Working in a post-pandemic world now requires a level of adaptability that not only enables companies to maintain their current operations but also fosters growth and productivity among their workers. Furthermore, companies struggling to retain workers during the Great Resignation have found it necessary to give their current hiring approach and employee retention practices an overhaul that’s more attractive to today’s job seekers.
Indeed, companies are now tasked with creating a work environment that offers career opportunities for employee advancement. Employees who want to build their skill set or gain educational credits are looking to employers to provide programs that encourage and lead them toward their greatest potential. Furthermore, employee benefit programs have become a stronghold that’s leading top talent away from organizations that haven’t stepped up to meet the demands of today’s workforce.
The key questions for employers have become: What type of acceleration program is right for my organization and what benefits can the company expect from implementing an acceleration program?
Acceleration and High Potential Programs Build Confidence and Morale
Building a company with employees who can advance from one role to another is not only a smart investment for the company’s well-being but also provides emotional and mental health benefits for employees. New recruits may come to the field with little experience and they may feel that the key to their success lies in the coach’s pocket. Employers look for candidates with enthusiasm and an entrepreneurial spirit, but once they’ve landed across the 90-day threshold, what perks does the company offer to keep top talent seeking higher goals?
While money may be the most obvious choice for retaining top talent, your organization will fare better by offering additional accelerator and high-potential programs that allow employees to advance into higher positions that showcase an earned level of achievement or in general to be recognized for their future potential. Programs designed to upskill employees with educational resources are not only popular for self-service learning, but also effective tools for teaching/training employees what they need to know in order to transition to an advanced role. And hiring employees from within builds confidence and equity in organizations that are constantly expanding.
An example of a working accelerator and high potential program is exemplified in The Charles Schwab Corporation, a leading provider of financial services that have incorporated a digital accelerator program that includes recruiting top talent from relevant backgrounds to candidates working from start-ups. The Charles Schwab Corporation focuses on transforming its customers’ lives through investments. And they’re taking the time to invest in a workforce that helps others achieve their dreams.
Acceleration and High Potential Programs Build Employee Equity
Organizations looking to add acceleration programs to their list of employee benefits can learn about their employee needs by holding one-on-one meetings where employees are encouraged to discuss professional interests and goals. Companies benefit by also getting to know the work/life balance that many of their employees are dealing with as well.
The insurance company, John Hancock offers an online self-service learning center with a variety of courses designed for employees’ personal or professional development and employees have the freedom to select any class that interests them. The company also makes the program easily accessible by giving employees paid time off each month to pursue the classes. The success of the program has been measured by the number of hours employees spend developing their skill sets for one month. The accelerator program reported that employees spent 12,000 hours developing their skill sets during one 31-day period.
Acceleration and High Potential Programs Build A Strong Work Culture
Consider an organization’s greatest asset and you’ll quickly realize the need to build a work culture that keeps employees satisfied and proud of their decision to work for you. If employee turnover has spiked, you must consider what the company could do better. Employees who leave often move on to workplaces that better serve them in multiple ways, not just salary-wise.
Employee acceleration and high potential programs can build a strong work culture within your organization when you are providing the tools necessary for employees to improve their skills and believe that they have some control over their career advancement. In addition, industries such as financial services can benefit by advancing employees into leadership roles where the employee is capable of training new recruits. As a newly appointed manager leading a sales team, the former sales representative can share their career story thus motivating new recruits.
Adding an acceleration and high-potential program for your employees can provide them with the tools they need to be successful within their current and future roles while establishing a strong commitment to your organization.
AccruePartners works with companies to help them build a solid employee-focused company culture that sets them up for long-term growth and continued success. Contact our team today to learn how we can help strengthen your organization.