What Is Upward Mobility & Why Is It Crucial For Your Business?
Upward mobility is a term that gets thrown around the business world quite a lot. This is something you might have seen somewhere before, and it’s highly likely you heard it when you were applying for jobs in the past. This is because it’s a term that relates to employment. Specifically, upward mobility is when a business provides employees with ways to rise up the ranks and improve themselves. It’s where you take an employee and make them a better version of themselves in one way or another.
How can your business do this, and why is upward mobility so important? We’ll start with the second question, culminating in a few ideas and tactics you can use to implement this approach in your business.
The importance of upward mobility
With upward mobility, you give your employees a chance to better themselves. They aren’t just stuck in a job that’s going nowhere, they can actively improve and open new doors for themselves. As you’ll see in the later section, the improvements and opportunities aren’t just related to their job. It can help them improve other aspects of themselves and their lives as well.
All of this comes together to mean that you have a group of very happy employees. You have people that are keen to work for you and stay working for you for a long time. They are getting a lot out of being your employee, so why would they leave? This reduces your turnover rate dramatically, saving your business a lot of time and money. Productivity can also increase as you have the same team working together for years on end – also boosting efficiency.
In essence, you don’t have to deal with teams being broken up as one or two people leave every few months. This would result in long hiring campaigns that drain your resources, and lost time as you wait for the new people to integrate. Upward mobility keeps your employees at your business for longer, and it makes them happier to work for you.
How can you implement upward mobility?
There are literally so many different ways you can implement this, which is why there’s no excuse to not do it. So many businesses from around the world present examples of upward mobility done right. One company called Grupo Caliente offers upward mobility by providing scholarships to different educational institutions. This lets employees train and gain new qualifications that can open up bigger career moves. Amazon is another company that offers upward mobility, giving all employees access to a training program to help them become leaders when they are hired.
There are plenty of other examples of companies that provide ways for employees to excel upwards. Essentially, you are looking for any type of training or development program or idea that gives your employees something extra. Perhaps they learn new skills, gain qualifications, or improve their education.
All in all, focusing on upward mobility can be crucial for your business. Keep your employees happy and focused, and the rest of your company will thrive.
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