top talent.
Building a path for career development and advancement at your startup is integral to building a loyal team that sticks with you.
Offering career advancement opportunities inspires your team, it gives them something to look forward to, and it helps engage them to be more productive.
Finally, remember that career opportunities for your team benefit you as well. It helps you attract the most talented team members. And, it helps you increase employee retention and reduce your employee churn rate.
Are you a new startup ready to succeed? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your HR duties, finances, payroll and more to us. Contact Escalon today to get started.