Salary and benefits are often what come top of mind when thinking about what employees value most in a job. That’s certainly not surprising. The ability to make a living is important to us all. And, in fact, according to an article by Forbes, salary and benefits do top the list for most employees.
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But there are other factors that are important for ensuring work satisfaction, as well. These include health insurance, work/life balance, and—especially for younger employees—opportunities for growth. In order to attract and retain workers of all ages, offering employee development opportunities will be your best bet to win the war for talent.
Millennials, Particularly, Value Development
The Forbes article cited a Gallup poll, which found that 87% of Millennials say development is important in a job. That shouldn’t be too surprising. After all, Millennials and other younger workers have their entire careers ahead of them, and the skills they can learn on the job can have a significant impact on their future work lives.
In an environment marked by rapid change and continually emerging technology, development is a must for all employees. Even recent graduates often lack the industry-specific knowledge that may be a requirement for them to excel in new roles.
Companies That Excel at Employee Development
Recently, Comparably—a compensation, consulting, and career-monitoring website—conducted a survey to find the top 25 companies for career development and growth among both large and small companies, based on survey responses from employees. Ben Tobin reported on the results for USA Today.
Large companies were defined as those with more than 500 employees, and small to medium businesses were defined as those with 500 or fewer employees.
For those interested in the full list, the results are available in the link to Tobin’s article above; however, readers should note that they are listed in alphabetical order, not ranked according to survey responses.
Perhaps unsurprisingly to many, tech companies made up a large proportion of the large company list, with companies like Google, Amazon, T-Mobile, Microsoft, and Facebook making the list. Large companies representing other industries included The Home Depot, Costco, Ernst & Young, PepsiCo, and Starbucks.
Focusing on What Matters
Salary and benefits are major factors employees look at when considering a job, but they aren’t the only factors. Especially for younger employees, the ability to grow and develop can be a huge draw and can be a more cost-effective recruitment strategy than simply trying to outspend the competition.
Are you doing enough to ensure your employees have access to the development opportunities they crave?