As technology advances and a new generation steps into the workforce, organizations face increasing pressure to provide professional growth and development opportunities. Current and potential employees are placing emphasis on the presence or absence of professional development programming to not only grow within organizations, but also to expand their own development through upskilling and other opportunities.

More than 40% of skills needed for employees to effectively perform their job will significantly change over the next few years, meaning companies must prioritize training and development initiatives and demonstrate an investment in their employees’ future. Without this emphasis, organizations are at high risk of losing quality employees. In fact, 46% of workers report they are likely to leave their job if employers do not provide opportunities to upskill and grow within their field and industry.

In addition to boosting employee satisfaction and increasing retention rates, expanding on employees’ current skill sets and allowing them to grow into new roles can improve financial returns. So much so that more than 70% of employers plan to offer reskilling and upskilling opportunities by 2025.

In addition to typical professional development offerings, compensated coursework and team-building exercises, new and varied opportunities can elevate the competitive edge an organization brings to retaining employees and recruiting candidates. Skilled volunteering, board service and loaned executive programs can foster leadership and enhance skills for the workforce, while elevating a culture of corporate social responsibility for companies.

Growth through Volunteerism

Volunteering can build more than good karma. Allowing and providing opportunities for staff to volunteer during company hours not only shows a commitment to community but also demonstrates a prioritization of work-life balance and improved quality of life through personal fulfillment.

Nonprofits, big and small, are notoriously short on staff and high-quality help. Meaning there is no shortage of opportunities to develop and expand skills not currently used or emphasized within current roles. There are opportunities to practice collaboration, motivation, goal setting, problem-solving and forward-thinking abilities within a new environment to identify and address societal issues within the community. This can be especially beneficial as it relates to employees who work from home who have little to no face-to-face interaction with those outside their everyday work life.

Volunteering also puts employees in front of new people from a variety of professions and industries, offering ample opportunity to expand communication skills and increase their network. These connections have the potential to develop into organization collaborations and partnerships, talent acquisitions, new clients and more.

Board Service Inspires Leadership

Aligning self-fulfillment with areas of growth provides employees an opening to achieve targeted training to strengthen decision-making, broadening influence and achieving a collective vision to move people forward. Actively encouraging and pairing employees with purposeful nonprofit board opportunities doesn’t just provide good public relations, it can also enhance the pool of talent within the organization to secure a strong succession plan.

Much like volunteering, serving on a nonprofit board provides enhanced network expansion opportunities, but at an enhanced level. Boards often attract company leaders or leadership-driven employees, meaning there is a greater likelihood of creating greater change and connection at a higher level to assist in expanding company influence within and outside the industry.

This role as a community leader empowers employees to find purpose and take ownership in the success of their role and the company.

Loaned Executive Programs Offer Strategic Skill-Building

An opportunity for employees to gain hands-on experience while giving back to the community is through nonprofit loaned executive programs. Loaned executives are employees from various companies and industries who temporarily work with a nonprofit organization as full or part-time staff. These up-and-coming programs present a structured approach to skill development and personal growth.

Particularly effective in cultivating management and leadership skills, these programs offer an opportunity for growth as an employee through a different lens. Successful loaned executive programs offer diverse training, workshops and outreach that align with their organization’s mission and goals, often running parallel to the employee’s values and goals. Loaned executives are given opportunities to manage special projects, implement new ideas and workflows and speak publicly, driving initiatives and more.

This alternative approach to fostering leadership at a higher level offers a renewed sense of purpose, while gaining a greater understanding of community needs, shortfalls and resources.

Measuring the Success of Upskilling Initiatives

As with most investments, upskilling does not come without cost. Developing metrics to evaluate the impact of each opportunity versus the financial output is necessary in determining the viability and longevity of any upskilling or professional development program. Tracking methods that include productivity increases, implementation and continued use of new knowledge and resources, revenue generation, productive collaboration with external partners and employee retention are a few key factors to consider.

Bringing a multi-faceted approach to upskill initiatives helps ensure a company’s success in an ever-evolving economy. Ultimately, investing in employees through meaningful experiences creates a more resilient and innovative organization for the company itself, its investors and employees, and the communities in which they operate.

Tracy Bonjean is the vice president of people and culture at Valley of the Sun United Way. Valley of the Sun United Way is creating Mighty Change across Maricopa County and invites businesses to get involved.