It's only natural that talented employees want to advance their career. Likewise it's also extremely important for prospective employees to want to know what progression opportunities are like if they were to join a company. With this in mind, having a strong progression and development strategy that is clearly communicated helps to retain and attract the best people.
Regarding internal employees it;
- Boosts engagement and productivity – Employees are more willing to invest more time and effort into a company that invests in them.
- Gives a sense of purpose – it allows employees to feel as though they are growing with the company, fostering a sense of loyalty.
- Increases job satisfaction rates – people in life are motivated by learning and growing. If this can be achieved at work, this will increase happiness.
- Decreases stress – while progression can mean a ramp up in responsibility and pressure, a clear focus on the direction employees are heading can reduce stress
- Creates new opportunities – this encourages knowledge sharing and cross functional work allowing internal roles to be filled. A win-win for both employee and employer
One of the main questions asked by prospective employees is: "what does progression look like?" They want to know whether Trayport will invest in them as an employee. To compare Trayport to other opportunities they have and to ensure that the decision they are making is compatible to the direction they want to take their career.
At Trayport we see progression as a constantly evolving process that requires plenty of listening and flexibility. It means different things to different people, so a one size fits all isn't going to work in our case. We're fortunate that we are big enough to have structured progression to ensure that there is some level of formality, yet small enough to flex and adapt the structure to meet the needs of the individual. It means that progression doesn't necessarily mean moving into management, changing roles or changing job titles. Of course this happens and is a form of progression, but there are so many other ways to progress your career. Like becoming a subject matter expert in our software, being more commercially focussed in your accounting role or broadening your role to take on more responsibility across multiple business units.
Trayport's Personal Development Plan Template
The following gives you a flavour of various ways we approach progression at Trayport. This is by no means exhaustive.
- Annual performance reviews and objective setting – Our annual performance review gives employees the chance to discuss the year with their manager. It looks at the objectives for the year, what went well and what could be worked on moving forward. It allows peers to feedback and provides manager and employee with an open, honest and transparent discussion around how employees can develop and progress their career moving forward. The objectives for the following year are set with progression and development in mind.
- Mid-year check-in – The mid-year check in provides another formal discussion between manager and employee. Like the annual review, it fosters discussion around how the year is going and what support and training is needed
- Training, workshops, tech talks, conferences – Trayport is very supportive of employee development and as a result has a generous budget for training. Training can be internal (such as our manager training, interview training or presentation making) or it can be external where employees request it.
- Internal advertisements – we advertise roles internally and give employees the opportunity to apply. While not everyone is successful, it provides a great opportunity to discuss your career plans and also gives people added visibility in the business. We've even had employees unsuccessful in one interview grow into another role in the business.
- Evolving the role – we don't take a cookie cutter approach to roles. It's important that employees feel empowered to grow their role. Speak to anyone in the business and there is a good chance their role is different to the one they started in.
- Open plan office – Having everyone sit in an open plan office, including senior management, is a great way for people to learn about the business. It makes learning about the business and roles that much easier.
- Social events and kitchen – our social events are geared towards being inclusive and improving collaboration between the different areas of the business. As with the open plan set up, this helps with learning.
We're firm believers that employees should be proactive in their progression. We will support and facilitate you where possible, but as progression is such a personal view its key that you communicate this to us. From our side, we need to keep listening and evolving how we approach progression.
Author - Brendan, Recruitment Manager