Employee Growth

Employee Growth And Development.

The opportunity to gain new skills and experiences can increase employee motivation and job satisfaction and help workers more effectively manage job stress. Opportunities for growth and development help employees expand their knowledge, skills and abilities, and apply the competencies they have gained to new situations. This can translate into positive gains for the organization by helping the organization attract and retain top-quality employees and by enhancing organizational effectiveness and improving work quality. By providing opportunities for growth and development, organizations can improve the quality of their employees’ work experience and realize the benefits of developing workers to their full potential.

Financial incentives like enhanced retirement benefits can help you retain your key employees. An Individual Pension Plan (IPP) is an alternative that enables your company to make larger annual contributions compared to other retirement plans, and saves tax. It is sponsored by an employer for one individual and potentially that individual’s spouse if the spouse also works for the company. If investment earnings in the plan are lower than expected, you may be able to make additional contributions. IPP contributions increase with the age of the plan holder. IPP assets may offer creditor protection and typically suit small business owners, incorporated professionals or key employees who are age 40 or older and earn an annual salary of at least $100,000.

Non-financial aspects such as career development and work/life balance are also a key to happy employees. Keep your staff happy by recognising the effort that they have put into achieving something, even if it is a small achievement. Along with boosting their confidence, it helps your staff recognize milestones and know that the boss cares. Appreciate your staff for small as well as big achievements as the simplest way to make them feel happy. For example, keep a box of chocolates ready to be given to the person with the highest number of sales at the end of every day. Send a simple “thank you” or “good job” email, or just simply ask how the weekend went for everyone.

Aim to foster a social environment and a sense of team and demonstrate your commitment by ensuring that work/life balance can be achieved. While financial compensation often attracts your key employees, non-financial benefits often help you retain them. Sufficient tools and time to do the job are essential to employee satisfaction while training and career development helps to keep them motivated. If you lose a key employee, hold an exit interview so you understand the reasons for their departure. Their dissatisfaction may indicate problems among other key employees and may save you from another costly loss.

Adaptability cannot be measured through experience. Regardless of how much experience someone has, if they are not willing to adapt to new technologies, knowledge, and environments, they will be difficult to work with as an employee. An employee who has been working in record-keeping at a big company for 20 years could also be the reason why that company has had a hard time transitioning from paper to electronic records. Someone who is passionate about the job and willing to do hands-on learning is often much more valuable than someone who has ample experience doing things the same way they did when they first began a job. So, get rid of the clichéd ways of finding prospective candidates to fill up vacant positions in your business and trust your instinct. Learn new ways of assessing candidates.

The willingness to grow and learn helps build your business because employees who can adapt create enterprises that can do the same.

If you are a small business owner looking to expand your team, you must know how important it is to recruit, reward and retain your top talent. The loss of a key employee can be very expensive to an organization, so give some thought to find ways to motivate key employees and keep them focused on the company’s priorities. This not only affects business continuity, but also protects the knowledge pool that your organization has accumulated within. This will be very helpful in making effective succession planning decisions when the time comes.

We can help you assess the advantages of enhanced customer and employee benefits, including website design, business loans etc. Please contact us for more information.

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