Lack of opportunities and advancement is the leading reason people change jobs. No, money isn’t the most important thing. According to new research by LinkedIn, more people are trading their high-paying yet dead-end jobs for ones that offer them the opportunity to grow. In fact, dissatisfaction with compensation and benefits ranks fifth on the list. Lack of confidence in leadership and senior management comes in second place, poor work culture third, and the desire for more challenging work fourth.
People are making it loud and clear that personal and professional individual growth trumps everything else when it comes to their careers. While pay is important, a supportive culture, positive influencers, and meaningful work are essential to job satisfaction.
Growth happens when employees learn or see something beyond what they’ve seen before. When they are encouraged to get involved in something in line with their passion or goals and they care deeply enough to invest their mind and intellect in it. Knowing you have a hand in making something possible provides a deep intrinsic satisfaction, resulting in what we call meaningful work and higher individual output.
When this happens, company leadership will recognize the outstanding work and offer new opportunities and career advancements, challenging the employees to discover their own potential all over again—and the cycle of growth repeats itself.
Growth and individual development not only benefit the employee, but also the company, as they boost productivity and support peer-to-peer motivation.
As shown in a Deloitte study on human capital trends, companies are struggling to develop leaders at all levels and are investing in leadership models that promote learning and development. According to Deloitte’s survey, learning and development has risen to the third most important challenge rated by business leaders (culture and engagement being first and leadership second), yet when it comes to readiness, only 40% of respondents say their organizations are “ready” or “very ready” in learning and development.
If growth depends on whether talent stays or leaves, then it’s time to energize our activities around learning and development. Research continues to indicate that leadership and senior management play an important role in how motivated employees feel. This means we must rethink activities such as performance management that currently are cyclical (once- or twice-a-year check-ins) and instead see them as opportunities to create more regular awareness and connection between managers and employees. Performance management techniques should support the modern, multigenerational workforce by increasing the frequency of interaction between management and employees throughout the year and through peer-to-peer knowledge sharing. These techniques will be effective only if employees have the requisite consumer-grade digital tools to support them.
At Oracle HCM World, this coming April in Chicago, we will dedicate an entire track to what it means to “Grow People” in 2016 and beyond. We’ll look at strategies that managers can take to reinforce collaboration, as well as recognition and celebration of talent. We’ll also review how technology innovations are driving employee knowledge sharing beyond what we've ever seen before. Here a few of the topics we'll be featuring in this track: