A new year is often accompanied by an intentional focus on reassessing priorities and setting goals, adjusting as needed for a successful and fulfilling year ahead.
According to Staffing Industry Analysts, talent acquisition, cybersecurity, and talent retention are the top three most serious challenges business leaders anticipate in 2024. In our November 2023 poll, our followers voted talent retention as the most anticipated business challenge in 2024.
To follow up on this poll, we asked our 215K+ LinkedIn followers to vote on the most effective ways to cultivate a culture of growth to attract, engage, and retain talent.
“What is the most effective way to cultivate a culture of growth within the workplace to attract, engage, and retain talent?
Poll options included the following:
Clear Performance Expectations
Recognition for Efforts
Resources for Personal Growth
We received a total of 213 votes with the results listed below:
Career Development Pathways received the most votes with 38%.
Recognition for Efforts came in second with 36% of votes.
Clear Performance Expectations came in third with 18% of votes.
Resources for Personal Growth came in last with 8% of votes.
Career Development Pathways
Employees want to know what their opportunities for advancement are, including lateral moves and job rotations to diversify and develop their skills. A career plan also helps employees and their team members establish clear goals, providing direction and focus to align goals with organizational objectives. According to a 2022 study by McKinsey & Company, a lack of career development and advancement was the most common reason for employees leaving a job.
Recognition for Efforts and Clear Performance Expectations
Recognition for Efforts came in second, and Clear Performance Expectations came in third. According to Gallup's State of the Global Workplace, 85% of the workforce is not engaged, meaning employees are not emotionally connected to their work. Further research by Gallup and Workhuman, found that employees who receive great recognition are 20 times as likely to be engaged as employees who receive poor recognition. Employee recognition includes establishing key performance indicators (KPIs), regular assessments, and intentionally celebrating milestones and achievements. Each of these helps to create a supportive environment to recognize and reward employees for their contributions and achievements.
Resources for Personal Growth
Companies that foster a culture of collaboration and knowledge-sharing often offer internal training programs, including micro learnings to aid in employees bringing their whole selves to work, creating connections, and encouraging one another along the way. As one of our followers stated, "(companies) must invest in employees who are investing in (them).” When resources are provided for personal and professional growth, engagement increases and employees are motivated to perform better.