Like a Boss

Employees offered a chance to up-skill are more productive, successful and satisfied in their roles. However, an effective employee engagement and training program can sound daunting – and besides, is it really worth it? 

A study by Mercer puts the average employee voluntary turnover rate at a staggering 17.3% so far in 2023. To put that in context, if your firm has 100 people almost 20 of your employees will leave this year alone. On a grander scale, if your firm has 20,000 employees, you will lose nearly 3,460 valuable colleagues by the end of the year.  

Not only does it cost time (estimated about 9 months) and money (estimated at $4,000) to attract and onboard new employees, but it can also severely hurt the business. Employees turnover affects strategic goals, departmental productivity, innovation, progress and the ongoing retention of your current workforce.  

 
What’s one thing you can implement to immediately increase your employee retention and engagement rates?  

According to The University of Phoenix 2023 Career Optimism IndexTM , nearly 68% of individuals remarked that they would be more likely to stay with their current employer if they had an opportunity to take advantage of additional training and development. 

An engagement and training program will foster creativity, create a positive work environment and drive overall success across an organization.  

Where to start?
Enter Top Gun.  

Due to this current climate, here at Dominion Payroll, we knew we needed to exceed the industry standard for this type of employee program. Dominion Payroll (DP) stands as a beacon of adaptability and foresight, demonstrating a robust commitment to the growth and development of its employees through the inception of the Top Gun program. This initiative reflects DP’s dedication to cultivating a nurturing environment that propels each member towards their full potential. 

At the heart of the Top Gun program is an unwavering commitment to professional growth. It transcends the notion of merely bridging knowledge gaps and focuses on creating an ecosystem that fosters continuous learning and advancement. Through a plethora of learning opportunities and challenging assignments, DP ensures its employees remain attuned to business functionality and client impact, embodying a culture of continual improvement and learning. 

The Top Gun program was meticulously designed to encourage employees to forge a deeper connection with the business. By the end of this year, participants will have completed a 12-month rotation through each department, following the lifecycle of a client, with the end goal of graduating as one of the most highly skilled and trained employees at DP. At the completion of the 12-month rotation, each participant will present their recommendations on the improvement of the lifecycle of a client within the Dominion Payroll process. During their time in the Top Gun cohort, participants will have many opportunities for leadership development, mentorship, opportunities for shadowing department leaders, and working alongside a partner while learning the ropes of the entire business. While this was the prototype year for this program at DP, it is clear based on the experience and successes of participants that this program will be in integral part of our growth and development offerings for employees moving forward. 

The Top Gun program exemplifies Dominion Payroll’s vision for a thriving and sustainable future. By placing employees at the center of its growth strategy, DP is not only reinforcing its present foundations but also paving the way for enduring success. The investment in employee development reflects a strategic approach to fostering resilience, innovation, and a deep sense of commitment within the organization.

How can you create a similar experience at your organization?  

Not every company is ready to create or invest in a development program such as DP’s Top Gun — but every company, regardless of size, should be thinking about how to create meaningful experiences for their employees’ growth and development. Intentional development could look like personalized development plans or mentorship opportunities, cross training opportunities, establishing a small learning budget that allows employees to get certifications and take applicable courses to further their skill development, recognition, rewards, or implementing a culture of feedback.   

Employee growth and development programs are fundamental pillars in fostering a company’s success and sustainability. These initiatives are instrumental in retaining talent, enhancing productivity, and ensuring adaptability in the face of an ever-evolving business landscape. By focusing on continuous learning and skill acquisition, companies not only create an engaged and satisfied workforce but also cultivate innovation and secure a competitive edge in the market. Investing in such programs is tantamount to investing in the future of the company, preparing the workforce for impending challenges, fostering a positive work environment, and ultimately contributing to improved financial performance and skilled competence. In essence, the implementation of employee growth and development programs is a strategic step towards long-term prosperity and excellence in a dynamic corporate world.