Training and development are essential parts of growing a business. With employees being the most important assets of the company, good training and development programs are allowing employees to grow alongside the company while contributing more to the growth of the company itself.
In recent years, large corporations are starting to encourage more employees to go back to school and pursue a higher degree. This is an approach that startups need to start incorporating because of the many benefits to be gained from having employees with higher degrees.
The biggest challenge startups face when they start expanding their operations is finding key people to fill important positions. The best way to fill a management position is by promoting existing employees because they have the most experience and are already familiar with the company’s culture. Unfortunately, promoting existing employees is not always possible.
Encouraging employees to go back to school is the perfect way to break that barrier. Employees who don’t have the skills and knowledge to take on more responsibilities can pursue a higher degree. At the end of the process, there will be more employees to choose from as the startup grows and new positions are waiting to be filled.
Better succession is not the only benefit. It is much easier to sustain growth when there are a lot of qualified people supporting the startup’s everyday operations. Expanding employees’ skills and experience is the perfect investment to make in such circumstances.
Rapid growth is always challenging, no matter how prepared the company may be. Only the best employees with the right set of skills can keep up with market changes, increase in demand, and challenges from the competition. Employees who take the time to learn or go back to school will also be better at spotting and adapting to market changes.
Higher Employee Loyalty
Of course, we can’t negate the dynamic nature of the startup world. It is not uncommon for startups to ‘steal’ the best employees from other companies by offering a higher salary, more facilities, and other rewards. Developing employee loyalty becomes more important than ever, especially in a market that is this competitive.
Helping employees pursue their passion and go back to school is a good way to develop loyalty. Covering a part – or all – of the tuition fee for an employee to pursue an online degree in political science from George Washington University, for example, will make that particular employee bond better with the company.
The online masters in political science will also include courses in leadership, decision making, and other skills that are useful to the company. Even when employees choose to pursue degrees they are passionate about the most, the company will still be benefiting from new skills and expanded expertise in return.
Startups need to encourage employees to go back to school more often if they want to remain competitive in today’s market. These benefits prove that helping employees grow means ensuring the growth of the company too.